09:50 AM EST - Lion Energy Corp. : reported that it has come to an agreement with Africa Oil Corp. regarding certain amendments to the existing farmout agreement on all its east Africa assets. The amendment of the Lion farmout agreement with Africa Oil provides that Lion will reduce its interest in Block 10BB to 10% (originally 20%) and will not retain any interest in Block 10A (originally 25%). As consideration Africa Oil has agreed to pay Lion $2.5 million U.S. in cash and to issue to Lion 2.5 million common shares of Africa Oil. Africa Oil has also agreed to the elimination of future expenditure promotes in Block 10BB and on the Company's projects in Puntland (Somalia) and the release of $4.0 million U.S. in escrowed funds. Lion Energy Corp.
shares V.LEO are trading up $0.005 at $0.14.
