LNG Energy Ltd.: Appointment of New Chief Executive Officer, Board
Update and PPL 319 License Farm-Out Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/29/12 -- LNG Energy
Ltd. ("LNG" or the "Company") (TSX VENTURE:LNG) announces that
effective July 2, 2012, Dave Afseth, has elected, for personal
reasons, to resign as President and Chief Executive Officer. Mr.
Afseth has been instrumental in the development of the Company over
the last 5 years and will remain on the Company's board. The board
extends its sincere appreciation to him for his effort and time in
The Company is also pleased to announce that David Nelson, the
current General Manager, Europe of the Company, has been appointed as
President and Chief Executive Officer of the Company as of July 2,
Mr. Nelson is a Geological Engineer with over 32 years of geological,
engineering, and commercial experience in the energy industry,
focusing the last 20 years on European and Central Asian oil and gas
provinces. Prior to joining LNG, Mr. Nelson served as President and
Chief Operating Officer for Direct Petroleum Exploration and as
Business Development Engineering Manager for TransAtlantic Petroleum
The Company also announces that Dr. Robert Gayton has resigned as
Director effective July 2, 2012 for personal reasons. The board
extends its gratitude for his efforts and guidance as Director.
Further to its news release of April 10, 2012 relating to the
farm-out of the PPL 319 license in Papua New Guinea, the farm-out
process is still progressing with interested parties currently
conducting technical reviews of data provided to them.
"Dave has been with LNG since we entered PNG in 2008 and has made a
significant contribution to the position that we are now in," said
David Cohen, Chairman of LNG. "Today LNG has substantial prospects in
three major areas: PNG, Poland and Bulgaria and we wish Dave much
success as he steps down from an operating role in the company. Bob
Gayton has been fully involved at board level and we are very
appreciative of his time and input to the Company."
LNG is a Canadian exploration and development company focused on
developing oil and gas reserves in Papua New Guinea, Poland and
Bulgaria. LNG holds a 100% interest in approximately 5.5 million
acres of prospective oil and gas properties in Papua New Guinea. 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 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. LNG
has also 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".
LNG ENERGY LTD.
David 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 on LNG's current
farm-out process for PPL 319, the appointment of David Nelson as
President & CEO and the resignation of Robert Gayton. 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: 338,719,365
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.
LNG Energy Ltd.
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