Papa Bear is not happy!!
FEDERAL FILINGS
14:29 Sands Pete Urges Arakis Energy To Seek New COO-2
FORM TYPE: 13D Amend #2
ISSUER: ARAKIS ENERGY CORP.
SYMBOL: AKSEF
FILER: Sands Petroleum AB
Contact: Charles B. Crowell (214) 696-3200
CLASS: COMMON
SHARES OWNED: 7,446,300 8.5%
TRANS: SOLD 6/4/97 50,000 $4.08
PURCHASED 4/28/97 10,500 $4.00
NARRATIVE DESCRIPTION:
In a letter to Arakis Energy Corp. board members, Sands
Petroleum AB outlined steps for Arakis to maximize shareholder values.
This includes installing a Chief Operating Officer, "who is well
recognized and has the confidence of financial institutions and the oil
industry in general." It was further suggested that Arakis form a search
commission to find a new COO.
In addition, Sands believes that a "plan should be implemented
to streamline and restructure the head office in Calgary, where the
majority of general and administrative expenses are incurred."
Regarding Arakis's Sudan drilling project, Sands believes that
Arakis should direct its "financial and technical efforts almost
exclusively in that direction."
Finally, Sands thinks that the Arakis board members should
repay all large outstanding loans to current and former Arakis
directors.
/FEDERAL FILINGS CONTACTS: (202) 393-7856 FOR EDITORIAL,
(800) 487-6162 FOR DOCUMENT SALES,
(202) 628-8990 FOR NEWSWIRE SALES,
(888) FED-FILE FOR TECHNICAL SUPPORT,
//
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14:29 |
