Shona Energy Company, Inc. Announces Grant Of Stock Options

CALGARY, May 1, 2012 /CNW/ - Shona Energy Company, Inc. (SHO-TSX.V) ("Shona" or "the Company"), an international oil and natural gas exploration, development and production company focusing on South America, today announced that it has granted a total of 7,230,000 stock options - representing approximately 2.7% of all fully-diluted common shares outstanding - to directors, officers and employees of the Company. Each stock option entitles the holder thereof to acquire one common share of the Corporation at an exercise price of $0.30 per share, subject to regulatory approval. The options were issued pursuant to the Company's stock option plan and expire on May 1, 2022. The directors' options vest in halves, with one half vesting on June 30, 2012 and the other half vesting on December 31, 2012. The officers' and employees' options have a 5 year vesting schedule, with one fifth vesting on each of five anniversaries of issuance.

About Shona

Shona is an international oil and natural gas exploration, development and production company focusing on South America, specifically Colombia and Peru. The Company's assets currently include interests in the Company-operated Esperanza block located in Colombia's Lower Magdalena Basin, the non-operated Serrania, Los Picachos and Macaya Blocks in Colombia's Caguan Basin, and the non-operated Block 102 in Peru's Maranon Basin. The common shares of the Company trade on the TSX Venture Exchange under the stock symbol "SHO". More information on the Company is available at www.shonaenergy.com.

Cautionary Statements

The securities of Shona have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement.  This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

SOURCE Shona Energy Company, Inc.

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