OilVoice - Etrion Announces Intention to Change TSX Listing Category

Etrion Announces Intention to Change TSX Listing Category

Wednesday, February 24, 2010

Etrion Corporation confirms that the Toronto Stock Exchange ("TSX") is reviewing the Company's listing as a result of its recent change of business focus from oil and gas activities to renewable energy. The TSX review arose in connection with the Company's proposed application for a second listing on the NASDAQ OMX exchange in Sweden.

As a result of the previously announced acquisition of its solar power generation business in Europe, the Company is no longer considered by the TSX to be an oil and gas company and will have 90 days to demonstrate compliance with the TSX original listing requirements for an industrial issuer.

As announced on August 11, 2009, Etrion's predecessor company, PetroFalcon Corporation ("PetroFalcon"), acquired 90% of the outstanding shares of Solar Resources Holding, Sarl ("SRH"), a private company developing a pipeline of renewable energy power projects.

Pursuant to approvals given by the shareholders of the Company at its annual and special meeting of shareholders held on September 10, 2009, the Company changed its name from PetroFalcon to Etrion. The Company subsequently appointed Marco Northland as CEO and moved its operational base to Europe to seek additional opportunities in the renewable energy sector, while maintaining its existing oil and gas assets in Venezuela.

Marco Northland said:
"The acquisition of SRH and the focus on the renewable energy sector diversifies the Company's business away from oil and gas activities in Venezuela. We are working with the TSX to confirm Etrion's listing category as soon as possible and to proceed with dual listing the Company in Stockholm this year."

Etrion is owned 45% by Lundin Petroleum, a Swedish independent oil and gas company traded on the NASDAQ OMX exchange (ticker symbol "LUPE"), and approximately 13% by the Lundin family through various trusts.

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