LNG Energy Completes Acquisition Of Enterprise

Acquired the Vancouver, B.C.-based company, increasing interest in Papua New Guinea.

LNG Energy Ltd. (TSXV: LNG) completed the acquisition of Enterprise Energy Resources Ltd. (TSXV: EER), the company announced on Aug. 20.

The acquisition increases LNG's net working interest in PPL 319 in Papua New Guinea to 16.85% and in PPLs 320, 321 and 322 to 84.25%.

Under the terms of the acquisition, LNG issued some 238.6 million common shares in exchange for all of the some 47.7 million issued and outstanding common shares of Enterprise, on the basis of five LNG shares for each whole Enterprise share. Enterprise stock options will also become vested and continue in accordance with the terms of the plan of arrangement, and will be exercisable into LNG common shares, subject to adjustment in number and exercise price based on the exchange ratio. If all such stock options are exercised, some 14.1 million additional common shares of LNG would be issuable.

Enterprise Energy Resources Ltd. is an independent energy company engaged in the exploration, development, and production of petroleum and natural gas in the U.S. and Papua New Guinea. The company is headquartered in Vancouver, B.C.

LNG Energy Ltd. is an independent energy company engaged in the acquisition, exploration, development, and production of oil and gas reserves in Papua New Guinea, Poland and Bulgaria. The company is headquartered in Vancouver, B.C.