Welcome To The Lion Energy Corp, formally Raytec Metals Corp. HUB On AGORACOM

Edit this title from the Fast Facts Section

Free
Message: NR-Lion Energy provides operations update

NR-Lion Energy provides operations update

posted on Apr 07, 2010 11:07AM

Lion Energy provides operations update

	    TSX.V - LEO

	    VANCOUVER, April 7 /CNW/ - Lion Energy Corp. (the "Company" or "Lion
Energy") (TSX.V - LEO) is pleased to provide an update regarding its ongoing
exploration activities in East Africa.

	    Kenya

	    Block 9: Drilling of the Bogal 1-1 well is ongoing. The well has been
successfully drilled to a depth of 5,000 metres, where currently a
comprehensive set of wireline logs is being run to assess the hydrocarbon
potential of numerous lower Cretaceous age sandstone intervals encountered in
the well. Drilling is expected to continue ahead to a planned total depth of
approximately 5,500 metres. CNOOC is the operator of Block 9. Lion Energy
holds a right to acquire a net 10% working interest in this project.
	    Block 10BB: The tendering process for 600 km of 2D seismic has been
completed and the contract will be awarded shortly. The acquisition program is
expected to commence before the end of the second quarter of 2010. Our joint
venture partner, Africa Oil Corp., has reprocessed all available vintage
seismic data sharpening the imaging and the amplitude response for use in
detecting direct hydrocarbon indicators. Africa Oil held its initial meeting
with the local community leaders in March in order to formally introduce the
joint venture partners and outline the planned work program for 2010. Lion
Energy holds a right to acquire a net 20% working interest in this project.
	    Block 10A: Our joint venture partner, Africa Oil Corp., is reprocessing
all available vintage seismic data with the objective of improving the image
quality of the original data acquired in the late 1980s. New play concepts are
being developed based on the reprocessed data in combination with the vintage
drilling data. The Operator, Africa Oil Corp., intends to acquire 750 km of 2D
seismic in the Block following the Block 10BB seismic acquisition program.
Lion Energy holds a right to acquire a net 25% working interest in this
project.

	    Somalia (Puntland)

	    Dharoor Block: The Operator, Africa Oil Corp., has completed a
comprehensive interpretation of newly acquired 2D seismic data over the
Dharoor Block. Several large prospects have been identified. Lion Energy and
its joint venture partners have mutually agreed to initially drill one
prospect in Dharoor. The well is expected to commence drilling before the end
of 2010. Lion Energy Corp holds a right to acquire a net 15% working interest
in this project.
	    Nugaal Block: Africa Oil Corp, as Operator, has completed a
re-interpretation of the existing 2D seismic data over the Nugaal Block.
Several large prospects have been identified. Lion Energy and its joint
venture partners are in discussion regarding drilling plans for 2010-2011. The
Company holds a right to acquire a net 15% working interest in this project.
	    The Company is excited to be exploring in three separate and distinct
rift trends that are analogous to the prolific world class hydrocarbon rich
areas of Uganda, Sudan and Yemen. In addition, an Independent Resource Report
pertaining to the Company's exploration based assets was filed on SEDAR on
March 24, 2010.

	    About the Company:

	    Lion Energy Corp. is a well-financed, Canadian exploration company with a
vision to develop a significant presence in the developing oil and gas
industry. The Company signed an agreement with Africa Oil Corp. that grants
the Company the right to earn an interest in five petroleum blocks located in
the Republic of Kenya and in Puntland, Somalia. The Company further holds a
27.6% interest in Encanto Potash Corp., a junior potash exploration company
and a 20% interest in Sulphur Solutions Inc., an emerging fertilizer company
developing state-of-the-art patented technology for the production of
micronized sulphur fertilizer.

	    <<
	    On behalf of the Board,

	    LION ENERGY CORP.

	    "Brian Thurston"
	    President and CEO
	    >>

	    NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS
THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE

	    This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address exploration drilling, exploration
activities and events or developments that the Company expects to occur, are
forward-looking statements. Forward-looking statements in this news release
include statements regarding the Company's intentions or plans, whether of a
corporate or exploratory nature. Although the Company believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market
prices, exploration and exploration successes, and continued availability of
capital and financing and general economic, political, market or business
conditions. These statements are based on a number of assumptions, including,
among others, assumptions regarding general business and economic conditions,
the timing and receipt of regulatory and governmental approvals for the
transactions described herein, the ability of the Company and other parties to
satisfy stock exchange and other regulatory requirements in a timely manner,
the availability of financing for the Company's proposed transactions and
programs on reasonable terms, and the ability of third-party service providers
to deliver services in a timely manner. Investors are cautioned that any such
statements are not guarantees of future performance and actual results or
developments may differ materially from those projected on the forward-looking
statements. The Company does not assume any obligation to update or revise its
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable law or regulatory
policies.






-30-
	    /For further information: To find out more about the Company, please
visit our website at www.lionenergycorp.com/
Share
New Message
Please login to post a reply