LNG Energy Ltd.

LNG Energy Ltd.

April 13, 2011 09:25 ET

LNG Energy Enters Into Agreement to Sell Non-Core Oklahoma Acreage and Updates Polish Progress

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 13, 2011) - LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG) is pleased to announce that its wholly owned subsidiary, BWB Exploration LLC, has entered into an agreement to sell all of its working interest in approximately 2,800 net acres of oil and gas lease holdings in Carter County, Oklahoma to an undisclosed buyer for approximately US$5,180,000 in cash subject to final adjustments. The sale is expected to close on or before May 2, 2011.

"We continue to focus on our core areas in Poland and Papua New Guinea. This disposition follows our recent acquisition in Poland where we acquired about 180,000 net acres and now have exposure to a 1.1 million acre gross position in the Polish Baltic Basin," commented Dave Afseth, President & CEO of LNG.

Poland Operational Update

The second well being drilled, Lebork S-1 on the Slupsk Concession has been drilled to 3,517m, with 227m of open hole core already taken. It is anticipated that the drilling and logging will be completed in the next week. The core will be analyzed over the coming weeks. The majority of the analyses of the sidewall cores from the Wytowno S-1 well are expected to be received back from the subcontractor in May 2011. The 1st well on the Starogard concession is expected to be spudded in June 2011.

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 approximately 2,800 acres of oil and gas leases in Carter County, Oklahoma and 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".


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 proposed sale of the Company's Oklahoma lease holdings and the Poland operational update. 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, including that closing conditions will be satisfied and that the transactions will close. 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