Verenex announces court approval of arrangement

CALGARY, Dec. 11 /CNW/ - Verenex Energy Inc. ("Verenex") (VNX - TSX) announces that the Court of Queen's Bench of Alberta approved today the previously announced plan of arrangement under the Business Corporations Act (Alberta), pursuant to which the Libyan Investment Authority, through a subsidiary, will acquire all of the issued and outstanding shares of Verenex. Verenex announced earlier today that securityholder approval for the plan of arrangement has been received. Pending the satisfaction of certain conditions, including approval under the Investment Canada Act, the arrangement will result in the Libyan Investment Authority, through its subsidiary, acquiring all of the issued and outstanding shares of Verenex.

Forward-Looking Information and Statements

This press release contains forward-looking statements respecting the completion of an arrangement of Verenex. These statements are based on current expectations and are subject to a number of risks and uncertainties, including obtaining all requisite court and regulatory approvals that could materially affect timing for the completion of the proposed transaction and the final Working Capital Amount. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the securities of Verenex should not place undue reliance on these forward-looking statements.

SOURCE VERENEX ENERGY INC.

For further information: For further information: Jim McFarland, President & CEO, Verenex Energy Inc., Telephone: (403) 536-8009; or Ken Hillier, Chief Financial Officer, Verenex Energy Inc., Telephone: (403) 536-8005, www.verenexenergy.com

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VERENEX ENERGY INC.

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