LGR updates proposed business combination and announces recovery of Ukraine funds

    (CNQ: MHPT)

    VANCOUVER, Dec. 27 /CNW/ - L.G.R. Resources Ltd. (the "Company") provides
the following update on its proposed business combination to acquire, by way
of share exchange, all of the issued and outstanding shares of Stream Oil &
Gas Ltd. ("Stream") as previously announced on June 19 and August 16, 2007. To
date, the Company has not entered into a definitive share exchange agreement
with Stream pending its receipt and approval of an independent technical
report on Stream's four oil and gas properties in Albania in compliance with
National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities
(the "Technical Report") and Stream's audited financial statements for the
year ended October 31, 2007 (the "Audited Financial Statements"). The Company
understands from Stream that both the Technical Report and the Audited
Financial Statements will be made available on or before December 31, 2007 and
accordingly the deadline for entering into a definitive agreement has been
extended to January 8, 2008.
    Further to the Company's news release of May 10, 2007 the Company is
pleased to announce that it has now recovered the remaining cash held in its
Ukraine bank account established in connection with a previous transaction
that did not proceed for a full recovery of $571,077 (US$500,000). The
proceeds from such recovery are being utilized for general working capital
    Alan T. Charuk, the President and Acting Chief Executive Officer of the
Company, is the person responsible for this news release and can be contacted
at the Company's head office, (778) 371 - 8184, for additional information.

    The Canadian Trading and Quotation System Inc. ("CNQ") has not reviewed
    and does not accept responsibility for the adequacy or accuracy of this

    This news release contains forward-looking statements, which relate to
future events or future performance and reflect management's current
expectations and assumptions. Such forward-looking statements reflect
management's current beliefs and are based on assumptions made by and
information currently available to the Company. Investors are cautioned that
these forward looking statements are neither promises nor guarantees, and are
subject to risks and uncertainties that may cause future results to differ
materially from those expected. These forward-looking statements are made as
of the date hereof and the Company does not assume any obligation to update or
revise them to reflect new events or circumstances.

    %SEDAR: 00022735E

For further information:

For further information: L.G.R. RESOURCES LTD, Suite No. 404 - 815
Hornby Street, Vancouver, B.C., V6Z 2E6, Tel: (778) 371-8184, Fax: (604)

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