LNG Energy Closes Farm-In Agreement in Papua New Guinea With Heritage Oil Plc

LNG Energy Closes Farm-In Agreement in Papua New Guinea With Heritage Oil Plc 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/22/13 -- LNG
Energy Ltd. ("LNG") (TSX VENTURE:LNG) is pleased to announce that its
subsidiaries, Telemu No. 18 Limited ("Telemu"), LNG Energy (PNG)
Limited and LNG Energy No. 2 Limited, have closed their farm-in
agreement with wholly owned subsidiaries of Heritage Oil Plc
("Heritage"). In exchange for an 80% participating interest in the
PPL 319 and PRL 13 licenses (as announced in the press release of
April 2, 2013), Heritage has made a cash payment to Telemu of US$4
million plus the reimbursement of costs associated with the recently
completed 22 km Tuyu seismic program. In addition to the cash
payment, Heritage has also committed to funding the acquisition of a
minimum of 100 km of seismic within the license areas and the
drilling of one exploration well in PPL 319 to a depth sufficient to
test identified exploration targets. The 22 km Tuyu program will
count towards the fulfillment of these commitments.  
"We look forward to continuing with the technical program that was
started late in 2012. With the additional exploration to be
undertaken on the PPL 319 and PRL 13 licenses, we remain confident of
the hydrocarbon potential of the license and look forward to the
results generated," commented David Nelson, President & CEO of LNG. 
LNG is a Canadian exploration and development company focused on
developing oil and gas reserves in Papua New Guinea, Poland and
Bulgaria. 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 covers approximately 5.5 million gross
acres) and a 20% net interest in PRL 13 (which covers approximately
42,000 gross acres). 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". 
LNG ENERGY LTD. 
David Nelson, 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 closing
of the transactions and the fulfillment of Heritage's obligations
under the farm-in agreement, and the size and timing of the seismic
acquisition. 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 with Source
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: 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. 
Contacts:
LNG Energy Ltd.
Investor Relations
1-778-373-0103
+1 604 639 4670 (FAX)
info@lngenergyltd.com
 
 
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