TSX-V SYMBOL: ANG
CALGARY, Oct. 5 /CNW/ - AltaCanada Energy Corp. (the "Corporation") announces that it intends to issue and allot common shares ("Common Shares") of the Corporation to certain employees of the Corporation as partial compensation for ongoing services in lieu of cash, in order to reduce general and administrative cash expenses.
The Corporation intends to issue Common Shares to four employees, namely, Donald Foulkes (President and Chief Executive Officer), Donald Jackson (Executive Vice President and Chief Operating Officer), Brian Page (Vice President, Finance and Chief Financial Officer) and Sharon Cooper (Land Manager) (collectively, the "Recipients"). The Common Shares will be issued for 20% (aggregate $9,500.00 per month) of their income during the period from September 1, 2009 to August 31, 2010 on a monthly basis at a price per Common Share equal to the volume weighted average trading price of the Common Shares on the TSX Venture Exchange for the month.
The Board of Directors of the Corporation has determined that it would be fair and reasonable to issue the Common Shares to the Recipients as partial compensation for their services in lieu of cash. It is also the view of the Corporation that to do so would be in its best interest by reducing general and administrative cash expenses at a time when junior oil and gas companies are experiencing reduced cash flows.
The Common Shares to be issued will be subject to a hold period of four months and a day from the date of issuance, pursuant to applicable securities laws and the policies of the TSX Venture Exchange.
The Corporation is engaged in the acquisition, exploitation and production of crude oil and natural gas reserves in Western Canada and Montana. For more information on the Corporation, visit www.altacanada.com.
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 RELEASE.
SOURCE ALTACANADA ENERGY CORP.
For further information: For further information: Donald Foulkes, President & CEO, Telephone: (403) 265-9091 (ext 248), Fax: (403) 265-9021, Email: firstname.lastname@example.org; Donald Jackson, Executive VP & COO, (403) 265-9091 (ext 234), (403) 265-9021