2009-03-31-2009-03-26

Exercised right of first refusal to acquire company, preempting CNPC International Ltd., gaining assets in Ghadames Basin in Libya.

Libya's national oil company will exercise its right of first refusal to acquire Verenex Energy Inc., Calgary, (Toronto: VNX) in a deal valued at C$499 million, pre-empting the announced acquisition by Chinese national oil company CNPC International Ltd. Verenex has oil and gas assets in the Ghadames Basin in Libya, with 17 exploration and appraisal wells drilled and cased in Area 47. Verenex is operator and holds a 50% working interest in the initial five-year exploration period that reduces to 25% for any commercial developments retained in a subsequent 25-year exploitation period. "We are buying the whole thing," Shokri Ghanem of Libyan National Oil Corp. told Reuters. He said Libya will offer the same C$10 per Verenex share as did CNPC. Gross production from 12 of these wells has been flow-tested at approximately 99,320 barrels of oil and 92.7 million cubic feet of gas per day. These wells have been suspended as potential future oil and gas production wells. TD Securities Inc. is financial advisor to Verenex. Scotia Waterous is advisor to CNPC. Vermilion Energy Trust, Calgary, (Toronto: VET-UN) holds a 42.4% stake in Verenex,