Lions Petroleum Inc.
OTC Bulletin Board : LPET

Lions Petroleum Inc.

June 12, 2006 18:16 ET

Lions Petroleum Inc. Announces Letter of Intent to Acquire 50% WI in 2 Well Drilling Program and a First Right of Refusal on a Further 6 Well Program

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 12, 2006) - LIONS PETROLEUM INC. (the "Company") (OTCBB:LPET) announces today that a Letter of Intent (LOI) has been signed between Lions Petroleum Inc. and Daystar Oil and Gas Corporation of Austin, Texas, whereby,"Daystar" grants "Lions" a two (2) week evaluation period to acquire a 50% Working Interest (WI) in a two (2) well turnkey drilling prospect on 640 acres in Milam County, Texas.

The Letter of Intent also states that "Daystar" will grant "Lions" a first right of refusal to participate in the drilling of six (6) additional wells on the 640-acre Baker #1, in the Jose Leal Survey, Abstract 29, Milam County, Texas.

The Company is presently evaluating other prospects of interest and will make an announcement on completion of further agreements.

ABOUT LIONS PETROLEUM INC. OTCBB:LPET

Lions Petroleum Inc. is a Delaware corporation that has oil and gas leases in Northern Alberta and is currently seeking additional projects throughout North America.

SAFE HARBOR

The information provided in this Press Release does not constitute an offer or a solicitation of an offer for the purchase or sale of any shares or other securities of Lions Petroleum Inc. There are substantial risks associated with investing in development stage energy exploration companies.


No Securities Commission or similar authority has in any way approved any of the information contained in this press release.

Contact Information

  • Lions Petroleum Inc.
    Mr. Gordon Wiltse
    (604) 669-1533