2009-08-19-2007-10-01-2007-10-01

Entered exploration license contract with Peruvian national oil company for Block 127 in northeastern Peru covering 2.4 million acres in Maranon Basin area of the Amazon Basin.

Loon Peru Ltd., a subsidiary of Loon Energy Inc., Calgary, (CDNX: LEY) has entered an exploration license contract with Peruvian national oil company Perupetro SA for Block 127 in northeastern Peru. Block 127 covers approximately 2.4 million acres (approximately 9,675 square kilometers) in the Maranon Basin area of the Amazon Basin. Loon Peru will acquire, process and interpret 390 kilometers of 2-D seismic, reprocess 2,000 kilometers of 2-D seismic and prepare certain technical studies during the first two-year exploration period.