FairWest Energy Corporation
TSX : FEC

FairWest Energy Corporation

May 19, 2009 17:23 ET

FairWest Announces Results of Annual and Special Shareholder Meeting

CALGARY, ALBERTA--(Marketwire - May 19, 2009) - FairWest Energy Corporation ("FairWest") (TSX:FEC) is pleased to announce that at the Annual and Special Meeting of Shareholders (the "Meeting") of Fairwest on May 15, 2009 eight directors were elected to the board of FairWest. James Gettis, Vern Fauth, Colin McPhee and Carl Ravinsky who are currently directors of FairWest were re-elected and David Kelcher, Ted Finningley, Ross Drysdale and Sean Fauth were also elected to the board.

Three directors withdrew their consent to stand as management nominees for re-election to the board of directors, namely Richard Clark, Donald Rowden and Randy Kwasnicia. Mr. Clark had served as Chairman of the Board and a member of the Compensation and Audit Committees since shortly after joining the Board as of April 2007. Mr. Rowden had served as Chair of the Audit Committee and a member of the Compensation Committee since shortly after joining the Board in December 2007. Mr. Kwasnicia had served as a member of the Audit Committee and on other Committees of the Board since becoming a director in August 2005. The President and CEO of FairWest, on behalf of management, expresses his appreciation for their dedication and contributions during their term as directors.

The shareholders of FairWest passed an ordinary resolution appointing Kenway Mack Slusarchuk Stewart LLP ("Kenway Mack") to be the auditors of FairWest and authorized the directors to fix their remuneration. Kenway Mack has been the auditors of the Corporation since inception.

An ordinary resolution was passed to approve, ratify and confirm the further granting of options to directors, officers, employees, consultants and other eligible service providers until May 15, 2012 on the terms and conditions of the Plan as previously approved by the Shareholders of the Corporation on April 26, 2006.

An ordinary resolution was passed to approve and confirm the Corporation's amendment to the exercise price of certain stock options previously granted to directors, officers, consultants and other eligible service providers to the higher of:

(a) the volume weighted average trading price of the common shares of the Corporation for the five trading days prior to the date of the Meeting, subject to the Corporation not being in a blackout period on that date, or in the event the Corporation is in a blackout period on that date, then the volume weighted average trading price for the five trading days prior to the day that is the second business day after the last day of the blackout period; and

(b) the net asset value of the common shares of the Corporation as may be determined by management of the Corporation.

FairWest is a Calgary, Alberta based junior oil and gas company engaged in the acquisition, exploration, development and production of crude oil and natural gas in the provinces of Alberta and Saskatchewan.

Contact Information

  • FairWest Energy Corporation
    James G. Gettis
    President and Chief Executive Officer
    (403) 264-4949
    (403) 269-1761 (FAX)
    or
    FairWest Energy Corporation
    Marion D. Mackie
    Chief Financial Officer
    (403) 264-4949
    (403) 269-1761 (FAX)
    Website: www.fairwestenergy.com