LNG Energy Ltd.'s Acquisition of Enterprise Energy Resources Ltd. Receives Shareholder Approval - Wall Street Journal

Posted - August 13, 2013, 7:19 p.m. ET (Press Release) - Wall Street Journal

LNG Energy Ltd.'s Acquisition of Enterprise Energy Resources Ltd. Receives Shareholder Approval
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 13, 2013) - LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG) is pleased to announce that the shareholders of Enterprise Energy Resources Ltd. (TSX VENTURE:EER) ("Enterprise") have approved the acquisition of Enterprise by LNG. The transaction is subject to final regulatory and court approvals.
Under the terms of the acquisition, each one Enterprise common share will be exchanged for five common shares ("Exchange Ratio") in the capital of LNG (each common LNG share being an "LNG Share"). Enterprise stock options will be converted to LNG options on the same basis as the common shares.
About LNG
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 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). 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 shares trade on the TSX Venture Exchange under the symbol "LNG".

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