Onco Petroleum Inc.

Onco Petroleum Inc.

August 08, 2008 13:39 ET

Onco's Independent Directors Advise: No Special Meeting of Shareholders Has Been Scheduled

LONDON, ONTARIO--(Marketwire - Aug. 8, 2008) - The independent members of the board of directors of Onco Petroleum Inc. (CNQ:ONCO)(FRANKFURT:3HX) ("Onco" or the "Company"), namely Berthe Lambert and Richard-Marc Lacasse, are advising the public and the shareholders of Onco that the press release issued yesterday that purports to announce a special meeting of shareholders to be held on September 18, 2008 has not been authorized by Onco's board of directors. Furthermore, the law cited in that press release does not provide Robert Vanier with a basis for calling a shareholders' meeting. To the knowledge of Onco's independent directors, and despite the press release dated August 7, 2008 stating otherwise, no meeting of shareholders has been scheduled.

Onco's independent directors believe that it is in the best interests of the Company and all of its shareholders if a shareholders' meeting is held after Mr. Vanier and Ms. Ramage have provided the board of directors with complete information relating to the payments of $17.3 million made to Mr. Vanier, Ms. Ramage and/or companies they control, and after shareholders are provided full disclosure regarding those transactions, the Company's current financial position and any other transactions involving Onco's funds or assets that would have been completed with non-arm's length parties without board approval. Currently, such information has not been provided to the independent directors.

Given that Robert Vanier was listed as a contact in the press release of August 7, 2008, the independent members of Onco's board of directors wish to remind the Company's shareholders and the investing public that Mr. Vanier and Terri Ramage have been suspended from their positions with Onco, after unaudited financial statements revealed that approximately $17.3 million was paid to them and/or companies controlled by them in transactions that were not authorized by Onco's board of directors. The independent members of Onco's board of directors have serious concerns about the propriety of those transactions and have demanded that the funds be returned to Onco.

The independent members of Onco's board of directors anticipate disclosing further information regarding Onco's management and current financial position as and when that information becomes available to them.

Forward Looking Statements: This release may contain certain forward looking statements relating to the business, operations, anticipated financial performance, business prospects and strategies of Onco Petroleum Inc. (the "Company"), including but not limited to expectations relating to production levels; the quantity of oil and/or gas reserves; projections of market prices; capital expenditure programs; projections of costs; expectations regarding the ability to continually add to reserves through exploration and development; and treatment under governmental regulatory regimes. These statements are based on current expectations that involve numerous assumptions regarding factors and risks that could cause actual results to differ materially from those projected in forward looking statements. These risks are further described in the Company's prospectus dated October 12, 2007, which is available at www.sedar.com. The use of any of the words "anticipate", "believe", "continue", "could", "estimate", "expect", "may", "potential", "project", "should", "will", and similar expressions are intended to identify forward-looking statements. There is no representation by the Company that actual results achieved will be the same in whole or in part as those set out in the forward looking information. Furthermore, the forward looking statements contained in this release are made as of the date hereof, and the Company undertakes no obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events, changes in the Company's opinion or otherwise.

The CNQ does not accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Onco Petroleum Inc.
    Richard-Marc Lacasse
    (418) 564-8834