Kulczyk Oil to List Shares for Trading on Warsaw Stock Exchange

Kulczyk Oil Ventures Inc.

Kulczyk Oil finalized a plan of arrangement under Canadian securities laws in mid-December, 2008 under which it: a) changed its name from Loon Energy Inc.; b) de-listed its shares from the TSX Venture Exchange in Canada; and c) announced its intention to list its shares for trading on the Warsaw Stock Exchange ("WSE") with a target date for listing in the second quarter of 2009.

A news release on February 11, 2009 advised the market that it had entered into agreements with Bank Zachodni WBK S.A. and Dom Maklerski BZ WBK S.A. who would assist the Company in raising funds for the initial public offering ("IPO") of Kulczyk Oil on the WSE and further advised that it considered it likely that the listing and IPO would occur during the fourth quarter of 2009. The target date for listing and IPO continues to be late November or early December 2009.