LNG Energy Ltd. announces that further to its news release of February 7, 2011, its wholly owned subsidiary, Kaynes Capital S.a.r.l has completed the acquisition of a 50% interest in Joyce Podlasie LLC and a 50% interest in Maryani Podlasie LLC from Source Energy Partners LP for US$4 million. Joyce indirectly holds an undivided 100% interest in the Ilawa Concession in Poland and Maryani indirectly holds an undivided 100% interest the Wegrow Concession in Poland. Joyce and Maryani comprise approximately 360,000 acres and will increase LNG's net Polish shale gas acreage by approximately 180,000 acres.
This new acquisition gives LNG Energy a gross acreage position in Poland of approximately 1.1 million acres in 5 separate concessions, and approximately 326,000 net acres.
"This acquisition has more than doubled our net acreage in Poland and comes at a time when our first well drilled has confirmed that gas is present in the Baltic Shale. We will be mobilizing on our second drill site shortly." commented Dave Afseth, President & CEO of LNG. "We look forward to the analysis of all the data from the core samples taken in the first well to determine what shale intervals should be tested further."