I feel that it would be in any current shareholder's or
prior shareholder's best interest to contact the Vancouver
exchange and express his or her concern over the actions
of Arrowhead in dealings with the agreements that ARROWHEAD
had with ULTRA PETROLEUM
The following excepts are quoted from the Derivative Action suit filed on Friday in Calgary by the Plaintiff's Attorney Mr. Kazakoff.....this has been (full copies of the filing)
sent to the Vancouver Stock Exchange.
"6.4. Pursuant to the provisions of the ULTRA AGREEMENTS, ARROWHEAD acquired certain rights to participate in the drilling of a well or wells located upon the said land and
by such participation, to acquire 50% of ULTRA'S working
interest in the said land and lease;"
6.6. On or about May 19, 1999, the Defendants JARVIS and HISLOP specifically breached their aforesaid fiduciary and statutory duties by voting, as directors of ULTRA, in favor
of ULTRA'S purported sale of ARROWHEAD'S interest in the
ULTRA AGREEMENTS, to the ANSCHUTZ WYOMING CORPORATION.
13. On August 20, 1999, the Defendants convened an extraordinary directors' meeting without any proper notice
to the Plantiff, notwithstanding the fact that he was the
President and a Director of ARROWHEAD and proceeded to pass
the following resolutions:
13.1. That the FARMOUT AGREEMENT be rejected;
13.2. That the ULTRA proposal of Aug 19, 1999, be accepted;
13.3. That the MADERA property be sold to the Defendant
HISLOP for $200,000 US.
Lew
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