Board and management Changes
TKO Resources Inc TK
Shares issued 21,543,200 Aug 11 close $0.10
Wed 12 Aug 98 News Release
Mr. Steven Millan reports
The company has made the following changes to its board and management:
Steven M. Millan as chairman and CEO. Mr. Millan is a former vice-president of frontier and international exploration for Petro Canada and former executive director of the Newfoundland Petroleum Directorate. He has served on numerous industry, university, governmental and professional boards and committees. Mr. Millan has extensive oil and gas exploration experience in Canada and in 26 countries worldwide. Mr. Millan is also chairman and CEO of Imperial Venture Corp.
Dr. George S. Langdon as the president and exploration manager. Dr. Langdon is a petroleum exploration consultant with experience in Newfoundland, Western Canada and the Middle East. He has formerly worked with Hudson Bay Oil & Gas and Aramco. Mr. Langdon is also president and exploration manager for Imperial Venture Corp.
Gerard M. Edwards as the chief financial officer. Mr. Edwards has a business background covering a 15 year period in finance and administration. His business experience at the executive and board levels has been in the resource and high technology sectors. Mr. Edwards is a co-founder and CFO of Imperial Venture Corp.
Kirby C. Mercer as the vice-president and corporate secretary. Mr. Mercer is a businessman residing in St. John's, Newfoundland.
Bob Burton has resigned as president; Nicholas Temple has resigned as a director and Saverio Loria has resigned as secretary. Mr. Burton and Mr. Loria will continue with the company as directors. Mr. Burton will also continue to provide management service for the company under an existing contract.
The company has also accepted the resignations of Andrew Phillips, officer and Peter Holt, employee.
The new board has been installed to give new direction to the company and to facilitate the completion of a deal between TKO and Imperial Venture Corp. Under the terms of an existing agreement, TKO is to acquire 100 per cent of the outstanding shares of Imperial Venture Corp.
IVC is a privately held oil and gas exploration company with petroleum exploration rights (100 per cent) in two parcels of land in Western Newfoundland. These parcels are the onshore Harry's River block of 84,000 acres and the offshore Bonne Bay block of 399,999 acres. Companies such as Hunt, Mobil and PanCanadian are active in the immediate area. An independent valuation of the properties carried out for the VSE arrived at a value in excess of $5-million.
The petroleum potential of Western Newfoundland has long been recognized from widespread oil and gas seeps, shallow oil production and geologically it is similar to major producing fields in Texas and Oklahoma along the trend of the Appalachians. The current exploration play in the area gained prominence with the geological success of Hunt/PanCanadian's Port au Port No. 1 well which tested free flowing hydrocarbons. Information on this well was released in August 1997 and is encouraging in its implication for
commercial success in the area. In brief, the well demonstrated the presence of pooled hydrocarbons in reservoirs with high deliverability.
Tests produced high quality crude at combined rates of 3,250 barrels per day.
On IVC's onshore Harry's River block, preliminary exploration analysis has identified several prospect leads in the size range of 50 to 100 million barrels of oil equivalent recoverable. The offshore Bonne Bay block is covered by an extensive 2D seismic grid, the interpretation of which by IVC has identified four prospects ranging in size from 100 million to 500
million boe. These estimates are based on regional geology, reconnaissance seismic and analogies to known areas.
Other IVC board members will remain fully involved and will work with TKO to maximize shareholder value. They are: Dr. E.W. (Ted) Best is a principal of The Foster Group, business and
economic consultants in Calgary. He is a former president of BP Canada, a former board member of Fishery Products International and numerous oil industry, professional and governmental bodies.
Jack A. Bolter is the former president and CEO of Pointer Exploration which has recently merged with Pan Atlas Corp. Mr. Bolter is petroleum geologist who was directly responsible for the success of Pointer.
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