April 14, 2004

NEWS RELEASE 
 
Bitove Joins Loon Board
 
Loon Energy Inc. (“Loon”) (TSX-V:LEY) is pleased to announce that John I. Bitove of Toronto, Ontario has been appointed to the board of directors of Loon effective as of April 14, 2004.
 
Mr. Bitove is one of Canada’s leading entrepreneurs with a distinguished record of accomplishments in business and community service. He is the majority owner of Scott’s Restaurants Inc. and has worked in the food service and hospitality industry for over 20 years. Mr. Bitove founded the Toronto Raptors basketball team and started the Air Canada Centre. He was the volunteer President and CEO of Toronto’s 2008 Olympic Bid Corporation and serves the community on a number of other volunteer boards.
 
Mr. Bitove is Chairman, Chief Executive Officer and a director of Priszm Canadian Income Fund, which controls the ownership and operation of 467 KFC™ Taco Bell™ and Pizza Hut™ restaurants in seven provinces across Canada.
 
Loon is an exploration and production company with minor oil and gas production in Canada and exploration and development projects in Slovenia and other countries in south-central Europe. Slovenia is located in south-central Europe and is bounded by Croatia (south), Hungary (east), Austria (north) and Italy (west). The principal project area is located in eastern Slovenia near to the borders with Hungary and Croatia approximately 210 kilometres south of Vienna, Austria and 180 kilometres northeast of Ljubljana, the capital of Slovenia. Slovenia joined NATO earlier this month and will be joining the European Union (the “EU”) in May of this year.