CORP. / Maxx Petroleum announces a 1 for 4 Stock Consolidation
"Maxx Petroleum Ltd. will place a resolution before its annual meeting
proposing that Maxx's common shares be consolidated on a one for four basis,"
Burl Aycock, Chairman and Chief Executive Officer announced today.
It is Management's view that on a consolidated basis, investors will be able
to more accurately compare the Company's relative performance to its peers.
It is also Management's view that after consolidation the Company's shares
will appeal to a broader range of investors since the trading value of the
shares should exceed minimum margin requirements.
To date, Maxx has approximately 56 million common shares. Following the
consolidation, the Company will have approximately 14 million shares issued
and outstanding.
The details of the consolidation are enclosed in the Company's Management
Proxy Circular, mailed to shareholders, dated March 17, 1998. Management
encourages all shareholders to vote for the share consolidation at the
Company's annual meeting on Tuesday, May 5, 1998 at 3:00 P.M. in the McMurray
Room at the Petroleum Club, Calgary.
Shareholders will be provided with detailed instructions outlining their
required actions immediately after the meeting.
For further information please contact:
Burl N. Aycock, Chairman and Chief Executive Officer
Bob W. Rosine, President
Brent T. Kirkby, Vice President, Finance
900, 606 4th Street SW
Calgary, AB
T2P 1T1
Phone: (403) 261-6666 |
