Esrey Resources Ltd V.ESR.H

RE: LNG Energy Ltd - Still the biggest onshore lan

[ironman311]

From the LNG website

July 27, 2007 PROPOSED 8 MILLION+ ACRE ACQUISITION OF OIL AND GAS INTEREST IN PAPUA NEW GUINEA

Invicta Oil & Gas Ltd. ("Invicta" or the "Company") (TSXV:IGG) is pleased to announce that it has entered into an assignment agreement (the "Assignment Agreement") dated as of July 6, 2007 with Kepis & Pobe Investments Inc. ("K&P") under which K&P will assign to the Company all of K&P's rights and obligations under a (i) subscription agreement (the "Subscription Agreement") between K&P, Cheetah Oil & Gas Ltd. ("Cheetah") and Cheetah's wholly owned subsidiary, Cheetah Oil & Gas Ltd. ("Cheetah BC") and (ii) certain loan assignment agreements between K&P and Macquarie Holdings (USA) Inc. (the "Loan Agreements"). Following closing of the transactions contemplated under the Assignment Agreement, Subscription Agreement and Loan Agreements, the Company will own 90% of the shares of Cheetah BC. Cheetah BC indirectly holds interests in approximately 8.4 million acres of land prospective for oil and natural gas in Papua New Guinea (the "PNG Lands"). A National Instrument 51-101 report evaluating the prospective resources has been prepared by Chapman Petroleum Engineering Ltd., of Calgary, Alberta, and will be filed on SEDAR upon approval. The closing of the transactions are subject to a number of conditions including: (a) regulatory approval; (b) completion of a financing of not less than US $25.0 million by the Company; and (c) closing of the transactions on or before October 3, 2007. The PNG Lands Cheetah BC indirectly holds interests in the following licenses through permits received from the Minister of Petroleum and Energy for Papua New Guinea.