VANCOUVER,
March 25 /PRNewswire/ - Lion Energy
Corp. (the "Company" or "Lion Energy") (TSXV:
LEO) announces that it has agreed to extend the term of the
non-binding letter of intent with Africa Oil Corp. ("Africa Oil")
from March 25, 2011 to April 1, 2011 to enable the completion of ongoing
due diligence and the negotiation of a definitive agreement
providing for the proposed business combination of Lion and Africa
Oil (the "Transaction"). See the Company's news release dated
March 8, 2011.
The Company has postponed its 2011 annual and
special general shareholders' meeting from April 15th to June 8th to facilitate the full
disclosure in the associated management information circular of
particulars relating to the proposed Transaction should a
definitive agreement be entered into with Africa Oil. The new
record date entitling Company shareholders to receive notice of and
to vote their shares at the A/SGM has been re-set for May 4, 2011.
On behalf of the Board,
LION ENERGY CORP.
John R. Nelson
President and Chief Executive Officer
NEITHER THE 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 NEWS RELEASE
Forward-Looking Statements:
Certain information provided in this press release constitutes
forward-looking statements. The words "anticipate", "expect",
"project", "estimate", "forecast" and similar expressions are
intended to identify such forward-looking statements. Specifically,
this press release contains forward-looking statements relating to
the Transaction. The reader is cautioned that assumptions used in
the preparation of such information, although considered reasonable
at the time of preparation, may prove to be incorrect. Actual
results will vary from the information provided herein as a result
of numerous known and unknown risks and uncertainties and other
factors. You can find a discussion of those risks and uncertainties
in our Canadian securities filings. Such factors include, but are
not limited to: the failure to obtain necessary Lion shareholder
approval with respect to the Transaction, the failure to obtain
necessary regulatory approvals or satisfy the conditions to closing
the Transaction, general economic, market and business conditions;
fluctuations in oil prices; the results of exploration and
development drilling; recompletions and related activities; timing
and rig availability, the uncertainty of reserve estimates; changes
in environmental and other regulations; risks associated with oil
and gas operations; and other factors, many of which are beyond the
control of Lion. Except as may be required by applicable securities
laws, Lion assumes no obligation to publicly update or revise any
forward-looking statements made herein or otherwise, whether as a
result of new information, future events or otherwise.
SOURCE Lion Energy Corp.
