CALGARY, March 16 /CNW/ - Verenex Energy Inc. ("Verenex" or the
"Company") (VNX - TSX) reports that, as previously announced, the proposed
acquisition of Verenex by a wholly-owned subsidiary of CNPC International Ltd.
("CNPCI") is subject to the consent of the Libyan National Oil Corporation
(the "NOC") in the form contemplated by the acquisition agreement between
Verenex and CNPCI dated February 24, 2009. A term of the consent is that the
NOC waive any pre-emption rights or rights of first refusal which it may have
in respect of such acquisition. Verenex has requested this consent from the
NOC but no formal decision has yet been communicated to the Company. Verenex
understands that the NOC has stated it is considering its alternatives,
including an acquisition of Verenex on the same terms as those proposed by
CNPCI. Verenex continues to seek consent from the NOC for the acquisition by
CNPCI.
About Verenex
Verenex is a Canada-based, international oil and gas exploration and
production company with a world-class discovered resource base and exploration
portfolio in the Ghadames Basin in Libya. Under the EPSA terms for Area 47,
Verenex is the operator and holds a 50% working interest in the initial 5-year
Exploration Period which reduces to 25% for any commercial developments
retained in a subsequent 25-year Exploitation Period. These working interest
levels reflect the Company's required share of capital funding during the
periods. In any commercial development scheme, Verenex would fund 25% of
capital expenditures and 6.85% of operating costs and receive an initial
production allocation (free of all taxes and royalties) of 6.85%. A more
complete description of the Area 47 contract terms is included in the
Company's various filings on www.sedar.com.
Forward-Looking Information and Statements
This press release contains forward-looking statements. These statements
are based on current expectations and are subject to a number of risks and
uncertainties that could materially affect the results. These risks include,
but are not limited to: risks associated with obtaining regulatory approvals;
the uncertainty associated with negotiating with governments; and the risk
associated with international activity. Due to the risks, uncertainties and
assumptions inherent in forward-looking statements, prospective investors in
the company's securities should not place undue reliance on these
forward-looking statements.
%SEDAR: 00020996E
