Africa Oil Corp

[doinit]

latest news item was nov.17th posted here !!!!

http://www.lionenergycorp.com/pdf/2010-11-17.pdf

LION ENERGY CORP
Operations and Investments Update
November 17, 2010, Vancouver, BC – Lion Energy Corp. (the “Company” or “Lion Energy”) (TSX.V
– LEO) reports on the application for a judicial review of the administrative process that resulted in the
issuance of exploration permits for, amongst others, Block 10BB (see also the Company’s news release
dated September 28, 2010). The application was made by Interstate Petroleum Ltd. against the Permanent
Secretary, Ministry for Energy in Kenya and included the Operator, Africa Oil Corp, as an interested
party.

The High Court in Kitale, Kenya heard the submissions of the parties on November 16, 2010 and will
issue a final ruling on the case on December 16, 2010. In the interim, the stay order that had initially been
imposed on operations under the exploration permits was lifted.

Amendments to the farmout agreement between the Company and Africa Oil, (see also the Company’s
news release dated September 2, 2010) are subject to the successful closing of a definitive farmout
agreement between Tullow Oil plc and Africa Oil, whereby Tullow will acquire a 50% interest in, and
operatorship of, three of Africa Oil's east African exploration blocks, comprised of exploration Blocks
10A and 10BB in Kenya and one exploration block in Ethiopia. Closing is subject to the final High Court
ruling to be delivered on December 16, 2010.

Africa Oil completed the 2D seismic acquisition program on Block 10BB in late October 2010 and has
now moved the seismic camp to Block 10A to initiate a 750 line kilometer acquisition program of 2D
seismic. The program will be completed in the first quarter of 2011. Drilling of the first exploration well
on block 10BB is expected to take place in mid 2011.

In two transactions this month, the Company sold an aggregate of 26,000,000 common shares of Encanto
Potash Corp. at a price of $0.20 each. Gross proceeds to the Company's treasury amounted to $5.2
million, less finders' fees/commissions of 5%. The Company's percentage shareholdings of Encanto are
now reduced to approximately 8.8%. As a result, the Company is no longer regarded as an "insider" of
Encanto. The Company continues to hold 19,846,525 common shares of Encanto. No further sales are
planned in 2010, and Company management intends to retain the remaining Encanto shareholdings as a
longer term investment. Proceeds from the sale will be used to fund ongoing operations in east Africa.

About the Company: Lion Energy Corp. is a well-financed, Canadian exploration company with a
vision to develop a significant presence in the developing oil and gas industry. The Company holds oil
and gas interests in four petroleum blocks located in the Republic of Kenya and in Puntland, Somalia.
The Company further holds an 8.8% interest in Encanto Potash Corp., a junior potash exploration
company and an 18% interest in Sulphur Solutions Inc., an emerging fertilizer company developing state-
of-the-art patented technology for the production of micronized sulphur fertilizer.
To find out more about the Company, please visit our website at www.lionenergycorp.com.
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