VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2012) - LNG Energy Ltd. ("LNG" or the "Company") (TSX VENTURE:LNG) announces that effective July 2, 2012, Dave Afseth, has elected, for personal reasons, to resign as President and Chief Executive Officer. Mr. Afseth has been instrumental in the development of the Company over the last 5 years and will remain on the Company's board. The board extends its sincere appreciation to him for his effort and time in that role.
The Company is also pleased to announce that David Nelson, the current General Manager, Europe of the Company, has been appointed as President and Chief Executive Officer of the Company as of July 2, 2012.
Mr. Nelson is a Geological Engineer with over 32 years of geological, engineering, and commercial experience in the energy industry, focusing the last 20 years on European and Central Asian oil and gas provinces. Prior to joining LNG, Mr. Nelson served as President and Chief Operating Officer for Direct Petroleum Exploration and as Business Development Engineering Manager for TransAtlantic Petroleum Ltd.
The Company also announces that Dr. Robert Gayton has resigned as Director effective July 2, 2012 for personal reasons. The board extends its gratitude for his efforts and guidance as Director.
Further to its news release of April 10, 2012 relating to the farm-out of the PPL 319 license in Papua New Guinea, the farm-out process is still progressing with interested parties currently conducting technical reviews of data provided to them.
"Dave has been with LNG since we entered PNG in 2008 and has made a significant contribution to the position that we are now in," said David Cohen, Chairman of LNG. "Today LNG has substantial prospects in three major areas: PNG, Poland and Bulgaria and we wish Dave much success as he steps down from an operating role in the company. Bob Gayton has been fully involved at board level and we are very appreciative of his time and input to the Company."
LNG is a Canadian exploration and development company focused on developing oil and gas reserves in Papua New Guinea, Poland and Bulgaria. LNG holds a 100% interest in approximately 5.5 million acres of prospective oil and gas properties in Papua New Guinea. LNG is operator and has a 50% net interest in approximately 360,000 gross acres of prospective shales in Poland together with San Leon Energy. LNG also has a 20% net interest in approximately 734,000 gross acres of prospective shales in Poland together with BNK Petroleum Inc., Sorgenia E&P S.p.A., and Rohol-Aufsuchungs Aktiengesellschaft. LNG has also entered into a farm in agreement relating to 405,080 acres of prospective argillite formation in Bulgaria with Direct Petroleum Bulgaria EOOD, a subsidiary of TransAtlantic Petroleum Ltd. LNG shares trade on the TSX Venture Exchange under the symbol "LNG".
LNG ENERGY LTD.
David Afseth, President & CEO
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including information on LNG's current farm-out process for PPL 319, the appointment of David Nelson as President & CEO and the resignation of Robert Gayton. Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management. Forward looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risks related to unsatisfactory results of due diligence, international operations and doing business in foreign jurisdictions, risks associated with the oil and gas industry and exploratory and development activities generally (e.g., operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, risks associated with equipment procurement and equipment failure), the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes, and risks and uncertainties associated with securing and maintaining necessary regulatory approvals, and counterparty risk related to the stability and viability of the Company's joint venture participants.
Shares Outstanding: 338,719,365
Neither 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 release.