MERGERS - ACQUISITIONS / BelAir Energy Update
Thursday January 15, 6:01 pm Eastern Time
Company Press Release
Appointment of Directors and Officers of Windstar Energy Ltd.
CALGARY, Alberta--(BUSINESS WIRE)--Jan. 15, 1998-- Windstar (Alberta Stock Exchange:WND - news) Windstar Energy Ltd. announces today that the board of directors had accepted the resignation of Dennis L. Kolesar as president, and that the board of directors -- composed of Dennis L. Kolesar, Richard A.N. Bonnycastle, Donald R. Burns, James F. Gibson, Everett K. Koeller and Larry A. Yopyk -- resigned following the acquisition of 93 percent of the outstanding shares of Windstar by BelAir Energy Corp.
On Dec. 18, 1997, BelAir announced that all of the conditions to its offer to purchase all of the issued and outstanding shares of Windstar had been met and had taken up and paid for approximately 93 percent of the outstanding shares and warrants of Windstar deposited by shareholders.
BelAir will exercise its statutory right of acquisition to acquire the remaining Windstar shares not deposited under the bid and will give notice of the compulsory acquisition provisions immediately to those shareholders who did not deposit their Windstar shares.
Victor M. Luhowy, Kenneth D. MacRitchie and Wayne R. Wilson have been appointed to the board of directors of Windstar. The board of directors of Windstar announced the appointments of Victor M. Luhowy, president; Kenneth D. MacRitchie, vice president, finance; and Ross O. Drysdale, corporate secretary.
The combined company will have production of approximately 170 bpd of crude oil and NGL's and 2.2 mmcfd of natural gas. The company will have 850,000 oil equivalent barrels of proven reserves, 300,000 oil equivalent barrels of probable reserves and 66,500 gross (19,600 net) acres of undeveloped lands. Most of the company's properties are in central and northwestern Alberta.
BelAir Energy Corp. is based in Calgary and is involved in the exploration and exploitation of petroleum reserves in Western Canada. BelAir is listed on The Alberta Stock Exchange and trades under the symbol BGY. |
