VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 13, 2013) - LNG Energy Ltd. ("LNG" or the "Company") (TSX VENTURE:LNG) is pleased to announce that its shareholders and the TSX Venture Exchange have approved the consolidation of LNG's issued and outstanding Common Shares and a name change to "Esrey Energy Ltd." ("Esrey").
Pursuant to a special resolution passed by shareholders on November 6, 2013, the Company will proceed with the consolidation of its Common Shares on a 1,000 old for 1 new basis. Holders holding less than one full share post-consolidation are entitled to a cash payment of $0.01 per share of their holdings on a pre-consolidation basis in lieu of a fractional share. Following the consolidation, the Company will immediately complete a stock split on the basis of 1 old for 50 new, with fractional shares being rounded to the nearest whole number. The Consolidation and Stock Split will achieve a 20 to 1 consolidation and eliminate all of the shareholdings of less than 1,000 pre-consolidation shares in exchange for the cash payment of $0.01 per share.
Effective at the opening on November 18, 2013, the Common Shares of Esrey will commence trading on the TSX Venture Exchange on a consolidated basis [twenty (20) old to one (1) new]. The CUSIP number of the Company will change to 29668C105 and the new trading symbol will be "EEL".
Letters of transmittal will be mailed to all registered shareholders. In order to obtain their new share certificates, each shareholder must complete and send the letter of transmittal along with their share certificates to the transfer agent, as explained in detail in the management information circular dated September 24, 2013 and the letter of transmittal, both available on the company's website at http://www.lngenergyltd.com/s/ReportsFilings.asp.
The Company is also pleased to announce that Shayne Dyrdal has been appointed as Chief Financial Officer of the Company as of November 12, 2013.
Ms. Dyrdal is a Chartered Accountant and holds an Honours Bachelor of Science from the University of Toronto. Over the past 5 years, Ms. Dyrdal has worked in the natural resources industry as the Manager of Financial Reporting at Eastern Platinum Limited and at Deloitte in Vancouver, Canada, where she articled and obtained her Chartered Accountant designation.
"We are delighted to welcome Shayne to our management team and look forward to having her financial expertise in the role of Chief Financial Officer. Her previous experience will be of significant value to the company," commented David Nelson, President and CEO of LNG.
About LNG
LNG is a Canadian exploration and development company focused on developing oil and gas properties in Papua New Guinea, Poland and Bulgaria. In Papua New Guinea LNG holds a 16.85% net interest in PPL 319, an 84.25% interest in 3 additional PPLs in northern Papua New Guinea (which collectively cover approximately 5.5 million gross acres) and a 20% net interest in PRL 13 (which covers approximately 42,000 gross acres). LNG has entered into a farm-in agreement with subsidiaries of Heritage Oil PLC under which those subsidiaries acquired an 80% interest in PPL 319 and PRL 13, subject to fulfillment of work commitments under the farm-in agreement. In Poland LNG has a 20.18% net interest in approximately 734,000 gross acres of prospective shales together with BNK Petroleum Inc., Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft. LNG is operator and has a 50% net interest in an additional approximately 360,000 gross acres of prospective shales in Poland together with San Leon Energy. In Bulgaria LNG has entered into a farm-in agreement relating to 405,080 acres of prospective argillite formation with Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. In Montana LNG also holds a 100% working interest (80% net revenue interest) in approximately 5,700 net mineral acres of oil and gas leases in Daniels and Sheridan Counties located as well as a 100% working interest (79% net revenue interest) in approximately 46,700 net acres of oil and gas leases in Cascade County. LNG shares trade on the TSX Venture Exchange under the symbol "LNG".
LNG ENERGY LTD.
David Nelson, President & CEO
Neither 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 release
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including information regarding the share alteration. Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management. Forward looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risks related to unsatisfactory results of due diligence, international operations and doing business in foreign jurisdictions, risks associated with the oil and gas industry and exploratory and development activities generally (e.g., operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, risks associated with equipment procurement and equipment failure), the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes, and risks and uncertainties associated with securing and maintaining necessary regulatory approvals, and counterparty risk related to the stability and viability of the Company's joint venture participants.
Shares Outstanding: 577,353,410
Contact Information:
Investor Relations
1-778-373-0103
info@lngenergyltd.com