LNG Energy Ltd.
TSX VENTURE : LNG

LNG Energy Ltd.

May 03, 2011 09:15 ET

LNG Energy Completes Sale of Non-Core Oklahoma Acreage

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 3, 2011) - LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG) is pleased to announce that further to its news release of April 13, 2011, its wholly owned subsidiary, BWB Exploration LLC, has completed the sale all of its working interest in approximately 2,900 net acres of oil and gas lease holdings in Carter County, Oklahoma to an undisclosed buyer for US$5,207,000 in cash at closing.

"The successful completion of this sale fulfills our commitment to monetize our Oklahoma assets in the first half of 2011 and allows us to focus on our core areas in Poland and Papua New Guinea," commented Dave Afseth, President & CEO of LNG. "With exposure to more than 327,000 net acres in Poland and 5.5 million net acres in Papua New Guinea, we have substantial upside potential in these areas and we have taken the opportunity to use the Oklahoma proceeds to move these areas forward."

LNG is a Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea, Poland and the US. LNG holds a 100% interest in approximately 5.5 million acres of prospective oil and gas properties in Papua New Guinea. LNG has a 50% net interest in approximately 360,000 gross acres of prospective shales in Poland together with Realm Energy (BVI). LNG also has a 20% net interest in approximately 734,000 gross acres of prospective shales in Poland together with BNK Petroleum Inc., Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft, and a 100% net interest in BWB Exploration, LLC ("BWB"), which holds an estimated 28,757 acres of leases in the Black Warrior Basin of Mississippi and Alabama. LNG shares trade on the TSX Venture Exchange under the symbol "LNG".

LNG ENERGY LTD.

Dave Afseth, President & CEO

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 completion of the sale of the Company's Oklahoma lease holdings. 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: 257,834,365

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.

Contact Information