Taipan Resources Inc. has entered into a formal amalgamation agreement dated June 13, 2012 ("the Amalgamation Agreement") with Lion Petroleum Corp., a private British Columbia company ("Lion"), to acquire all of the issued and outstanding securities of Lion in exchange for 20,124,817 common shares of Taipan (the "Transaction").

Taipan is in the process of preparing a comprehensive filing statement describing the Transaction which will be filed on SEDAR and available for review.

Lion is an oil and gas exploration company with interests in 9.7 million gross oil and gas exploration acres in Kenya known as Block 1 and Block 2B. Further details on Block 1 and Block 2B are contained in Taipan's news release issued on May 17, 2012.

Tags: Taipan Resources