Beau Canada Announces New Board Additions
MAY 10, 2000
CALGARY, ALBERTA--
Beau Canada Exploration Ltd. announced today that, in connection
with the process which was previously implemented to explore
strategic alternatives to maximize shareholder value, two new
directors have been added to the Beau Canada board. Messrs. Bruce
R. Libin, Q.C., President of B.R. Libin Capital Corp. and formerly
a senior partner of the Bennett Jones law firm, and Ed Chwyl,
Chairman of Ventus Energy Ltd. and former President and Chief
Executive Officer of Tarragon Oil and Gas Ltd., have agreed to
join the Beau Canada board immediately. They will also be joining
Harley Mintz on the Beau Canada Special Committee. The
appointment of the two new independent directors has been made to
assist the Beau Canada board in its ongoing process to consider
alternatives to maximize shareholder value. In order to provide
room for the new directors, H.S. Hartley has resigned as a
director immediately. Beau Canada wishes to thank Mr. Hartley for
his contribution as a director of Beau Canada.
Tom Bugg, President and Chief Executive Officer of Beau Canada
stated that "Beau Canada is pleased to have these two capable and
experienced individuals join the board and special committee to
assist us in assessing our assets and prospects and seeking ways
to get the best value for our shareholders."
The Special Committee will continue assisting the Beau Canada
board in the shareholder maximization process, including the
assessment of any potential transactions. Value maximization
transactions being considered are not limited to a sale of Beau
Canada and may include acquisitions, dispositions, a
recapitalization or other such alternatives as may be considered
to be in the best interests of Beau Canada's shareholders as
determined by the board of directors of Beau Canada on
recommendation from the Special Committee.
Beau Canada Exploration Ltd. is a Canadian oil and gas exploration
and development company based in Calgary. Beau Canada's common
shares are listed on the Toronto Stock Exchange under the symbol
"BAU". For further information, please contact Thomas F. Bugg,
President & CEO at (403) 750-3400, or Bruce R. Libin, Chairman of
the Special Committee at (403) 263-1258.
/T/
Corporate Office
47th Floor, Petro-Canada Centre
West Tower, 150 - 6th Avenue S.W.
Calgary, Alberta T2P 3Y7
Telephone: (403) 750-3400
Fax: (403) 233-2565 |
