ENERGY TRUSTS / WestCastle Announces New CEO
TSE SYMBOL: WCL.UN
OTC Bulletin Board SYMBOL: WCTS
APRIL 27, 1998
CALGARY, ALBERTA--WestCastle Energy Trust announced today that Mr.
Al Dillabough has resigned as Chief Executive Officer to pursue
other endeavors. Mr. Dillabough will remain as a director of
WestCastle. Management and the other Directors wish to express
their appreciation for the efforts and contributions of Mr.
Dillabough during his tenure.
Over the past eight weeks, WestCastle's management and Board of
Directors have been reviewing ways of improving the performance of
the Trust. As a result of this review WestCastle's Chairman, Mr.
Brad Hurtubise, has assumed the role of Chief Executive Officer.
Mr. Hurtubise was appointed to the board last fall. He was
previously a successful investment banker and most recently was
the President and C.E.O. of Grad & Walker Energy Corporation, an
intermediate sized oil and gas exploration company. Mr.
Hurtubise's mandate will include a review of the management
structure of the Trust and the hiring of a new Chief Operating
Officer with a dedicated operational focus to the Trust's asset
base. Mr. Hurtubise will also examine various alternatives to
increase distributions and unitholder value.
In addition, subject to unitholder approval, the Trust will begin
paying distributions on a monthly basis and reorganize from a
closed ended trust to an open ended trust, which will increase the
types of acquisition opportunities which WestCastle can pursue.
WestCastle Energy Trust is a publicly listed Trust, whose Units
trade under the symbol WCL.UN on the Toronto Stock Exchange.
There are currently 20,282,511 units issued and outstanding. |
