2009-04-09-2009-04-07

Canceled merger.

Loon Energy Corp., Calgary, (CDNX: LNE) and Petro Vista Energy Corp., Vancouver, (Toronto Venture: PTV) have canceled their planned business combination. Loon and Petro Vista planned to merge into an entity with South American assets. Loon was to contribute approximately US$2.75 million in cash and other assets, which include a 20% working interest in a producing oil well in the Buganviles association contract in the Upper Magdalena Basin of Colombia, and a 20% working interest in an exploration license contract for Block 127 on 2.4 million gross acres (480,000 net) in northeastern Peru. Petro Vista was to contribute seven prospective assets with a range of operated and non-operated working interests on leases and blocks on more than 840,086 gross acres (450,988 net) in Colombia and Brazil. Loon and Petro Vista were unable to conclude an agreement and canceled the merger. Loon president and chief executive Norman W. Holton says, "Loon is in a strong financial position with approximately US$3 million in cash, no debt and minimal financial commitments. The company, which remains focused on Colombia and Peru, will continue to seek out and evaluate both corporate and other opportunities to increase shareholder value."