Verenex Energy Inc -
Expanding North African
Presence With IDEAS Venture
Management
LIVINGSTON,
NJ – July 14, 2005
IDEAS
International, Inc, a
leading supplier of
financial and logistics
systems to international oil
& gas operations, announced
today that Calgary, Canada
based Verenex Energy Inc
(TSX: VNX),
has licensed the IDEAS
international oil and gas
venture management solution
for it’s operations in North
Africa and for it’s Calgary
Headquarters operations.
Verenex is an international
oil and gas exploration and
production company. The
company has assets in Libya,
France and Canada.
In building
its corporate strategy and
initial business plan in
2004, the Verenex set a
target to expand its E&P
portfolio to one or two
other prospective countries
outside its initial asset
base in France, where it
holds participating
interests in six exploration
permits in the Paris and
Aquitaine Basins. North
Africa (Libya, Algeria,
Tunisia and Egypt) was
chosen as the prime region
of interest given its
underdeveloped hydrocarbon
potential, the growing
availability of
opportunities as governments
open their doors to further
foreign investment, the
geographic concentration and
resulting opportunities for
synergy and the experience
and capabilities of the
Verenex team. The company
was successful in
establishing a position in
Libya in the short space of
seven months.
In January
2005, the Company submitted
the winning bid to explore
for oil and gas in Area 47,
a 6,182 square kilometre
block in the Ghadames Basin
in northwest Libya. Verenex
is the operator with a 50%
interest and PT Medco Energi
Internasional Tbk ("Medco")
holds the remaining 50%).
Verenex and Medco signed the
Exploration and Production
Sharing Agreement ("EPSA")
with the Libyan National Oil
Company ("NOC") on March 12,
2005. The EPSA was
subsequently ratified by the
Libyan Government with an
effective date of March 30,
2005.
The Company
is seeking to expand its
current Libyan position and
to build a portfolio in
North Africa with short,
medium and long-term time
horizons. Opportunities are
being pursued to access
early production from mature
and marginal fields and
other discovered resources
that are not fully
developed. New exploration
concession awards will also
be pursued.
About Verenex Energy Inc
Verenex
Energy Inc. is a
Canadian-based,
international oil and gas
exploration and production
company with assets in
Libya, France and Canada.
Verenex was established by
Vermilion Energy Trust in
March 2004 to advance the
exploration program that
Vermilion had begun in
France, prior to its
conversion to an income
trust in 2003, and to pursue
other international
exploration, development and
acquisition opportunities
outside Canada. Verenex is
a public company that
resulted from the
amalgamation of a formerly
private company, Verenex
Energy Inc., a wholly owned
subsidiary of Vermilion, and
Prairie Fire Oil & Gas Ltd.
on June 29, 2004.
About IDEAS
IDEAS International, Inc., a
US corporation, is a
multinational software
development company serving
a worldwide client base from
offices in the U.S. and
overseas. Founded in 1982,
IDEAS International has two
decades of experience
providing software solutions
and associated professional
services to world-class
leaders in industry and
government.
Contacts
IDEAS International, Inc
Lucie Atamian, Director,
Global Sales
973.993.8000 ext 239
luciea@ideasintl.com
Verenex Energy Inc
(403) 781-9444
www.verenexenergy.com
