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First Calgary CEO resigns after “fight”


Published Apr 14, 2008
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First Calgary MLE field-2

First Calagary Petroleums chief executive officer Richard Anderson has stepped down, the company declared Monday, after a bitter fight against minority shareholders owning just nine percent of company stock.

The board and CEO’s battle with Waterford Finance & Investment Ltd. was lossed ahead of a key shareholder meeting with Anderson’s resignation and taking of a consultant role in the company. Anderson proved 600 million barrels of oil and gas in the company’s Algerian holdings, and he’s trusted by Algerian officials.

Anderson was replaced by Shane O’Leary, formerly chief operating officer.

Scandoil.com has reported at length on the battle between dissident shareholders and the board over Anderson’s role.

The company’s shareprice has falled to C$2.67 in Toronto after being at C$25 several years ago. The board had asked for patience ahead of the company producing from its vast Algerian gas reserves in 30 months time.

Tags: First Calgary Petroleums



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