CALGARY, Oct. 20 /CNW/ -- Verenex Energy Inc. ("Verenex") (VNX - TSX) announced today that negotiations with the Libyan Investment Authority (the "LIA") and its legal and other advisors on the definitive agreement for the acquisition of Verenex by the LIA, contemplated in the memorandum of understanding announced on September 18, 2009 (the "MOU"), are progressing consistent with the terms outlined in the MOU but require additional time to be completed. Accordingly, an extension to the MOU has been agreed which provides for signing of the definitive agreement on or before November 6, 2009.