LION ENERGY EXTENDS LETTER OF INTENT WITH AFRICA OIL CORP.

VANCOUVER, March 25 /PRNewswire/ - Lion Energy Corp. (the "Company" or "Lion Energy") (TSXV: LEO) announces that it has agreed to extend the term of the non-binding letter of intent with Africa Oil Corp. ("Africa Oil") from March 25, 2011 to April 1, 2011 to enable the completion of ongoing due diligence and the negotiation of a definitive agreement providing for the proposed business combination of Lion and Africa Oil (the "Transaction").  See the Company's news release dated March 8, 2011.

The Company has postponed its 2011 annual and special general shareholders' meeting from April 15th to June 8th to facilitate the full disclosure in the associated management information circular of particulars relating to the proposed Transaction should a definitive agreement be entered into with Africa Oil.  The new record date entitling Company shareholders to receive notice of and to vote their shares at the A/SGM has been re-set for May 4, 2011.

On behalf of the Board,

LION ENERGY CORP.

John R. Nelson

President and Chief Executive Officer

NEITHER THE 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 NEWS RELEASE

Forward-Looking Statements: Certain information provided in this press release constitutes forward-looking statements.  The words "anticipate", "expect", "project", "estimate", "forecast" and similar expressions are intended to identify such forward-looking statements. Specifically, this press release contains forward-looking statements relating to the Transaction. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be incorrect. Actual results will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. You can find a discussion of those risks and uncertainties in our Canadian securities filings. Such factors include, but are not limited to: the failure to obtain necessary Lion shareholder approval with respect to the Transaction, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the Transaction, general economic, market and business conditions; fluctuations in oil prices; the results of exploration and development drilling; recompletions and related activities; timing and rig availability, the uncertainty of reserve estimates; changes in environmental and other regulations; risks associated with oil and gas operations; and other factors, many of which are beyond the control of Lion. Except as may be required by applicable securities laws, Lion assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.

 

SOURCE Lion Energy Corp.

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