Arcan Resources Ltd.
TSX VENTURE : ARN

Arcan Resources Ltd.

June 10, 2013 16:46 ET

Arcan Reports Annual Meeting Results

CALGARY, ALBERTA--(Marketwired - June 10, 2013) - Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Corporation") held its Annual General and Special Meeting of shareholders in Calgary on June 6, 2013.

Shareholders elected Robert J. Dales, Murray Hinz, Michael J. Laffin, Terry McCoy and Douglas N. Penner to serve as Directors of the Corporation. They also voted to appoint KPMG LLP as auditors of the Corporation.

By a vote of 95 per cent, shareholders passed a resolution approving Arcan's existing stock option plan. By a vote of 87 per cent, shareholders passed a resolution approving amendments to the Corporation's bylaws, mainly pertaining to the election of Directors.

"We are pleased to have received support from our shareholders," stated Arcan's Chief Executive Officer Terry McCoy. "Over the past year we have reduced our drilling, completion, operating and general and administrative costs and strengthened capital efficiencies throughout the company. We are continuing to transition into a sustainable light oil producer with a deep inventory and a long-life resource base, positioning to deliver long-term value to our shareholders."

"We have built an excellent and highly promising asset base at Arcan, and have made the necessary up-front infrastructure investments to deliver reliable production at a reasonable cost going forward," added President Doug Penner. "We have a solid plan to realize the full value of our assets over time. As management, directors, employees and investors, we are committed to seeing that plan through."

About Arcan Resources Ltd.

Arcan Resources Ltd. is an Alberta, Canada corporation that is principally engaged in the exploration and development of light oil resources located in the Western Canadian Sedimentary Basin.

Forward-Looking Information and Statements

This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. In particular, this press release contains forward-looking information and statements pertaining to the transition of Arcan to a sustainable light oil producer and the ability of Arcan to realize the full value of its assets over time. The forward-looking information and statements contained in this press release reflect several material factors and expectations and assumptions of Arcan and are subject to known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements, all of which are outlined in the Corporation's annual information form and management's discussion and analysis for the year ended December 31, 2012, copies of which are available on Arcan's SEDAR profile at www.sedar.com.

Arcan believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Arcan does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.

Neither 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 release.

Contact Information

  • Arcan Resources Ltd.
    Terry McCoy
    Chief Executive Officer
    (403) 262-0321
    tmccoy@arcanres.com

    Arcan Resources Ltd.
    Douglas Penner
    President
    (403) 262-0321
    dpenner@arcanres.com

    Arcan Resources Ltd.
    Suite 2200, 500 - 4th Avenue S.W.
    Calgary, AB T2P 2V6