Algonquin Oil & Gas Limited

March 04, 2008 12:58 ET

Algonquin Announces Appointment of an Additional Board Member and Change of Officers

CALGARY, ALBERTA--(Marketwire - March 4, 2008) - Algonquin Oil & Gas Limited ("Algonquin" or the "Corporation") (TSX VENTURE:AQX) is pleased to announce that at its annual and special meeting of the shareholders of the Corporation held on February 29, 2008 (the "Meeting"), the shareholders elected Russell Stewart to the board of directors of the Corporation. Russell Stewart joins Messrs James Fair, Peter Bower, George Leitch and Gregory Stewart as the directors of Algonquin. Following the Meeting, Gregory Stewart was appointed the Chairman, President and Chief Executive Officer of the Corporation and Russell Stewart was appointed the Chief Operating Officer of the Corporation.

In addition, shareholders were asked at the Meeting to approve, among other things, a non-brokered private placement ("Private Placement") of units ("Units") at a price of $100,000 per Unit for gross proceeds of up to $4,000,000 and a debt conversion of an aggregate of $100,000 of debt (the "Debt Conversion Transaction") currently owed by the Corporation to Montrichard Oil & Gas Ltd. into Units. Following the vote by the shareholders, the resolution approving the Private Placement and Debt Conversion Transaction was not approved by the requisite majority.

Finally, shareholders were asked at the Meeting to approve an amendment to the articles of the Corporation to change its name from Algonquin Oil & Gas Limited to Belvedere Parkway Inc. Following the vote by the shareholders, the resolution approving the name change was not approved by the requisite majority.

Certain information regarding the Company contained herein may constitute forward looking statements. Forward looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward looking statements. The Company is under no obligation to update or alter any forward looking statement. These risks include operational and geological risks and the ability of the Company to raise necessary funds for exploration. The Company's forward looking statements are expressly qualified in their entirety by this cautionary statement.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Algonquin Oil & Gas Limited
    Gregory Stewart
    (403) 245-3370