Verenex announces Investment Canada approval received

CALGARY, Dec. 18 /CNW/ - Verenex Energy Inc. ("Verenex") (VNX - TSX) announces that approval under the Investment Canada Act has been received to enable completion of the previously announced plan of arrangement, pursuant to which the Libyan Investment Authority, through a subsidiary, will acquire all of the issued and outstanding shares of Verenex. Subject to agreement with the LIA on the working capital component of the cash purchase consideration and satisfaction of certain conditions, closing of the transaction is targeted for December 21, 2009.

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 finalization of the final Working Capital Amount (as defined in the arrangement agreement dated November 5, 2009). 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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