2009-08-13-2009-04-01

Plans to buy co., gaining gross production of 99,320 BO/d and 92.7 MMcf/d in Libya's Ghadames Basin.

A subsidiary of state-owned Chinese national oil company CNPC International Ltd. plans to acquire Verenex Energy Inc., Calgary, (Toronto: VNX) in a deal valued at C$499 million. CNPC will offer C$10 per Verenex share. Vermilion Energy Trust, Calgary, (Toronto: VET-UN) holds a 42.4% stake in Verenex, and the deal is contingent on a written consent by the Libyan National Oil Corp., which is reported to be considering exercising its right of first refusal. 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. 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.