CORP / ARAKIS Proposes to Expand Board of Directors
NASDAQ SYMBOL: AKSEF
MAY 22, 1998
CALGARY, ALBERTA--Arakis Energy Corporation ("Arakis") (NASDAQ:
AKSEF) today announced that the Board of Directors will propose an
expansion of the Board from nine to eleven Directors at the
Company's Annual and Special Meeting of Shareholders to be held in
Calgary, Alberta on June 16, 1998.
The Board has proposed, as new Directors, Mr. Ian H. Lundin,
President and C.E.O. of Lundin Oil AB, and Mr. Fred C. Coles,
Executive Chairman and Chief Financial Officer of Applied
Terravision Systems Inc.
Mr. Lundin has 17 years of international experience in the oil and
gas industry since graduating in 1981 from the University of Tulsa
with a B.Sc. in Petroleum Engineering. Prior to joining
International Petroleum Corporation (now Lundin Oil AB) as General
Manager in 1989, Mr. Lundin held increasingly senior positions
with North South Resources in its operations in the Middle East.
Lundin Oil AB is the largest shareholder of Arakis and previously
proposed the appointment of Charles B. Crowell, who will continue
as a Director.
Mr. Coles is a highly regarded professional engineer with over 30
years experience in the petroleum industry. He is currently
Executive Chairman and Chief Financial Officer of Applied
Terravision Systems Inc., a technical solutions provider to the
oil and gas industry. Mr. Coles is, perhaps, most widely known
for his professional relationship with Coles Gilbert Associates
Ltd. (now Gilbert Laustsen Jung Associates Ltd.) from 1973 to
1994. Mr. Coles served as Chairman and President of the firm from
1982 through 1994. Gilbert Laustsen Jung is an independent
engineering firm engaged in the evaluation of oil and gas reserves
and other related activities in Canada and internationally.
The foregoing nominations are subject to shareholder approval of
the amendment to the Articles of the Corporation to expand the
Board of Directors. The Information Circular and Proxy Material
for the Annual and Special Meeting were mailed to shareholders on
May 13, 1998.
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