CALGARY, June 29 /CNW/ - Valeura Energy Inc. (the "Corporation") (formerly PanWestern Energy Inc.; TSX-V: "PW") is pleased to announce that the following matters put before the annual and special meeting of holders of common shares of the Corporation ("Common Shares") held on June 29, 2010 were approved:
1. The election of William Fanagan, Abdel Badwi, Claudio Ghersinich,
James McFarland, Kenneth McKay and Ronald Royal as directors of the
Corporation for the ensuing year;
2. The appointment of KPMG LLP as auditors of the Corporation;
3. The name change to "Valeura Energy Inc.";
4. The adoption of a new stock option plan (the "Option Plan") and
performance share unit plan (the "PSU Plan") of the Corporation; and
5. The confirmation of the new By-Law Number 1 of the Corporation.
The Corporation has filed articles of amendment to change the name of the Corporation to Valeura Energy Inc. effective June 29, 2010. In connection with the name change, the Corporation has reserved the new trading symbol "VLE" on the TSX Venture Exchange (the "Exchange"). The Corporation expects the Common Shares to begin trading on the Exchange under the new name and symbol on or about July 7, 2010.
Pursuant to the Option Plan, the number of Common Shares reserved for issuance under the plan plus the number of Common Shares reserved for issuance under outstanding incentive stock options otherwise granted by the Corporation, together with the number of Common Shares reserved for issuance from treasury under the PSU Plan, is limited to 10% of the aggregate number of issued and outstanding Common Shares from time to time. Further details of the Option Plan and the PSU Plan are contained in the management information circular of the Corporation dated May 28, 2010, a copy of which is available electronically at www.sedar.com.
Mr. Johannes Kingma did not stand for re-election to the board of directors of the Corporation, and the board would like to take this opportunity to thank Mr. Kingma for his assistance completing the transaction with Northern Hunter Energy Inc. and ensuring a successful transition for the new management team and board.
About the Corporation
Valeura Energy Inc. is a Calgary, Alberta based public company currently engaged in the exploitation, development and production of petroleum and natural gas in Western Canada. The Corporation is pursuing a new strategy to expand internationally to selected countries in Latin America, the Middle East and North Africa region and the Mediterranean basin.
The Corporation has multiple proposals under active discussion with companies with assets in these regions. Until such time as one or more material transactions are completed, the focus of the international business development activity will remain relatively broad and opportunistic.
Forward Looking Statements
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release includes but is not limited to, information with respect to the timing of trading of the Corporation's common shares under the new name and trading symbol and the uncertainty associated with the Corporation's ability to execute its strategy. Such forward-looking information is subject to the ability of the Corporation to identify, finance and close an acquisition, negotiate with third parties in countries other than Canada and risks associated with international activity and the Corporation's ability to obtain all requisite approvals and, accordingly, there can be no assurance that the foregoing actions by the Corporation will be completed as contemplated.
The forward-looking information contained in this press release is made as of the date hereof and the Corporation undertakes no obligation to update publicly or revise any forward-looking information unless required by applicable securities laws.
Neither the 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 news release.
SOURCE Valeura Energy Inc.
For further information: For further information: please contact: Jim McFarland, President and CEO, Valeura Energy Inc., (403) 237-7102, firstname.lastname@example.org; Steve Bjornson, CFO, Valeura Energy Inc., (403) 237-7102, email@example.com, www.valeuraenergy.com