TORONTO, Dec. 16, 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 pleased to report that, further to their announcement of December 6, 2013, they have deposited today, at the registered office of Longreach, notice in writing signed by the holders of more than half the issued shares of the Company, thereby removing as directors of the Company each of Messrs. Andrew Benitz, Bryan Benitz and Ronald Lansdell.
It is expected that Dennis Sharp, who is the Executive Chairman of the board of Longreach, will convene a meeting of the remaining directors of the Company today in order to, among other things, appoint the nominees of the Concerned Shareholders as directors of the Company, as described in the press release of the Concerned Shareholders disseminated on December 6, 2013 and filed on the Company's SEDAR profile at www.sedar.com.
Dennis Sharp, on behalf of the Concerned Shareholders, commented: "We are grateful for the significant support of the Company's shareholders in this difficult time and we look forward to putting this unfortunate situation behind us and quickly moving forward towards maximizing the Company's potential in Morocco for all shareholders. We expect that, other than the changes to the board and the departure of Andrew Benitz as CEO, there will be no further significant effects or changes to the ongoing operations of the Company. We are fortunate to have a knowledgeable team and staff and are grateful for their ongoing efforts in service to the Company and its shareholders."
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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