LNG Energy Ltd. Announces Change to Board
August 23, 2013 (Source: Marketwired) — LNG Energy Ltd. (“LNG” or the “Company”) (TSX VENTURE:LNG) announces the resignation of Mr. David Afseth as director. Mr. Afseth also served as the Company’s President and CEO for four years before stepping down in 2012. During his tenure, he was instrumental in advancing LNG’s Papua New Guinea assets, leading to a farm out of a portion of the assets earlier this year. He also guided the Company in the acquisition of over one million gross acres of oil and gas leases in Poland and facilitated a farm-in in Bulgaria. He has been an asset to LNG’s management team and more recently, lending his experience to LNG’s board. The board extends its gratitude for his efforts, contributions and guidance over the past five years.
LNG is a Canadian exploration and development company focused on developing oil and gas properties in Papua New Guinea, Poland and Bulgaria. LNG holds in Papua New Guinea a 16.85% net interest in PPL 319 and a 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. LNG has a 20.18% 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. LNG is operator and has a 50% net interest in approximately 360,000 gross acres of prospective shales in Poland together with San Leon Energy. LNG has entered into a farm-in agreement relating to 405,080 acres of prospective argillite formation in Bulgaria with Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. LNG also holds a 100% working interest (80% net revenue interest) in approximately 13,000 net mineral acres of oil and gas leases in Daniels and Sheridan Counties located in north east Montana 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, in western Montana. 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
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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 board change. 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: 577,353,340
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