LNG Energy Group Corp. and Fifth Ocean Management LP to Form a 50/50 JV to Invest up to US$200M in Venezuelan Oil and Gas

LNG Energy Group Corp. entered into a binding exclusivity agreement and letter of intent to establish a 50/50 joint venture with Fifth Ocean Management LP, in partnership with Westlawn Group, to explore and develop oil and gas blocks in Venezuela. The proposed JV company would be organized in the United States, with LNG contributing existing Venezuela oil and gas assets and Fifth Ocean funding an investment program of up to US$200 million, subject to due diligence and definitive agreements.