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Message: Lion Energy Corp. Advised by Africa Oil Corp. of Court Proceedings
LION ENERGY CORP ADVISED BY AFRICA OIL CORP. OF COURT PROCEEDINGSTue Sep 28, 12:58 PM
TSX.V - LEO
VANCOUVER, Sept. 28 /PRNewswire-FirstCall/ - Lion Energy Corp. (the "Company" or "Lion Energy") (TSX.V - LEO) has been informed of Kenyan court proceedings, which were brought by Interstate Petroleum Ltd. ("IPL") against the Permanent Secretary, Ministry for Energy. IPL is seeking a judicial review of the administrative process that led to the issuance of exploration permits related to Africa Oil Corp's (the "Operator") interest in Blocks 10BB, amongst others, which resulted in the Operator being a named party to the proceedings. A preliminary order, granting IPL leave to seek orders against the Permanent Secretary, has been granted, and a hearing date has been established for October 27, 2010. The Operator has been advised by its legal counsel in Kenya that the courts in Kenya will generally grant this sort of preliminary order in applications of this nature, as there is no requirement to establish the merit of the claim on the initial application.
The Kenyan Ministry of Energy has advised the Operator that it may carry on its work program and that its production sharing contracts are in good standing.
The Operator's President and CEO, Keith Hill, has advised the Company of the proceedings and stated, "Africa Oil believes there is no basis for the claims that IPL is making against the Permanent Secretary. We understand that both the Permanent Secretary and the Ministry of Energy share our view in that regard. Africa Oil will work closely with the Permanent Secretary, Ministry of Energy, Kenyan Attorney General's office and other interested parties to ensure that our interests in the Blocks are safeguarded."
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 holds oil and gas interests in four petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. The Company further holds a 21.04% interest in Encanto Potash Corp., a junior potash exploration company and an 18% 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. John R. Nelson President and Chief Executive Officer
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.
SOURCE Lion Energy Corp.
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