April 23, 2008
TSX-V:LEY

NEWS RELEASE

Year End Financial Statements and MD&A for December 31, 2007

Calgary, Alberta, Canada, April 23, 2008 – Loon Energy Inc. (“Loon”) (TSX-V: LEY) announces that the audited financial statements and Management Discussion and Analysis (“MD&A”) for the period ended December 31, 2007 have been filed on SEDAR (www.sedar.com).

Loon is an international oil and gas exploration and production company having direct interests in Brunei, Syria, Colombia, Perú and Slovenia and exposure to a major exploration and development program in Pakistan through its shareholding in Jura Energy Corporation. For further information, please refer to the Loon website (www.loon-energy.com) or contact the following:

Some of the statements contained in this release may be forward-looking statements. Forward-looking statements may include, but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Company’s projects and other statements which are not historical facts. When used in this document, and in other published information of the Company, the words such as “could,” “estimate,” “expect,” “intend,” “may,” “potential,” “should,” and similar expressions are indicative of a forward-looking statement. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, the potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors, which could cause actual results to differ from these forward-looking statements, include the potential that the Company’s projects will experience technical and mechanical problems, geological conditions in the reservoir which may negatively impact levels of oil and gas production and changes in product prices and other risks not anticipated by the Company or disclosed in the Company’s published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.