Heritage Oil Limited - Grant of Awards under the LTIP - Interests of Executive Directors and Persons Discharging Managerial Responsibilities



    CALGARY, July 4 /CNW/ - Heritage Oil Limited, an independent upstream
exploration and production company, announces that following shareholder
approval of the Long Term Incentive Plan ("LTIP") at the recent Annual General
Meeting held on 19 June 2008, the Board of Directors on the recommendation of
the Remuneration Committee has granted the following conditional nil cost
ordinary share awards to the Executive Directors and certain senior members of
staff, including Persons Discharging Management Responsibility ("PDMR").
    In accordance with the rules of the LTIP, the following awards were
granted on 19 June 2008 at a price of 345 pence per ordinary share, being the
closing price on that day:

    
    Executive Directors
    -------------------
                   No. of ordinary shares subject to LTIP

    Anthony Buckingham             2,347,826
    Paul Atherton                  1,159,420
    

    The actual number of shares that will be finally awarded out of the
maximum numbers stated above either under the LTIP, or the alternative cash
settlement at the Company's option, is dependent upon the achievement of
performance criteria measured over a vesting period of three years for each
award, including those set out below and the continued employment of the
Executive Director:

    
        1. The Company's relative total shareholder return (capital gain plus
           dividends) ("TSR") versus a comparator group of international oil
           companies. None of the awards vest until comparative performance
           is close to the upper quartile level of the comparator group. This
           has been designed to only provide reward for exceptional
           performance.
        2. A requirement for the Company's share price to increase by 20%
           between the date of award and the end of the vesting period.
        3. An additional holding period of one year following the vesting of
           the awards.

    PDMR
    ----
                   No. of ordinary shares subject to LTIP

    Brian Smith                      195,651
    

    The actual number of shares that will be finally awarded out of the
maximum numbers stated above either under the LTIP, or the alternative cash
settlement at the Company's option, is dependent upon the achievement of
performance criteria measured over a vesting period of three years for each
award, including those set out below and the continued employment of the PDMR:

    
        1. The Company's relative TSR versus the same comparator group for
           the Executive Directors. The award will vest in full provided the
           TSR is equal to or greater than that of the median performing
           company in the comparator group.
    

    %SEDAR: 00010129E




For further information:

For further information: Investor Relations, PR - Europe: Bell Pottinger
Corporate & Financial, Nick Lambert, Andrew Benbow, +44 (0) 20 7861 3232,
Email: NLambert@bell-pottinger.co.uk, ABenbow@bell-pottinger.co.uk; Canada:
CHF Investor Relations, Cathy Hume, Lindsay Carpenter, (416) 868-1079 x231,
x239, Email: cathy@chfir.com, lindsay@chfir.com; Heritage Oil Limited, Tony
Buckingham, Paul Atherton, +44 (0) 1534 873 000, +41 91 973 1800, (403)
234-9974, Email info@heritageoilltd.com

Organization Profile

HERITAGE OIL CORPORATION

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890