FPL First Calgary

    First Calgary Announces New Board of Directors and Results of the Second
Shareholder Proposal

    CALGARY, April 21 /CNW/ - First Calgary Petroleums Ltd. ("the Company" or
"FCP") announces the voting results of the annual and special meeting held on
April 18, 2008.

    Board of Directors

    Nine independent directors were elected. Alastair Beardsall, Keith Henry
and Yuri Shafranik were re-elected to the Board of Directors following their
resignations from the Board in March, 2008. Menno Grouvel, Frank Proto,
Raymond Cej, Phillip Knoll, Matthew Lechtzier and William Fung were elected to
the Board for the first time.
    William Fung and Phillip Knoll immediately stepped down from the Board
and Shane O'Leary and Garfield Emerson were appointed as directors. Mr.
Emerson was subsequently reappointed Chair of the Board of Directors. Mr.
Emerson, Chairman, said "We thank William Fung and Phillip Knoll for offering
themselves for election to the Board and for kindly agreeing to step down to
allow for the compromise agreed between Waterford Finance & Investment Limited
and FCP to be implemented."

    The Second Shareholder Proposal

    The shareholders voted against the Second Shareholder Proposal submitted
by Midocean, which proposed limiting the transaction authority of the Board to
less than 25 percent of the Company's assets.

    Director Profiles

    H. Garfield Emerson, Q.C.      Chairman of the Board
   
    Mr. Emerson is a Corporate Director and the Principal of Emerson
Advisory, an independent business and financial advisory firm. His extensive
business experience includes major M&A and strategic advisory roles as a
senior investment banker and corporate and securities lawyer, as well as a
corporate director of major Canadian corporations. Mr. Emerson is a certified
director of the Institute of Corporate Directors, the former President and CEO
of NM Rothschild & Sons Canada Limited, the past National Chair of Fasken
Martineau DuMoulin LLP and the former Chairman of the Board of Rogers
Communications Inc. Mr. Emerson, an independent director, was first appointed
Chairman of the Board in March, 2008.

    Alastair J. Beardsall

    Mr. Beardsall has been involved in the international upstream oil and gas
industry since 1981. He has operational experience in some of the harshest
operating environments of the world covering the broad spectrum of exploration
through development to production. Mr. Beardsall has been a director of FCP
since 2002.

    Raymond P. Cej

    Mr. Cej is an oil and gas executive with over 35 years of experience in
all aspects of the oil and gas business in Canada and abroad. He is currently
Executive Advisor with Value Creation Inc., an oil sands company that is
constructing the Heartland Oil Sands Upgrader in the Edmonton area and
developing its oil sands properties in the Athabasca region near Fort
McMurray.

    Menno Grouvel

    Mr. Grouvel has more than 30 years experience in the oil and gas industry
with extensive experience with business development and international
negotiations. Previous to his retirement in 2007, Mr. Grouvel was Senior Vice
President Continental Europe and Central Asia at Total S.A., a multinational
integrated oil and gas company with operations in more than 130 countries.

    Keith Henry

    Mr. Henry has over 34 years of international business experience in the
development, financing, design, construction and management of oil and gas,
process, pipeline, power, civil and defense projects and organizations. Prior
to Burren Energy plc being sold to Eni SpA in January, 2008, Mr. Henry was a
non-executive director and chairman from 2005. He is Chairman of Regal
Petroleum PLC and has been a director of FCP since 2007.

    Matthew Lechtzier

    Mr. Lechtzier has been with Ivanhoe Capital Corporation, a company that
invests venture capital and arranges project financing for investment
opportunities in natural resource development, communication and manufacturing
for the past 15 years. He is currently a Senior Vice President at Ivanhoe. Mr.
Lechtzier is a qualified solicitor and was an investment banker for over 10
years and has extensive experience in raising capital, marketing, transaction
execution and documentation.

   
    Shane O'Leary      FCP President and Chief Executive Officer
   
    Mr. O'Leary is President and Chief Executive Officer as of April, 2008
and was first appointed to the board of directors in 2007. Mr. O'Leary joined
FCP in 2006 as Chief Operating Officer. Since joining FCP, he has been
instrumental in securing a gas marketing agreement and completing the
conceptual development planning for FCP's Block 405b in Algeria. Mr. O'Leary
has 30 years of experience in the oil and gas industry and has worked in North
America, the Middle East, Africa, Caspian and Trinidad.

    Frank W. Proto

    Mr. Proto is the current Chairman of Agrium Inc (since 1998), an
international manufacturer, distributor and retailer of fertilizer and other
farm inputs. He has over 30 years of oil and gas experience in pipelines and
petrochemicals. His last tenure was with Wascana Energy Inc as President and
CEO from 1993 to 1998. Mr. Proto has held senior positions with Alberta Energy
Company Ltd (now Encana) and at various times was in charge of the pipeline,
petrochemical and oil and gas division of that company.

    Yuri K. Shafranik

    Mr. Shafranik is currently the Co-Chairman of the Saudi-Russian Business
Council, Chairman of the Siberian Drilling Company, Chairman of the Management
Committee of Interstate Oil Company SoyuzNefteGas and Chairman of the Council
of Oil Producers in Russia. He has been a director of FCP since 2003.

    Company Profile

    First Calgary is an oil and gas company actively engaged in international
exploration and development activities in Algeria. The Company's common shares
trade on the Toronto Stock Exchange in Canada (FCP) and on AIM market of the
London Stock Exchange in the United Kingdom (FPL). Further information
available on the First Calgary website: www.fcpl.ca

    Forward-looking Statements

    This press release contains forward-looking statements based on
assumptions considered reasonable at the time they were prepared. Any
statements that are contained herein that are not statements of historical
fact may be deemed to be forward-looking statements. These statements speak
only to the conditions in existence as of the date of this press release, and
the Fund maintains no obligation to update such statements.
    Forward-looking statements, by their nature, necessarily involve risks
and uncertainties that could cause actual results to differ materially from
those contemplated by the statements. Such risks and uncertainties include,
but are not limited to, risks associated with operations such as competition,
dependence on the construction industry, supplies of raw materials, dependence
on key personnel, labour relations, regulatory matters, environmental risks,
the successful execution of acquisition and integration strategies, foreign
exchange fluctuations, the effect of leverage and restrictive covenants in
financing arrangements, product liability, the ability to obtain insurance,
energy cost increases, the ability to fund necessary future capital
investments, and changes in tax legislation.

    Additional information on the directors to be disclosed in relation to
Schedule Two paragraph (g) of the AIM Rules for Companies will be released
shortly.

For further information: First Calgary Petroleums Ltd, Jeffrey P. Angel,
Vice-President, Corporate Communications & Investor Relations, Tel: (403)
264-6697; Other Contacts: James Henderson, Pelham Public Relations, Tel: +44
(0)20 7743 6673; Carina Corbett, 4C - Burvale Limited, Tel: +44 (0)20 7559
6710; Nominated Advisers: Richard Swindells, David Nabarro, Nabarro Wells &
Co. Limited, Tel: +44 (0)20 7710 7400
(FPL)

 



END

First Calgary Petroleums (LSE:FPL)
Historical Stock Chart
From Jun 2024 to Jul 2024

First Calgary Petroleums (LSE:FPL)
Historical Stock Chart
From Jul 2023 to Jul 2024