Sep. 9, 2009 (Xinhua News Agency) -- CNPC terminates acquisition agreement with Verenex

BEIJING, Sept. 9 (Xinhua) 锝– CNPC, parent of PetroChina (PTR.NYSE; 0857.HK; 601857.SH) has halted its acquisition agreement with Libyan-c oncentrated energy company Verenex Energy Inc. (NASDAQ:EGAS) (TSX:VNX) involving 460 million U .S. dollars, according to an announcement of Verenex Wednesday.

CNPC has sent a written notice to Verenex and cancelled its earlier

agreement to make an offer to buy all of Verenex's outstanding shares

at 10 Canadian dollars per share and finance an approval bonus of 47 million Canadian dollars to the Libyan National Oil Corporation.

CNPC has failed to obtain approval from Libyan National Oil Corpora tion on the deal since the signing of the acquisition agreement in Feb ruary, according to the announcement.

Verenex has 50 percent interests of Area 47 in Ghadames Basin of Li byan and jointly earn 13.7 percent of crude output in this area with a n Indonesian company.

CNPC once won the bid for Block 17-4 at Libyan Pelagian Basin in 20 05, holding 28.5 percent interests.