April 21, 2004

NEWS RELEASE 
 
Proposed Private Placement – Amended Price
 
Loon Energy Inc. (“Loon”) (TSX-V:LEY) announces that it plans to raise up to $1,800,000 by issuing up to 10,000,000 of its common shares at an issue price of $0.18 per common share by way of private placement. The private placement, which will be subject to regulatory approval, is expected to close by the end of April. The proceeds of the issue will be used to further the exploration and development efforts of the Company in south-central Europe and for general corporate purposes. The pricing for the private placement had been previously announced on March 22, 2004 as $0.15 per common share.
 
Loon is focused on exploration and development projects in Slovenia and other countries in south-central Europe. Slovenia 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 in April, 2004 and is scheduled to join the European Union (“EU”) in May of this year.