April 23, 2007

Belize Natural Energy Limited issued a press release today. Love News contacted B-N-E to conduct an interview but we were told the only person authorized to speak on the issue was Doctor Gilbert Canton and he had no further comment to make at this time. In its release B-N-E says the proposal made to the Government of Belize regarding G-O-Bís 10 percent participating interest in the production sharing agreement was prompted by and follows on the Governmentís objective as expressed to B-N-E and C-H-X that Belizeans from all walks of life should have the opportunity to participate individually and directly in the burgeoning Belizean petroleum industry possibly through ownership of the said 10 percent interest. B-N-E says the proposal is also consistent with B-N-E and C-H-X investment philosophy to establish a viable Belizean petroleum industry that is equitable and maximizes benefits to all Belizeans. Direct ownership in the oil industry is an integral part of this equation. The release says currently G-O-Bís 10 percent participating interest is a carried interest. That is B-N-E and C-H-X are fully financing G-O-Bís 10 percent by means of an interest free loan. The participating interest is not ownership by means of shares in B-N-E or C-H-X but a working interest in the production sharing agreement. B-N-E says a working interest involves 10 percent participation in both revenues and expenses. B-N-E says to facilitate the G-O-Bís objective to offer for sale its 10 percent, B-N-E and C-H-X offered to initially purchase the 10 percent interest, create a public company to hold the interest, and immediately offer 100 percent of the shares to the Belizean public at the B-N-E and C-H-X working interest in the P-S-A. B-N-E says they will continue to honor and exceed their obligations under the P-S-A with Government. The release says the Governmentís take for 2006 is in excess of 53 percent of net earnings. B-N-E says they continue to reinvest their portion of the proceeds toward significant loan funds at considerable risk in exploration and development activities in the deep rooted belief that more oil will be found and benefit all Belizeans