Gresham Resources Inc -
Management changes
Gresham Resources Inc GRCShares issued 68623321997-09-16 close $1.1
Wednesday Sep 17 1997Mr James Glass reports Mr James E. Allard has been
appointed a director and president and CEO. Mr Allard has over 30 years
of operations and finance experience in the petroleum industry, holding
senior executive positions in Canada, the US, South America, Europe and
the Middle East. He has served as senior vice president of Amoco Canada
in Calgary and vice-president, treasurer and controller of Amoco Corp in
Chicago. While with Amoco, he structured the acquisition of Dome
Petroleum and as part of that effort was instnunental in the formation
of Crestar Energy, a public company. Mr Allard currently serves on the
board of a number of private and public companies. In conjunction with
Mr Allard's appointment, James R. Glass has resigned as president but
will continue to serve as chairman of the board of directors. Mr Lorne
G. Hammer has been appointed to the board of directors. Mr Hammer brings
to the company extensive worldwide oil and gas operations experience,
which includes the engineering and management of drilling programs both
onshore and offshore in the North Sea, the former Soviet Union, South
America and Canada. Mr Hammer is a founding partner of Canadian
Petroleum Engineering Inc. Prior to this, he was most recently general
manager of business development for the offshore drilling contracting
arm of Camnar. (c) Copyright 1997 Canjex Publishing Ltd.
canada-stockwatch.com
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Pat,
No way the new crew is going to want to abide by the old policy this company had laid out of paying dividends as soon as it got cash-flow-positive. These guys are veteran O&G guys and they're going to want to put all the money in the ground.
Putting the money in the ground is the better strategy IMO. If you know what you're doing you can get your shareholders a much better return that just handing them the $$$ as dividends. |
