TORONTO, Dec. 9, 2013 /CNW/ - Cam Deacon and Dennis Sharp (the "Concerned Shareholders"), in their capacities as shareholders of Longreach Oil and Gas Limited (TSX-V: LOI) ("Longreach" or the "Company") are disappointed by the press release unilaterally disseminated earlier today by management of the Company and without the approval of the Longreach board of directors. The Concerned Shareholders, who are also directors of Longreach, are concerned that the Company's management will waste corporate resources pursuing unnecessary and inappropriate entrenchment tactics. In particular, the statement that the Company's management will fully review the "conduct of the shareholders" clearly signals an attempt to chill shareholders who are seeking to exercise their democratic rights.
Shareholder support for the re-constituted and independent board has been very strong. A re-constituted board and management team for Longreach is expected to be installed shortly.
The information contained in this press release is provided in accordance with Canadian securities laws applicable to public broadcast solicitations. To the extent required by applicable law, the Concerned Shareholders are relying on the exemption under section 9.2(4) of National Instrument 51-102 - Continuous Disclosure Obligations of the Canadian Securities Administrators to make this public broadcast. In connection therewith, certain information regarding, among other things, the proposed Concerned Shareholder nominees for appointment or election to the board of Longreach, as well as other information, has previously been provided in the press release of the Concerned Shareholders dated December 6, 2013 under the sections entitled "Information Concerning the New Nominees" and "Additional Information Relating to Public Broadcasts", which sections are incorporated by reference herein (the "Additional Information"). The press release containing the Additional Information, as well as this press release, have been filed by the Concerned Shareholders and are available for review on the Company's SEDAR profile at www.sedar.com.
The statements made in this press release are not made by or on behalf of Longreach or its management and, except as otherwise stated herein, are made by the Concerned Shareholders. The registered address of Longreach is located at Queensway House, St Helier, Jersey (Channel Islands) JE1 1ES.
SOURCE: Concerned shareholders of Longreach Oil and Gas Limited
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