Kulczyk Oil Ventures Inc. ("KOV"), formerly Loon Energy Inc., is an international oil and gas exploration and development company with projects in Southeast Asia (Brunei), the Middle East (Syria) and south-central Europe (Slovenia). KOV filed a prospectus with the Polish Financial Supervisory Authority in November 2009 and intends to finalize an initial public offering on the Polish market and make application to list its common shares on the Warsaw Stock Exchange during the second quarter of 2010.

Loon Energy Inc. closed a plan of arrangement on December 10th under which: 1) its assets in Colombia and Peru were transferred to Loon Energy Corporation (“Loon Corp”); 2) each shareholder of Loon Energy Inc. received one common share of Loon Corp; 3) the common shares of Loon Corp were listed on the TSX Venture Exchange under trading symbol “LNE”; 4) the name of Loon Energy Inc. was changed to Kulczyk Oil Ventures Inc.; and 5) the common shares of KOV were delisted from the TSX Venture Exchange.

Downloadable Plan of Arrangement

KOV is not currently listed on any stock exchange. KOV expects to be listed on the Warsaw Stock Exchange during the second quarter of 2010.

The website of Loon Corp is www.loonenergy.com

The website of the Warsaw Stock Exchange (English version) is: http://www.gpw.pl/index.asp.