Algonquin Oil & Gas Limited

May 12, 2011 16:38 ET

Algonquin Announces Corporate Update

CHATHAM, ONTARIO--(Marketwire - May 12, 2011) - Algonquin Oil & Gas Limited (the Company) (TSX VENTURE:AQX) announces that at its Annual General Meeting on May 5, 2011 the following directors were reelected: James Fair, Leo Gaiswinkler, George Leitch, Greg Stewart, and Russell Stewart, and that NPT LLP was reappointed as the Company's auditors.

At the meeting of the board of directors held on May 6, 2011 Mr Fair was reelected President and Chief Executive Officer and Kandy Osborne was elected Secretary of the Corporation.

Recently the Ontario Ministry of Natural Resources ordered the suspension of saltwater disposal in a well that had been in use for that purpose since 1959, because it does not comply with current regulatory standards. Subsequently the Corporation completed the recently drilled #23 well as a saltwater disposal well and received permission to dispose into it. The Colchester Field was then returned to full production, after having been curtailed for several weeks. More recently the sophisticated downhole pump in the GEL #18 well failed and the well was off production for two weeks while a replacement was obtained from Alberta. The #18 well is back on production now.

The industry's lack of interest in Ontario has become less profound recently, and management is actively seeking and evaluating opportunities to enhance shareholder value by a sale of the company or assets, or through recapitalization and introduction of a new management team.

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
    James D. Fair
    (519) 354-4755