Raytec name change and takeover on Lion

Welcome To The Lion Energy Corp, formally Raytec Metals Corp. HUB On AGORACOM

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duncanmcl

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Raytec name change and takeover on Lion

posted on Oct 10, 2009 12:49PM

Name change to and takeover of Line Energy

Lion Energy Corp. is a well financed Canadian exploration company based in Vancouver, BC, that is focused on acquiring, exploring and developing oil and gas reserves in Central & East Africa. Lion Energy initially partnered with Africa Oil Corp., a Canadian oil and gas exploration company with assets in Kenya, Somalia and Ethiopia, and a member of The Lundin Group of Companies. Lion Energy has agreements with African Oil for entry into the production sharing agreements (PSAs) on blocks in Republic of Kenya and the State of Puntland, Somalia. The Company also holds several strategic investments in Potash, Sulphur Fertilizer and Uranium. Lion Energy's shares are listed on the TSX Venture Exchange under the symbol "LEO".

NR:

– RAY) announced today that it has entered into a binding Letter of Intent (“LOI”) with Lion

Petroleum Corp. (“Lion”), subject to certain conditions and completion of due diligence process.

Lion is a privately held oil and gas exploration company based in Vancouver, British Columbia,

with an exploration office in Nairobi, Kenya. Lion’s principal assets are Blocks 1 and 2B, both

highly prospective exploration Blocks in Northeastern Kenya.

Blocks 1 and 2B:

Lion is party to Production Sharing Contracts (“PSC”) with the Government of the Republic of

Kenya, relating to Blocks 1 and 2B. The PSCs grant Lion a 100% interest in the respective

Blocks, subject only to an 18% back-in right in favour of the Kenyan government.

Block 1 covers an area of approximately 31,781 square kilometers forming part of the western

portion of the Mandera-Lugh basin that occupies part of the northeastern territory of Kenya and

extends into Somalia and Ethiopia. Lion has entered into a Farm-In Agreement with East African

Exploration Ltd. (“EAX”) of Dubai, UAE on the Block 1 concession. EAX may earn a 50%

interest in Block 1 by conducting a work program (minimum 600 kilometres 2D seismic) and

making all the financial commitments required of Lion to the Kenyan government under the PSC.

Block 2B covers an area of approximately 7,807 square kilometers south of Block 1 in

Northeastern Kenya and covers three separate rift basins; the Anza, Mandera-Lugh and Mochesa