Verenex Unable to Confirm Libya's Plan to Buy Company

Verenex is unable to confirm or deny reports on various news services this morning that Libya plans to buy Verenex. As previously announced, the proposed sale of Verenex is subject to certain consents from the Libyan National Oil Corporation (the "NOC").

Verenex has requested such consents from the NOC but no formal decision has yet been communicated to the Company.