Lone Pine Resources Inc. says that the National Energy Board of Canada (the "National Energy Board") has granted the Company a Commercial Discovery Declaration (CDD) for natural gas resources contained within the Upper and Lower Besa River shale intervals located in the Pointed Mountain area of the Liard Basin in the Northwest Territories. Lone Pine had previously submitted an application for a CDD to the National Energy Board in February 2012.

Following the receipt of the CDD, Lone Pine has now contacted Aboriginal Affairs and Northern Development Canada for the standard 21 year lease extension in accordance with Section 62 of the Canada Oil and Gas Lease Regulations. Lone Pine holds a 100% operated working interest in 52,202 acres at Pointed Mountain in the Liard Basin.

In the third and fourth quarters of 2011, Lone Pine re-entered and recompleted an existing vertical wellbore (the "L-68 well") to test two over-pressured uphole shale formations. The L-68 well provided sweet gas flow rate data that supports the potential deliverability of 12 MMcf/d from a multi-fractured horizontal completion.

Tags: Lone Pine Resources Inc.