VANCOUVER, June 8, 2011 /PRNewswire/ – (LEO – TSXV) – Lion Energy Corp. (“Lion” or “the Company”) is pleased to announce
that shareholders today voted overwhelmingly in favour of the proposed
plan of arrangement with Africa Oil Corp. (“Africa Oil”) by a margin of
99.96% to 0.04%. Under the terms of the arrangement, Africa Oil will
acquire all of the issued and outstanding shares of Lion in
consideration for 0.20 Africa Oil shares for each common share of
Lion. Any options or warrants to purchase common shares of Lion that
are outstanding on completion of the acquisition by Africa Oil (the
“Closing”) will be replaced or amended to entitle the holder to acquire
common shares of Africa Oil, with the number of shares to be acquired
and the exercise price each adjusted to reflect the ratio of 0.20
shares of Africa Oil for each 1.0 share of Lion.

The Company proposes to seek a final order from the Supreme Court of
British Columbia approving the plan of arrangement shortly. Subject to
any remaining closing conditions, Closing is anticipated to occur on or
about June 20, 2011.

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

Forward-Looking Statements: Certain information provided in this press release constitutes
forward-looking statements. The words “anticipate”, “expect”,
“project”, “estimate”, “forecast” and similar expressions are intended
to identify such forward-looking statements. Specifically, this press
release contains forward-looking statements relating to the
Transaction. The reader is cautioned that assumptions used in the
preparation of such information, although considered reasonable at the
time of preparation, may prove to be incorrect. Actual results will
vary from the information provided herein as a result of numerous known
and unknown risks and uncertainties and other factors. You can find a
discussion of those risks and uncertainties in our Canadian securities
filings. Such factors include, but are not limited to: the failure to
obtain necessary Lion shareholder approval with respect to the
Transaction, the failure to obtain necessary regulatory approvals or
satisfy the conditions to closing the Transaction, general economic,
market and business conditions; fluctuations in oil prices; the results
of exploration and development drilling; recompletions and related
activities; timing and rig availability, the uncertainty of reserve
estimates; changes in environmental and other regulations; risks
associated with oil and gas operations; and other factors, many of
which are beyond the control of Lion. Except as may be required by
applicable securities laws, Lion assumes no obligation to publicly
update or revise any forward-looking statements made herein or
otherwise, whether as a result of new information, future events or
otherwise.

SOURCE Lion Energy Corp.