VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 20, 2013) - LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG) and Enterprise Energy Resources Ltd. (TSX VENTURE:EER) ("Enterprise") are pleased to announce the completion of the acquisition of Enterprise by LNG (the "Acquisition"). The Acquisition increases LNG's net working interest in PPL 319 in Papua New Guinea to 16.85% and in PPLs 320, 321 and 322 to 84.25%.
Under the terms of the Acquisition, LNG issued 238,633,975 common shares in exchange for all of the 47,726,795 issued and outstanding common shares of Enterprise, on the basis of five LNG shares for each whole Enterprise share (see June 25, 2013 press release) (the "Exchange Ratio"). Enterprise stock options will also become vested and continue in accordance with the terms of the plan of arrangement, and will be exercisable into LNG common shares, subject to adjustment in number and exercise price based on the Exchange Ratio. If all such stock options are exercised, an additional 14,075,000 common shares of LNG would be issuable.
For additional information on the transaction, please refer to Enterprise's information circular dated July 5, 2013 available on SEDAR at www.sedar.com.
About LNG
LNG is a Canadian exploration and development company focused on developing oil and gas properties in Papua New Guinea, Poland and Bulgaria. Prior to closing the Acquisition, LNG holds in Papua New Guinea a 13.7% net interest in PPL 319 and a 68.5% 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). Telemu 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 shares trade on the TSX Venture Exchange under the symbol "LNG".
About Enterprise
Enterprise is a Canadian exploration and development company with oil and gas properties in Montana, USA and Papua New Guinea. Enterprise holds a 15.75% interest in Telemu which holds a 20% interest in PPL 319 and 100% interest in PPLs 320, 321 and 322. Enterprise 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. Further information is available under the Company's profile at www.sedar.com.