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Loon Energy Inc.: Second Quarter Financial Statements and MD&Amp;A &Amp; Update

Posted on: Thursday, 28 August 2008, 12:01 CDT

Loon Energy Inc. ("Loon") (TSX VENTURE: LEY) announces that it has filed its interim consolidated financial statements and its Management Discussion and Analysis on SEDAR (www.sedar.com) for the second quarterly period ended June 30, 2008 and provides the following update on activity.

Brunei - Bridging, line cutting and surveying is almost complete and actually shooting of the 350 square kilometre 3D seismic survey in the southern part of Block L is expected to commence during the second week of September.

Syria - The reprocessing of 2D seismic data has been completed. Interpretation of all available seismic is expected to be finalized in the next few months. A decision on whether the next step in the exploration program will be additional seismic or drilling is expected to be made prior to the end of the first quarter of 2009.

Peru - Planning for the 2D program on Block 127 is ongoing with the actual shooting expected during the first part of 2009. The operating committee meeting between CEPSA and Loon is expected to occur in the next few months.

Colombia - The Santana-1 well was drilled to a total depth of 1886 metres and abandoned. The well was drilled at no cost to Loon under a farmout arrangement. Completion work on the Delta-1 well, cased as a potential oil well in June, is expected to commence by mid-September. Loon has a 20% working interest in the Delta-1 well.

Loon is an international oil and gas exploration and production company having direct interests in Brunei, Syria, Colombia, Peru and Slovenia and exposure to a major exploration and development program in Pakistan through its shareholding in Jura Energy Corporation.

Some of the statements contained in this release may be forward-looking statements. Forward-looking statements may include, but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Company's projects and other statements which are not historical facts. When used in this document, and in other published information of the Company, the words such as "could,""estimate,""expect,""intend,""may,""potential,""should," and similar expressions are indicative of a forward-looking statement. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, the potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors, which could cause actual results to differ from these forward-looking statements, include the potential that the Company's projects will experience technical and mechanical problems, geological conditions in the reservoir which may negatively impact levels of oil and gas production and changes in product prices and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

The TSX Venture Exchange neither approves nor disapproves of the information contained herein.

 Contacts: Loon Energy Inc. (Calgary) Norman W. Holton Executive Chairman (403) 264-8877 Email: nholton@loon-energy.com  Loon Energy Inc. (Dubai) Timothy M. Elliott President and Chief Executive Officer +971-4-339-5212 Email: telliott@loon-energy.com  Loon Energy Inc. (Dubai) Jock M. Graham Executive Vice President +971-4-339-5212 Email: jgraham@loon-energy.com Website: www.loon-energy.com  Brisco Capital Partners Corp. (Calgary) Gordon Aldcorn Investor Relations (403) 262-9888 Email: galdcorn@shaw.ca

SOURCE: Loon Energy Inc.

Source: MARKET WIRE

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