CALGARY, April 22 /CNW/ - Pacific Rodera Energy Inc. (TSX Venture: PRD),
("Pacific Rodera") today filed its Annual Information Form which includes
Pacific Rodera's statement of reserves data and other oil and gas information
for the year ended December 31, 2008 as mandated by National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities of the Canadian Securities
Pacific Rodera has also filed its audited financial statements for the
year ended December 31, 2008 and related management's discussion and analysis
with the applicable Canadian securities regulatory authorities. Copies of
Pacific Rodera's 2008 year end disclosure documents may be obtained at
www.sedar.com or by contacting Pacific Rodera.
Pacific Rodera also announced today that the board of directors granted
2,875,000 stock options to its directors, officers and employees. These
options expire April 22, 2014, are exercisable at a price of $0.20 per share
and vest in equal installments over the next three years. Following the grant,
2,693,994 common shares are reserved for issuance under the Company's stock
One of the principal objectives of our compensation strategy is to
motivate and encourage management to improve corporate and individual
performance and increase value for shareholders. We have developed a culture
of ownership by encouraging our executive officers to invest a significant
portion of their net worth into our common shares and by making long-term
equity-based incentives a major component of executive compensation.
Michael Greenwood, our Chairman and Chief Executive Officer, has not
received any base salary since he commenced employment with the Company. We
believe that the base salaries paid to our executive officers for the year
ended December 31, 2008 were below the salaries which these executive officers
could have obtained with other companies in the oil and gas industry. These
unique compensation arrangements are consistent with our strategy of ensuring
that our executive compensation is commensurate with the growth, cash flow and
operations of the Company.
Other than the payment of their out-of-pocket expenses, our non-executive
directors have never been paid any cash compensation for their services, and
did not receive any share-based awards, option-based awards, non-equity
incentive plan awards or any other compensation for the two most recently
completed financial years.
The directors and officers of the Company as a group, beneficially own,
or exercise control or direction over, an aggregate of 28,106,469 common
shares (excluding common shares issuable pursuant to the exercise of
outstanding options of the Company) representing approximately 25.60% of the
outstanding common shares.
Pacific Rodera Energy Inc. is a Calgary, Alberta based oil and natural
gas company. Pacific Rodera's common shares are listed on the TSX Venture
Exchange under the symbol PRD.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Michael Greenwood, Chairman and Chief Executive
Officer, Mark Homett, President and Chief Operating Officer, David Williams,
Senior Vice President, Corporate Development and Investor Relations,
Telephone: (403) 234-0501, Facsimile: (403) 234-0511