Board strikes committee of independent directors to oversee review of
CALGARY, Feb. 25 /CNW/ - Synenco Energy Inc. (TSX: SYN) today announced
the resignation of Todd Newton as President, Chief Executive Officer and a
director of the company. Mike Supple, Chairman of the Board of Directors,
assumes the role of President and reassumes the role of Chief Executive
Mr. Supple is a founder of Synenco Energy and has more than 40 years of
experience in international business and the oil sands industry. He has held
senior technical, project and management roles with Suncor and with wholly
owned subsidiaries of Caltex, Gulf, and Occidental Petroleum Company.
Mr. Supple said, "We thank Todd for his contribution over the past nearly
four years and we wish him well in his new endeavours. Going forward, Synenco
will concentrate on two priorities - to continue the company's review of
strategic options, and to steward the Northern Lights oil sands mine
application through the regulatory process."
Mr. Newton said, "I believe the company has a great asset base and very
dedicated employees. I wish it only the best success in the future."
Synenco also announced that it has struck a special committee of
independent members of the Board of Directors to oversee the strategic options
review process initiated in May 2007. The committee will consist of Terry
Poole, Dan Westbrook and Al Burry.
About Synenco Energy
Synenco Energy is a Calgary-based oil sands company, which, with a
60-percent interest, is the managing partner of the Northern Lights
Partnership and operator of the Northern Lights mineable oil sands project.
(SinoCanada Petroleum Corporation, an indirect wholly owned subsidiary of
China-based Sinopec, owns the remaining 40 percent of the partnership and
project.) Synenco also holds a 100-percent interest in the McClelland oil
sands lease adjacent to the Northern Lights project lands. Visit Synenco's Web
site at www.synenco.com.
About Northern Lights
The Northern Lights project consists of an oil sands mining and bitumen
extraction project about 100 kilometres northeast of Fort McMurray, Alberta
and a proposed heavy oil upgrader project in Sturgeon County near Edmonton.
The project is designed to initially produce 114,500 barrels per day of
bitumen for an estimated 30 years. Regulatory applications for the project
were first filed with the Alberta Energy and Utilities Board (now the Energy
Resources Conservation Board) and Alberta Environment during 2006.
The Northern Lights Partnership also holds extensive coal lease
applications in the Athabasca region in northeastern Alberta.
About the special committee of the Board of Directors
- Mr. Poole is Chair of the Audit & Risk Committee and a member of the
Finance Committee. Most recently he served as Executive
Vice-President, Corporate Strategy and Development of Nova Chemicals
Corporation, and before that held senior executive roles within Nova
Corporation. Mr. Poole is a Chartered Accountant.
- Mr. Westbrook is a member of the Audit & Risk Committee. Since his
retirement from BP China Gas, Power & Upstream in January 2006, Mr.
Westbrook has served on the Board of Directors of Knowledge Systems
Inc., a privately held U.S. company that provides software and
consultant services to the oil and gas industry. Since October 2007,
Mr. Westbrook has served on the Board of Directors of Enbridge Energy
Partners (NYSE: EEP), Enbridge Energy Co., and Enbridge Energy
Management (NYSE: EEQ).
- Mr. Burry is a member of Synenco's Corporate Governance and
Appointments Committee and of the Health, Safety & Environment
Committee. He is the Chair, President and Chief Executive Officer of
the Alcor Group of Companies, which provide services, housing,
commercial rental properties, industrial maintenance services and
infrastructure to Fort McMurray's oil sands industry. He has more than
40 years of experience in the oil sands industry.
Regarding the strategic options review process
There can be no assurances that any transaction will occur or, if one is
undertaken, its terms or timing. Synenco Energy does not expect to update its
progress or disclose developments with respect to the exploration of options
until the Board of Directors authorizes any transaction or when required by
Regarding forward-looking statements
This news release contains "forward-looking statements" relating to
Synenco Energy Inc. ("Synenco") and Northern Lights Partnership ("NLP") that
are subject, in their entirety, to this cautionary note. Forward-looking
statements are often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will",
"intend", "could", "might", "should", "believe" and similar expressions.
As NLP is only in the early stages of engineering and design and has not
yet received regulatory approvals or sought or obtained project financing, all
statements about the proposed project and anticipated production are
forward-looking statements. Forward-looking statements concerning the future
capabilities of the Northern Lights project, including production capacity and
estimated project life, are based on the current design for the project, which
is subject to change.
Readers are strongly cautioned that forward-looking statements are
inherently uncertain and based on a number of estimates and assumptions and
subject to numerous known and unknown risks and uncertainties. Undue reliance
must not be placed on them. Actual results will differ, and in some cases will
differ materially. Refer to the risk factors in Synenco's annual information
form dated March 9, 2007 and to Synenco's annual and interim MD&A, available
electronically at www.synenco.com and www.sedar.com.
Forward-looking statements are made as at the date of this news release
and are not guarantees of future performance or outcomes. Synenco expressly
disclaims any obligation to update publicly or revise any of the
forward-looking statements except as required by law.
For further information:
For further information: Investors: Mike Supple, Chairman, President and
CEO, Telephone: (403) 261-1990; Media: Scott Ranson, General Manager, Public
Affairs, Telephone: (403) 451-5212, Cellular: (403) 619-5038,