SAINT HELIER, Jersey, Dec. 16, 2013 /CNW/ - LONGREACH OIL AND GAS LIMITED (TSX-V: LOI) (the "Company" or "Longreach") announces that, following the deposit today by D. Campbell Deacon and Dennis Sharp, as shareholders of the Company (the "Concerned Shareholders"), of a written notice signed by holders of more than half the issued shares of the Company removing Andrew Benitz, Bryan Benitz and Ronald Lansdell as directors of Longreach, a meeting of the remaining directors of the Company was held today to consider, among other things, the appointment of the nominees of the Concerned Shareholders as directors of the Company.
The Company is pleased to announce that each of Messrs. Greg Boland, Benjamin Yi and Nicholas Brigstocke were appointed today as directors of the Company to hold office until the next annual general meeting of shareholders or until their successors are elected or appointed. The board of directors of the Company is now comprised of: Dennis Sharp, Cam Deacon, Thomas Vukovich, Yogeshwar Sharma, Jonathan Morley-Kirk, Greg Boland, Benjamin Yi and Nicholas Brigstocke.
Further, Andrew Benitz has been removed as CEO of the Company and, in his place, Dennis Sharp has been appointed as interim CEO pending an executive search.
Yogeshwar Sharma, independent director and chair of the special committee of the board which was appointed following the initial announcement of the Concerned Shareholders on December 6, 2013 commented: "It is clear that a change was required at Longreach as the Company moves forward in developing its assets. We would like to acknowledge the contributions made by the departing directors and Chief Executive Officer in bringing the Company to its current level, and we look forward to the re-constituted board and management team to move the Company forward towards achieving its full potential." Dennis Sharp, Executive Chairman and interim CEO, also stated: "The new directors represent significant shareholders of the Company who are each committed to Longreach and their presence increases the overall independence of the board. The re-constituted board is fully committed to continuing to develop the Company's exciting prospects in Morocco."
Greg Boland, new independent director of the Company and President and CEO of West Face Capital Inc. commented: "As a significant shareholder of Longreach, West Face is optimistic about the Company's future. As an independent director of the Company, I look forward to bringing that optimism to the Company's boardroom and I look forward to working with the new board and management team towards achieving the Company's goals."
Special Note Regarding Forward Looking Statements
This press release contains forward-looking statements. These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "project", "potential", "targeting", "intend", "could", "might", "continue" or the negative of these terms or other similar terms. Forward-looking statements in this press release include, but are not limited to, statements regarding the future potential of the Company under the leadership of the reconstituted board of directors and management as well as the continued development of the Company's projects in Morocco. Forward-looking statements are only predictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this press release include, but are not limited to: general economic conditions in Canada, the Kingdom of Morocco and globally; industry conditions, including fluctuations in the price of oil and gas, governmental regulation of the oil and gas industry, including environmental regulation; fluctuation in foreign exchange or interest rates; risks inherent in oil and gas operations; political risk, including geological, technical, drilling and processing problems; unanticipated operating events which could cause commencement of drilling and production to be delayed; the need to obtain consents and approvals from industry partners, regulatory authorities and other third-parties; stock market volatility and market valuations; competition for, among other things, capital, acquisitions of reserves, undeveloped land and skilled personnel; incorrect assessments of the value of acquisitions or resource estimates; any future inability to obtain additional funding, when required, on acceptable terms or at all; credit risk; changes in legislation; any unanticipated disputes or deficiencies related to title matters; dependence on management and key personnel; and risks associated with operating in and being part of a joint venture.
Although the forward-looking statements contained in this press release are based upon assumptions which management of the Company believes to be reasonable, the Company cannot assure that actual results will be consistent with its expectations and assumptions. Undue reliance should not be placed on the forward-looking statements contained in this news release as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. These statements speak only as of the date of this press release, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Longreach Oil and Gas Limited
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Additional information on Longreach Oil and Gas Limited can be found at www.longreachoilandgas.com or through Longreach's investor relations agent.
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