Palo Duro Energy Inc.

Palo Duro Energy Inc.

June 26, 2013 20:08 ET

Palo Duro Energy Approves Advance Notice Policy

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 26, 2013) - Palo Duro Energy Inc.'s ("Palo Duro" or the "Company") (TSX VENTURE:PDE.H) board of directors (the "Board of Directors") has approved an advance notice policy (the "Policy") effective June 25, 2013. The purpose of the Policy is to provide a clear framework for nominating directors of the Company; which will facilitate an orderly and efficient process for nomination and election of directors at annual or special general meetings of shareholders. The Policy includes a process that requires advance notice to the Company in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company other than pursuant to a proposal or requisition of shareholders made in accordance with the Business Corporations Act (Alberta). Among other things, the Policy fixes a deadline by which holders of record of common shares of the Company must submit director nominations to the Company prior to any annual or special general meeting of shareholders and sets forth the information that a shareholder must include in the notice to the Company for the notice to be in proper written form.

In the case of an annual general meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual general meeting; provided, however, that in the event that the annual general meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual general meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.

In the case of a special general meeting of shareholders (which is not also an annual general meeting), notice to the Company must be made no later than the close of business on the 15th day following the day on which the first public announcement of the date of the special general meeting was made. The Policy provides that the Board of Directors may, in its sole discretion, waive any requirement of the Policy.

The Board of Directors intends to seek shareholder ratification of the Policy at Palo Duro's next annual and special meeting, to be held on July 31, 2013.

The full text of the Policy is available via SEDAR at

Palo Duro Energy Inc.

Per: Kurt Bordian, Chief Executive Officer

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.

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws, including information regarding the advance policy notice. Forward-looking information is based on plans and estimates of management at the date the information is provided and certain factors and assumptions of management. Forward looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risks related to international operations and doing business in foreign jurisdictions, risks associated with the oil and gas industry and exploratory and development activities generally (e.g., operational risks in development, exploration and production, delays or changes in plans with respect to exploration or development projects or capital expenditures, risks associated with equipment procurement and equipment failure), the risk of commodity price and foreign exchange rate fluctuations, risks related to future royalty rate changes, and risks and uncertainties associated with securing and maintaining necessary regulatory approvals.

Shares Outstanding: 32,218,347

Contact Information

  • Palo Duro Energy Inc.
    Investor Relations
    1-604-434-1487 (FAX)