First Calgary Petroleums Ltd. announced the nomination of four new Directors for election to the Company's Board of Directors, in addition to the appointment of a new Non-Executive Chairman, H. Garfield (Gar) Emerson Q.C., as per the Company's previous announcement. The new nominees include one executive and three non-executive Directors. The new nominees offer an extensive combination of financial, political, regional and industry experience. This experience will prove to be invaluable to First Calgary and its shareholders as the Company focuses on moving forward with its strategy of developing its Algerian assets and looking for additional exploration opportunities.
Mr. David Savage, M.B.A., the Company's Chief Financial Officer, has been proposed to move to an executive position on First Calgary's Board. This reflects, among other aspects, the extremely valuable role he has played in continuing the financing process since joining First Calgary, initially on an interim basis in August of 2007 and then as CFO. Mr. Savage continues to be particularly focused on working with Citibank, financial advisor to the Company on arranging the project debt for the development of the MLE gas and condensate field on Ledjmet Block 405b, Algeria.
Mr. Savage has more than 30 years of international corporate and investment banking experience with significant expertise in project finance and other structured finance and advisory work, particularly in relation to the oil and gas industry.
First Calgary announced the proposed election of three new non-executive Directors to the Company's Board: Mr. Kenneth Taylor, the Hon. Roy MacLaren and Mr. Stuart McDowall. These nominations are in addition to the appointment of Mr. Gar Emerson as non-executive Chairman of the Board, as per First Calgary's earlier announcement.
Mr. Kenneth Taylor will offer a unique advisory perspective on governmental relationships and international business. He was previously Canadian Ambassador to Iran during the U.S. hostage crisis in 1979. Upon returning from Iran, Mr. Taylor was appointed Canadian Consul-General to New York City.
The Honourable Roy MacLaren is a Canadian politician, diplomat, businessman and author. He was a Member of Parliament from 1979 through 1984 and again from 1988 to 1996. He served as Minister of State, Finance; Minister for National Revenue; and Minister for International Trade.
Mr. Stuart McDowall is a seasoned executive, with significant international government and multicultural experience. He has served as Canada's Ambassador to the United Arab Emirates, and has extensive first-hand experience in assignments in the Middle East, Latin America and Europe, Africa and U.S.A.
Mr. Charles Pitman has informed the Board of his decision to step down from the Board due to personal family reasons, effective March 12, 2008. Messrs. Taylor, MacLaren and McDowall will join First Calgary's non-executive Directors Gar Emerson, Darryl Raymaker and John van der Welle.
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