New Members for Petrolia's Board of Directors
posted on Mar 30, 2009 11:30AM
Quebec’s leader in oil and gas exploration.
|March 30, 2009|
|New Members for Petrolia's Board of Directors|
|RIMOUSKI, QUEBEC--(Marketwire - March 30, 2009) - The oil company Petrolia (TSX VENTURE:PEA) has announced the appointment of three new directors to its board of directors. Alain Ferland, Jacques L. Drouin, and Myron A. Tetreault will join re-elected directors Andre Proulx, Erick Adam, Albert Wildgen, Vincent Causse, and Saeed Yousef. These directors were specifically chosen for their ability to guide Petrolia towards its goal of producing 20,000 barrels per day within four years. Petrolia's slogan for 2009 will be "Drill to discover."
Mr. Alain Ferland has more than 30 years of experience in the oil industry and has served as a member of senior management for large and small companies in oil, plastic, airports, biotechnology, and oil services. He has extensive experience in strategic planning, operations, logistics, sales, marketing, project management, corporate services, and mergers. He is currently a member of the board of directors of Parkland Income Fund and president of EFFA Management Inc. He served as president of TORR Canada Inc., Aeroports de Montreal, IPL Inc., and Geneka Biotechnologies and was previously president of Ultramar Ltd. and vice president of Ultramar Diamond Shamrock. He is a professional engineer.
Mr. Jacques L. Drouin is president and CEO of ProSep Inc. He has more than 12 years of experience in corporate finance. As vice president and manager at Deloitte & Touche Corporate Finance Canada Inc., he initiated and managed many financing and merger and acquisition transactions for public and private companies. He also worked as a senior corporate finance advisor at KPMG and as a financial analyst at the investment bank department of Nesbitt Thomson (now BMO Nesbitt Burns).
Mr. Myron A. Tetreault has more than 17 years experience as a lawyer, senior officer and director of numerous companies. He has been chairman of Calafate Holdings Ltd., a private investment management and venture capital company, since 1999. He is also chairman of MicroPlanet Technology Corp. (a technology company listed on the TSX VENTURE Exchange). He is also a co-founder and director of Echo Merchant Fund II Limited Partnership (a private mezzanine fund), Fitzroy Developments Ltd. (a private real estate corporation), Northern Vision Development Corp. (a private real estate corporation), and Webber Academy Foundation (a non-profit corporation that manages a private school in Calgary, Alberta). He is the lead director of Phoenix Technology Income Fund, a directional and horizontal drilling company listed on the TSX Exchange. Between 1999 and April 2003, he was president and CEO of Octane Energy Services Ltd. (an oil development services company listed on the Exchange). Mr. Tetreault is also one of the founders of Total Energy Services Ltd (a drilling, rental and gas compression company listed on the TSX Exchange), where he served as General Counsel until May, 2000. He was a corporate and securities lawyer with Bennett Jones LLP from 1993 to 1997 and is a member of the Law Society of Alberta.
Petrolia wishes to thank its outgoing directors, Clement Duchesne, Richard Boulay, and Arnold E. Baron, for their contribution to Petrolia's success.
On February 3, 2009, Petrolia filed an application with the TSX Venture Exchange to modify its stock option plan in order to take advantage of the new measures announced on December 15, 2008.
The main modifications to the plan are as follows:
i) elimination of acquisition schedules, with the exception of those pertaining to individuals who provide investor relations services;
ii) elimination of the restriction limiting the number of options that can be granted to an individual to 5% of the number of common shares issued during a twelve (12) month period;
iii) elimination of the Exchange's holding period of four (4) months for options and their underlying common shares; and
iv) extension of the period for exercising options following a retirement, resignation, or termination of employment from 90 days to 12 months (except for individuals providing investor relations services).
On this same date, Petrolia also filed an application with the TSX Venture Exchange to modify the exercise period for stock options granted to directors from 90 days to 12 months after they cease their duties.
These two modifications were accepted by a majority of the Company's disinterested shareholders at its annual meeting on March 20, 2009.
Petrolia is a junior oil and gas exploration company which owns mining interests covering 15,000 km2 (3.7 million acres), representing 18% of the Quebec territory under licence. These licences, most of which are located on the Gaspe Peninsula and Anticosti Island, are considered to be very promising and represent nearly 70% of Quebec's land-based oil potential. Petrolia foresees 2009 as a major milestone during which several wells will be drilled. The Company has 41 M outstanding shares and holds 1.7% of the issued shares of Gastem (TSX VENTURE:GMR) in addition to a cash position of 6.9 million dollars. Within four years, Petrolia aims to produce 5% of Quebec's oil consumption.