CORP ANNOUNCEMENT / Mercantile International Petroleum Inc. change of
board of directors
GRAND CAYMAN, Cayman Islands, Dec. 24 /CNW/ - Mercantile International
Petroleum Inc. (''Mercantile'') announced today that the resignations of Art
Bray, Cameron Smith and Roger Widmann as directors of Mercantile, which were
announced by way of press release on December 23, 1998, left Jeffrey Waterous
as the sole director, and that subsequently the board has been expanded to
include Gordon Bowman and David Thring. Gordon Bowman co-founded Mercantile
with Jeffrey Waterous, and served as Mercantile's first CEO until his
retirement in June, 1996. David Thring is a partner of the Canadian law firm
Lang Michener. Gordon Bowman has become the Chairman of Mercantile.
The request made on December 18, 1998, to the Grand Court of the Cayman
Islands by Jeffrey Waterous for an order by the Court to appoint a receiver
and manager was made for the sole purpose of such receiver and manager
presiding over the process leading up to a change in Mercantile's board,
through its reconstitution by way of an extra-ordinary general shareholder
meeting. With the resignations of the aforementioned parties, it has been
possible to reconstitute the board without the appointment of a receiver and
manager, and there is no longer any question of a receiver and manager being
appointed. Subsequent to the aforementioned resignations, and on the basis
that the board has been reconstituted, the Grand Court of the Cayman Islands
has discharged the order requiring a general meeting to be held on December
30, 1998.
A ''Restructuring Committee'' is being organized, with Jeffrey Waterous
as its Chairman. The Restructuring Committee is designed to address certain
matters, including but not limited to, securing potential industry partners
for Mercantile in Peru and Colombia, developing its gas power project in Peru,
and dealing with activities involving its creditors.
Mercantile is an oil and gas ''exploitation company'' with interests in
Peru, Colombia and Myanmar.
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