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Message: Sells Palo Duro Assets
| December 31, 2008 |
| LNG Sells Palo Duro Assets |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 31, 2008) - LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG) announces that it has transferred all of its interest in certain lands in the Palo Duro Basin of Texas to Tyner Resources Ltd. ("Tyner"). In consideration of the transfer of the Palo Duro lands, Tyner has issued 9,378,208 common shares in its capital stock to LNG, representing approximately 13% of the issued and outstanding common shares of Tyner. The common shares of Tyner issued to LNG are subject to a hold period expiring April 20, 2009. The transaction was negotiated at arm's length. Paul Larkin, a director of LNG, is also the President and a director of Tyner, and, accordingly, abstained from voting on the approval of the transaction. LNG ENERGY LTD. Dave Afseth, President & CEO This news release may contain forward-looking statements based on assumptions and judgments of management of LNG regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. LNG disclaims any intention or obligation to revise or update such statements except as may be required by law. Shares Outstanding: 144,095,965 |
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