Lion Energy receives final approvals for Farm-In with Africa Oil Corp. &
announces independent resource estimate

TSX.V - LEO

VANCOUVER, March 15 /CNW/ - Lion Energy Corp. (the "Company" or "Lion Energy") (TSX.V - LEO) is pleased to announce that the TSX Venture Exchange has granted its final approval for the Farm-In agreement between the Company and Africa Oil Corp., which grants Lion Energy the right to earn an interest in five petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. See also the Company's news release dated May 28, 2009.

An independent assessment of the Company's contingent and prospective resources has been completed by Gaffney, Cline & Associates. The independent assessment was completed January 21, 2010 and was carried out in accordance with the standards established by the Canadian Securities Administrators in National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

Lion Energy has the right to earn an interest from Africa Oil Corp. in five petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. These blocks contain under-explored plays in basins that have proven and productive analogues, or where the petroleum system is calibrated by existing well and seismic data. Please see attached tables with numbers taken from the report of the in-place, contingent and prospective oil resources as summarized by Lion Energy.

    
    -------------------------------------------------------------------------
                                                       Gross           Net
                                    Lion's Working    Acerage        Acerage
    Country             Blocks       Interest (%)     (km(2))        (km(2))
    -------------------------------------------------------------------------
                       Block 09           10           27,778       2,777.80
                      -------------------------------------------------------
    Kenya              Block10A           25           14,747       3,686.80
                      -------------------------------------------------------
                      Block 10BB          20           12,491       2,498.20
    -------------------------------------------------------------------------
                         Nogal            15           49,436       7,415.40
    Puntland          -------------------------------------------------------
                        Dharoor           15           28,376       4,256.40
    -------------------------------------------------------------------------


    KENYA: CONTINGENT RESOURCES

             KENYA BLOCK 10BB SUMMARY OF GROSS IN-PLACE ESTIMATE
    -------------------------------------------------------------------------
                                            Gross In-Place Estimate (MMBbl)
    Licence            Discovery      ---------------------------------------
                                         Low             Best           High
    -------------------------------------------------------------------------
    Block 10BB         Loperot-1          7               15             63
    -------------------------------------------------------------------------


           KENYA BLOCK 10BB SUMMARY OF GROSS CONTINGENT RESOURCES
                           AS AT 1ST DECEMBER, 2009
    -------------------------------------------------------------------------
                                          Gross Contingent Resource (MMBbl)
    Licence            Discovery      ---------------------------------------
                                         1C               2C              3C
    -------------------------------------------------------------------------
    Block 10BB         Loperot-1          2                5              25
    -------------------------------------------------------------------------


             KENYA BLOCK 10BB SUMMARY OF NET CONTINGENT RESOURCES
                           AS AT 1ST DECEMBER, 2009
    -------------------------------------------------------------------------
                                           Net Contingent Resource (MMBbl)
    Licence            Discovery      ---------------------------------------
                                         1C               2C              3C
    -------------------------------------------------------------------------
    Block 10BB         Loperot-1        0.4                1               5
    -------------------------------------------------------------------------
    

Loperot-1 Discovery and Contingent Resources

The Loperot-1 well was drilled in 1992 to test a fault closed structural trap. The discovery has Gross and Contingent Resources reported in the above tables. The Loperot-1 discovery is classified as Contingent Resources since oil has been proven to exist in the structure from the results of the well, which recovered oil on drill stem test. Re-classification of these contingent resources to reserves will require additional activity to identify the presence of a potentially economic volume of oil at the Loperot-1 discovery. This activity could comprise the acquisition of additional seismic data to confirm the area of closure and the drilling of a well or wells to appraise the extent of the discovery, demonstrate hydrocarbon quality and reservoir productivity. The minimum commercial field size will need to take into account the local economic, environmental, political and regulatory issues including the current lack an infrastructure in the area. These issues will need to be addressed in the field development plan for the discovery, which when sanctioned would allow the volumes to be classified as reserves.

Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent Resources are further classified in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status.

    
    -   Low Estimate: This is considered to be a conservative estimate of the
        quantity that will actually be recovered. It is likely that the
        actual remaining quantities recovered will exceed the low estimate.
        If probabilistic methods are used, there should be at least a 90
        percent probability (P90) that the quantities actually recovered will
        equal or exceed the low estimate.

    -   Best Estimate: This is considered to be the best estimate of the
        quantity that will actually be recovered. It is equally likely that
        the actual remaining quantities recovered will be greater or less
        than the best estimate. If probabilistic methods are used, there
        should be at least a 50 percent probability (P50) that the quantities
        actually recovered will equal or exceed the best estimate.

    -   High Estimate: This is considered to be an optimistic estimate of the
        quantity that will actually be recovered. It is unlikely that the
        actual remaining quantities recovered will exceed the high estimate.
        If probabilistic methods are used, there should be at least a 10
        percent probability (P10) that the quantities actually recovered will
        equal or exceed the high estimate.
    

There are several contingencies that prevent the classification of the contingent resources as reserves. Lion Energy has no definitive plans to develop the oil resources in Block 10BB at this time and accordingly these are considered contingent resources. An evaluation has yet to be conducted in order to determine the economic viability of these contingent resources.

    
         KENYA BLOCKS 9, 10A AND 10BB SUMMARY OF (UNDISCOVERED) OIL
               PROSPECTIVE RESOURCES AS AT 1ST DECEMBER, 2009
    -------------------------------------------------------------------------
                                     Gross
                                      Best
                                  Estimate    Gross      LEO      Net
                                    of Oil     Best  Working     Best
                Prospect/    P/L  In Place Estimate Interest Estimate
    Licence        Lead            (MMBbl)  (MMBbl)      (%)  (MMBbl)   GCoS
    -------------------------------------------------------------------------
    Block 9    Bogal (Deep)   P     1,334      206      10%     20.6    0.18
    -------------------------------------------------------------------------
    Block 9      Bogal-2
                 Shallow      P       378       95      10%      9.5    0.16
    -------------------------------------------------------------------------
    Block 9     Ndovu W-1     L       257       64      10%      6.4     0.1
    -------------------------------------------------------------------------
    Block 9     Ndovu W-2     L       191       48      10%      4.8    0.12
    -------------------------------------------------------------------------
    Block 9     Ndovu W-3     L       106       27      10%      2.7    0.11
    -------------------------------------------------------------------------
    Block 9     Duma East     L       215       54      10%      5.4   0.125
    -------------------------------------------------------------------------
    Block 9      Duma N-1     L       533      133      10%     13.3    0.11
    -------------------------------------------------------------------------
    Block 9      Duma N-2     L       604      151      10%     15.1    0.12
    -------------------------------------------------------------------------
    Block 9      Duma N-3     L       191       48      10%      4.8    0.11
    -------------------------------------------------------------------------
    Block 9      Duma S-1     L       278       70      10%        7    0.12
    -------------------------------------------------------------------------
    Block 9      Duma S-2     L       106       26      10%      2.6    0.11
    -------------------------------------------------------------------------
    Block 9       Kaisut      L       423      106      10%     10.6     0.1
    -------------------------------------------------------------------------
    Block 10A     Lead A      L       442      103      25%    25.75    0.08
    -------------------------------------------------------------------------
    Block 10A     Lead B      L       335       82      25%     20.5    0.09
    -------------------------------------------------------------------------
    Block 10A     Lead C      L        48       12      25%        3     0.1
    -------------------------------------------------------------------------
    Block 10A     Lead D      L       217       53      25%    13.25    0.08
    -------------------------------------------------------------------------
    Block 10BB     Kamba      P       276       83      20%     16.6    0.14
    -------------------------------------------------------------------------
    Block 10BB    Kapunga     P       248       74      20%     14.8    0.14
    -------------------------------------------------------------------------
    Block 10BB    Kamutai     P       199       60      20%       12    0.14
    -------------------------------------------------------------------------
    Block 10BB    Kegilai     P        54       16      20%      3.2    0.09
    -------------------------------------------------------------------------
    Block 10BB   Kalabata     P        13        4      20%      0.8    0.14
    -------------------------------------------------------------------------
    Block 10BB     Ngiri      L       974      292      20%     58.4    0.06
    -------------------------------------------------------------------------
    Block 10BB      Paa       L        58       17      20%      3.4    0.04
    -------------------------------------------------------------------------
    Block 10BB     Pofu       L       107       32      20%      6.4    0.05
    -------------------------------------------------------------------------
    Block 10BB     Mamba      L      1056      317      20%     63.4    0.06
    -------------------------------------------------------------------------
    Block 10BB     Nyati      L       111       33      20%      6.6    0.05
    -------------------------------------------------------------------------
    Block 10BB    Tumbili     L       218       55      20%       11    0.04
    -------------------------------------------------------------------------
    Block 10BB    Kiboko      L        50       15      20%        3    0.06
    -------------------------------------------------------------------------
    Block 10BB     Kuru       L       186       56      20%     11.2    0.07
    -------------------------------------------------------------------------
    Block 10BB     Duma       L       198       59      20%     11.8    0.05
    -------------------------------------------------------------------------
    Block 10BB     Heroe      L       266       80      20%       16    0.06
    -------------------------------------------------------------------------
    Block 10BB     Fisi       L       134       40      20%        8    0.06
    -------------------------------------------------------------------------
    Block 10BB     Twiga      L       186       56      20%     11.2    0.05
    -------------------------------------------------------------------------
    Block 10BB    Chorea      L       366      110      20%       22    0.07
    -------------------------------------------------------------------------
    Block 10BB      Tai       L       273       82      20%     16.4    0.05
    -------------------------------------------------------------------------
    Block 10BB     Chura      L       481      144      20%     28.8    0.04
    -------------------------------------------------------------------------
    Block 10BB     Chui       L       271       81      20%     16.2    0.05
    -------------------------------------------------------------------------
    Block 10BB     Popo       L       102       31      20%      6.2    0.04
    -------------------------------------------------------------------------
    Notes:

    1.  Net Prospective Resources are stated herein in terms of LEO's net
        Working Interest (WI) in the properties and, due to the very immature
        nature of these Prospective Resources, have not been computed as net
        entitlement volumes under the relevant PSC. In this regard these
        volumes stated herein will exceed the volumes which would arise to
        LEO under the terms of that PSC should a discovery of the size
        indicated be made and subsequently developed.
    2.  It is inappropriate to report summed-up Prospective Resource volumes
        or to otherwise focus upon those of other than the 'Best Estimate'.
    3.  The Geologic Chance of Success (GCoS) reported here represents an
        indicative estimate of the probability that the drilling of this
        prospect would result in a discovery which would warrant the re-
        categorisation of that volume as a Contingent Resource, although the
        volume of resource so categorized would reflect the results of the
        discovery well and may be significantly different (higher ir lower)
        from those reported here. These GCoS percentage values have not been
        arithmetically applied within this assessment.
    4.  P/L = Prospect or Lead. A Lead is a geological feature
        that is currently poorly defined and requires more data acquisition
        and/or evaluation in order to be classified as a prospect for
        drilling.
    5.  This table of information is a summary compiled by Lion Energy Corp.
        based on information provided in the report.

    (1) Bogal (Deep) is currently being tested by the Bogal-1 well that
        spudded on 28th October 2009. This well has a pTD of 5,500 m and is
        expected to take up to 6 months to complete.



         PUNTLAND SUMMARY OF UNDISCOVERED OIL PROSPECTIVE RESOURCES
                           AS AT 1ST DECEMBER, 2009
    -------------------------------------------------------------------------
                                     Gross
                                      Best
                                  Estimate    Gross      LEO      Net
                                    of Oil     Best  Working     Best
                                  In Place Estimate Interest Estimate
    Licence   Lead      Reservoir  (MMBbl)  (MMBbl)      (%)  (MMBbl)   GCoS
    -------------------------------------------------------------------------
    Nogal     Kalis      Jesomma    1,830      457      15%    68.55    0.11
     Block     East   -------------------------------------------------------
                         Gumbero      681      171      15%    25.65    0.09
                      -------------------------------------------------------
                       Gabredarre   1,663      416      15%     62.4    0.13
             ----------------------------------------------------------------
              Kalis      Jesomma      207       52      15%      7.8    0.08
               South  -------------------------------------------------------
                         Gumbero      114       28      15%      4.2    0.07
                      -------------------------------------------------------
                       Gabredarre     278       70      15%     10.5    0.09
             ----------------------------------------------------------------
              Kalis      Jesomma    1,079      268      15%     40.2    0.11
               SE     -------------------------------------------------------
                         Gumbero      611      154      15%     23.1    0.09
                      -------------------------------------------------------
                       Gabredarre   1,457      364      15%     54.6    0.13
             ----------------------------------------------------------------
              Kalis      Jesomma      330       83      15%    12.45     0.1
               SW     -------------------------------------------------------
                         Gumbero      184       46      15%      6.9    0.08
                      -------------------------------------------------------
                       Gabredarre     453      113      15%    16.95    0.12
             ----------------------------------------------------------------
              Kalis      Jesomma      319       80      15%       12     0.1
               West   -------------------------------------------------------
                         Gumbero      176       44      15%      6.6    0.08
                      -------------------------------------------------------
                       Gabredarre     421      105      15%    15.75    0.12
             ----------------------------------------------------------------
              Nogal      Jesomma      378       95      15%    14.25    0.11
               SE-A   -------------------------------------------------------
                         Gumbero      210       53      15%     7.95    0.09
                      -------------------------------------------------------
                       Gabredarre     507      126      15%     18.9    0.13
             ----------------------------------------------------------------
              Nogal      Jesomma      227       57      15%     8.55    0.11
               SE-B   -------------------------------------------------------
                         Gumbero      126       32      15%      4.8    0.09
                      -------------------------------------------------------
                       Gabredarre     308       77      15%    11.55    0.13
             ----------------------------------------------------------------
              Nogal      Jesomma      293       73      15%    10.95    0.12
               South  -------------------------------------------------------
                         Gumbero      162       40      15%        6     0.1
                      -------------------------------------------------------
                       Gabredarre     391       98      15%     14.7    0.14
    -------------------------------------------------------------------------
    Darin     Dharoor    Jesomma    1,196      299      15%    44.85    0.08
     Block            -------------------------------------------------------
                         Gumbero      664      166      15%     24.9    0.06
                      -------------------------------------------------------
                       Gabredarre   1,760      440      15%       66    0.09
             ----------------------------------------------------------------
              Lead 1     Jesomma      360       90      15%     13.5    0.06
                      -------------------------------------------------------
                         Gumbero      200       50      15%      7.5    0.05
                      -------------------------------------------------------
                       Gabredarre     520      130      15%     19.5    0.07
             ----------------------------------------------------------------
              Lead 2     Jesomma      220       55      15%     8.25    0.06
                      -------------------------------------------------------
                         Gumbero      120       30      15%      4.5    0.05
                      -------------------------------------------------------
                       Gabredarre     320       80      15%       12    0.07
             ----------------------------------------------------------------
              Lead 3     Jesomma      144       36      15%      5.4    0.06
                      -------------------------------------------------------
                         Gumbero       80       20      15%        3    0.05
                      -------------------------------------------------------
                       Gabredarre     220       55      15%     8.25    0.07
    -------------------------------------------------------------------------
    Notes:

    1.  Net Prospective Resources are stated herein in terms of LEO's net
        Working Interest (WI) in the properties and, due to the very immature
        nature of these Prospective Resources, have not been computed as net
        entitlement volumes under the PSA. In this regard these volumes
        stated herein will exceed the volumes which will arise to LEO under
        the terms of the PSA.
    2.  It is inappropriate to report summed-up Prospective Resource volumes
        or to otherwise focus upon those of other than the 'Best Estimate'.
    3.  The Geologic Chance of Success (GCoS) reported here represents an
        indicative estimate of the probability that the drilling of this
        prospect would result in a discovery which would warrant the re-
        categorisation of that volume as a Contingent Resource. These GCoS
        percentage values have not been arithmetically applied within this
        assessment.
    4.  This table of information is a summary compiled by Lion Energy Corp.
        based on information provided in the report.
    

Prospective Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective Resources have both an associated chance of discovery and a chance of development. Prospective Resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity.

Prospective resources are undiscovered resources that indicate development potential in the event the discovery is made and is commercial, and they should not be construed as reserves or contingent resources.

    
                                 WORK PROGRAM
    

Puntland (Somalia)

Under the terms of the PSAs for the Nugaal and Dharoor Blocks, the Company and its partners are required to drill one exploration well in each block during each exploration period. The first exploration period expires in January 2011 and the second optional three-year exploration period would be expected to expire in January 2014. During the exploration period on both the Dharoor and Nugaal Blocks, the Company and its partners are obligated to complete G&G operations (including geological fieldwork, geochemical surveys, reprocessing seismic). In addition, the Company and its partners are required to drill one exploration well during each of the two exploration periods, with a minimum expenditure of $5.0 million during each exploration period. As consideration for farming into the Dharoor and Nugaal Blocks, Lion has agreed to fund 30% (to a maximum of US$5,100,000) of the first US$17,000,000 of future JOA costs incurred in drilling one exploration well on each of the Dharoor and Nugaal Blocks. Lion will be responsible for funding its working interest share of all other joint operating expenses. The Company and its partners are currently in the planning stage for a two well drilling program expected to commence in 2010.

Kenya

Under the terms of the Block 9 PSA, with the drilling of the Bogal-1 well, which is currently ongoing, the Company and its partners have fulfilled and exceeded the minimum work and financial obligations of the initial exploration period. As consideration for farming into Block 9, Lion has agreed to fund 33.3333% (to a maximum of US$5,000,000) of JOA costs to be incurred by the Farmor, related to drilling the Bogal-1 well. Lion will be responsible for funding its working interest share of all other joint operating expenses.

Under the terms of the Block 10A PSC, the initial 4 year exploration period expires in October 2011, the Company and its partners are obligated to complete G&G operations (including acquisition of 750 kilometres of 2D seismic) with a minimum expenditure of $7.8 million. Additionally, Lion and its partners are required to drill one exploration well with a minimum expenditure of $8.5 million. As consideration for farming into Block 10A, Lion has agreed to fund 50% (to a maximum of US$4,000,000) of future joint operating expenses in the performance of a seismic program. Lion will be responsible for funding its working interest share of all other joint operating expenses. The Company and its partners are currently in the planning stage of a 750km 2D seismic program planned for 2010. An exploration well is planned for 2011.

In accordance with the terms of the Block 10BB PSC, the initial exploration period expires in January 2012, the Company and its partners are obligated to complete G&G operations (including acquisition of 200 kilometers of 2D seismic and 200 square kilometres of 3D seismic) with a minimum expenditure of $6.0 million gross. In addition, the Company is required to drill one exploration well with a minimum expenditure of $6.0 million. As consideration for farming into Block 10BB, Lion has agreed to fund 40% (to a maximum of US$6,000,000) of future joint operating expenses in the performance of a seismic program and drilling of one exploration well. Lion will be responsible for funding its working interest share of all other joint operating expenses. The Company and its partners are currently in the planning stage of a 600km seismic program planned for 2010. An exploration well is planned for 2011.

Definitions and Cautionary Statements

Significant Positive and Negative Factors Relevant to the Resources Estimates

This news release contains forward looking information including, but not limited to, estimated resources. The forward looking information is based on current expectations and is subject to a number of risks and uncertainties which could cause actual results to differ materially from those anticipated.

These risks include, but are not limited to the following:

Risks associated with ever making a discovery

The estimation of prospective resource volumes for high-risk and poorly calibrated basins can be subject to large variation from the introduction of new information. The estimates presented herein are based on all of the information available; however, new data or information is likely to have a material effect on the resource assessment values. There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that the discovery will be commercially viable to produce any portion of the resources. Given that most of the resources in the portfolio are in leads that require additional data to fully define their potential it is likely that significant changes to the resource estimates will occur with the incorporation of additional data and information.

Risk Associated with the Estimates

In the event of a discovery, basic reservoir parameters, such as porosity, net hydrocarbon pay thickness, fluid composition and water saturation, may vary from those assumed (by GCA), affecting the volume of hydrocarbon estimated to be present. Other factors such as the reservoir pressure, density and viscosity of the oil and solution gas/oil ratio will affect the volume of oil that can be recovered. Additional reservoir parameters such as permeability, the presence or absence of water drive and the specific mineralogy of the reservoir rock may affect the efficiency of the recovery process. Recovery of the resources may also be affected by well performance, reliability of production and process facilities, the availability and quality of source water for enhanced recovery processes and availability of fuel gas. There is no certainty that certain mineral interests are not affected by ownership considerations that have not yet come to light.

Risk Associated with the Classifications

Substantial Capital Requirements

Lion Energy expects to make substantial capital expenditures for exploration, development and production of oil and gas reserves in the future. The Company's ability to access the equity or debt markets in the future may be affected by any prolonged market instability. The inability to access the equity or debt markets for sufficient capital, at acceptable terms and within required time frames, could have a material adverse effect on the Company's financial condition, results of operations and prospects.

Ability to Execute Exploration and Development Program

It may not always be possible for Lion Energy to execute its exploration and development strategies in the manner in which the Company considers optimal. Execution of exploration and development strategies is dependent upon the political and security climate in the host countries where the Company operates. The Company's exploration and development programs in Puntland, Ethiopia and Kenya may involve the need to obtain approvals from relevant authorities who may require conditions to be satisfied or the exercise of discretion by the relevant authorities. It may not be possible for such conditions to be satisfied.

Absence of a Formal Development Plan including Required Funding

There is no certainty the Company will prepare and approve a development plan for any portion of the contingent resources or that the Company will be successful in funding any development should such a plan be prepared. General market conditions, the sufficiency of such a development plan and the outlook regarding oil and gas prices are some factors that will influence the availability of funding.

Access to Infrastructure

Lion Energy's ability to produce and market hydrocarbons from any potential discoveries will depend on its ability to access suitable infrastructure. The Company may also be affected by deliverability uncertainties related to the proximity of its potential production to pipelines and processing facilities and operational problems affecting such pipelines and facilities as well as potential government regulation relating to price and the export of oil and gas. Currently there is limited local infrastructure and markets for oil, natural gas and condensate and export infrastructure to enable other markets to be accessed has not yet been developed. Lion Energy will work with its partners and government authorities to evaluate the commercial potential and technical feasibility of any discovery made.

Additional Risks

Additional risks associated with the estimate of the prospective and contingent resources include risks associated with the oil and gas industry generally (i.e. financing; operational risks in exploration, development and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections related to production; costs and expenses; health, safety, security and environmental risks; and the uncertainty of resource estimates), drilling equipment availability and efficiency, the ability to attract and retain key personnel, the risk of commodity price and foreign exchange rate fluctuations, the uncertainty associated with dealing with governments and obtaining regulatory approvals, and the risk associated with international activity.

About the Company:

The Company is a well-financed, Canadian exploration company with a vision to develop a significant presence in the developing oil and gas industry. The Company signed an agreement with Africa Oil Corp. that grants the Company the right to earn an interest in five petroleum blocks located in the Republic of Kenya and in Puntland, Somalia. The Company further holds a 27.6% interest in Encanto Potash Corp., a junior potash exploration company and a 20% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-of-the-art patented technology for the production of micronized sulphur fertilizer.

To find out more about the Company, please visit our website at www.lionenergycorp.com.

    
    On behalf of the Board,
    LION ENERGY CORP.

    "Brian Thurston", President and CEO
    

NEITHER THE 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 NEWS RELEASE

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploration activities and events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the Company's intentions or plans, whether of a corporate or exploratory nature. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploration successes, and continued availability of capital and financing and general economic, political, market or business conditions. These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of the Company and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for the Company's proposed transactions and programs on reasonable terms, and the ability of third-party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected on the forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law or regulatory policies.



For further information: For further information: To find out more about the Company, please visit our website at www.lionenergycorp.com

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LION ENERGY CORP.

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