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First Calgary board wins legal respite


Published Apr 8, 2008
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First Calgary MLE field-2

A court order has postponed a crucial First Calgary Petroleums Ltd. shareholder meeting called by minority shareholders to oust the company’s chief executive.

The Court of Queen’s Bench of Alberta granted the respite for the First Calgary board, a group of some of Canada’s most seasoned oil, gas and finance heads. The group believes a “takeover” attempt in the guise of replacing chief executive Richard Anderson is underway.

Waterford Finance & Investment Ltd. and Midocean Holdings Ltd. have proposed board changes that would affect the company’s relationship with Algerian officials and partner Sonatrach at the giant MLE gas and oil field.

A letter from the Algerian government yesterday cautioned against upsetting relationships which have brought partners to the cusp of producing 600 million barrels of oil equivalent, just as new gas and oil fields are uncovered on company acreage proved by Anderson.

The shareholder meeting has been moved back 10 days to April 18.

Tags: First Calgary Petroleums, Sonatrach




   

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