Verenex announces completion of the Arrangement with the Libyan Investment
Authority

CALGARY, Dec. 21 /CNW/ - Verenex Energy Inc. ("Verenex") (VNX - TSX) announces the completion today of the previously announced plan of arrangement (the "Arrangement"). The Arrangement was carried out pursuant to the arrangement agreement dated November 5, 2009 among Verenex, the Libyan Investment Authority (the "LIA") and a subsidiary of the LIA. Under the Arrangement, the LIA, through its subsidiary, acquired all of the issued and outstanding Verenex shares at a price per share equal to $7.0906 plus an additional working capital amount per share in the amount of $0.1976. The resulting total cash consideration per share was $7.2882, for an aggregate cash consideration of approximately $360 million (comprised of the $350 million paid by the LIA and payout of $9.763 million in working capital). The common shares of Verenex are expected to be de-listed from the TSX on or about December 24, 2009.

Standard Chartered Bank and FirstEnergy Capital Corp. acted as financial advisors, and Macleod Dixon llp acted as legal counsel, to Verenex. McCarthy Tétrault llp acted as legal counsel to the LIA and the subsidiary of the LIA.

The LIA is a sovereign wealth fund established in 2006 by the General People's Committee of Libya to manage Libya's surplus oil revenues.

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.

SOURCE VERENEX ENERGY INC.

For further information: For further information: Mr. Mohamed Layas, Chief Executive Officer, Libyan Investment Authority, 22nd Floor, Al-Fatah Towers, Tripoli, Libya (P.O. Box 93099), Phone: +218 21 336 2085/6, Fax: +218 21 336 2089

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VERENEX ENERGY INC.

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