VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 8, 2011) - LNG Energy Ltd. ("LNG" or the "Company") (TSX VENTURE:LNG) is pleased announce the hiring of three key people to further support the Company's development projects in Poland and Papua New Guinea.
Dr. Weldon Beauchamp has been appointed as the Company's Vice President, Exploration. Weldon has over 30 years of experience in the oil and gas industry. He worked for Sun International for 10 years, as a production geologist and an exploration geologist in the U.S., North Sea/Europe, Africa, South America, and the Middle East. Additionally, he worked for ARCO as a senior geophysicist in the Middle East, Africa, and South America, most recently as the New Venture Manager for TransAtlantic Petroleum in Morocco, Turkey and Romania.
Weldon received a B.A. degree in geology from New England College, a M.S. degree in Geology from Oklahoma State University, and a Ph.D. in Geophysics from Cornell University. With a strong background in structural geology, remote sensing and geophysics, he is a member of the American Association of Petroleum Geologists, certified by the State of Texas Board of Professional Geoscientists, Society of Exploration Geophysicists, American Geophysical Union, and Geological Society of America. He is an adjunct faculty member of the University of Texas at Dallas.
Trevor Tjostheim has been appointed as the Company's Vice President, Operations. Trevor has over 20 years of experience in the oil and gas industry. He worked for Petro-Canada for 9 years in various roles, the most recent specializing in design and program completion, workover and intervention operations in Syria. He has also held management roles for Daylight Energy and Codeco Energy Group providing project management and technical expertise for completion and workover projects in Canada, the USA and Papua New Guinea. Trevor received a Diploma in Petroleum Engineering from the Northern Alberta Institute of Technology and is a member of the Society of Petroleum Engineers and the Association of Science and Engineering Technology Professionals of Alberta.
Ms. Jenni Lean has been appointed as the Company's Country Manager, Papua New Guinea. Jenni has over 15 years of experience in the oil and gas industry and was most recently the CEO of Rift Oil, PLC from 2004 to 2009, a publically listed company where she was instrumental in the discovery of two wildcat gas discoveries in western Papua New Guinea. Jenni has also worked in senior roles in Indo-Pacific Energy and Austral Pacific Energy and received both a B.Sc. degree and an MBA from the Victoria University of Wellington, New Zealand.
"LNG is developing our portfolio of high impact projects and simultaneously adding commensurately skilled and experienced individuals to our team. We welcome Weldon, Trevor and Jenni," said President Dave Afseth. "All three individuals bring significant knowledge and skills that we need for our acreage in Poland and Papua New Guinea."
The Company also announces that it has granted 2,400,000 stock options pursuant to its previously approved stock option plan. The options are exercisable over 5 years at an exercise price of $0.53 per share.
LNG Energy Ltd. ("LNG") is a Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea and Poland. In Papua New Guinea, LNG has assembled a strategic portfolio of acreage, holding a 100% interest in 5 concessions for approximately 5.5 million acres of prospective oil and gas properties. In Poland, LNG holds a total of approximately 1.1 million gross acres in 5 separate concessions, including a 20% net interest in approximately 734,000 gross acres (146,000 net acres to LNG) of prospective shales with Saponis Investment sp zoo's shale gas exploration project, consisting of 3 concessions. LNG's partners in Saponis investments include BNK Petroleum Inc., Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft. LNG also has a 50% net interest in approximately 360,000 gross acres (180,000 net acres to LNG) of prospective shales in 2 concessions in Poland together with Realm Energy (BVI). LNG also owns 100% of BWB Exploration, LLC ("BWB"), holding approximately 7,000 acres of oil and gas leases in the Black Warrior Basin of Mississippi and Alabama. LNG shares trade on the TSX Venture Exchange under the symbol "LNG".
LNG ENERGY LTD.
Dave Afseth, President & CEO
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including information regarding the hiring of Weldon Beauchamp, Trevor Tjostheim and Jenni Lean and the granting of stock options. Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management. Forward looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risks related to unsatisfactory results of due diligence, international operations and doing business in foreign jurisdictions, risks associated with the oil and gas industry and exploratory and development activities generally (e.g., operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, risks associated with equipment procurement and equipment failure), the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes, and risks and uncertainties associated with securing and maintaining necessary regulatory approvals, and counterparty risk related to the stability and viability of the Company's joint venture participants.
Shares Outstanding: 257,909,365
Neither 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 release.
Contact Information:
Investor Relations
1-778-373-0103
1-604-639-4670 (FAX)
info@lngenergyltd.com
www.lngenergyltd.com