Richards Oil & Gas announced today that Brad Turner has resigned as Chief Executive Officer and from the Board of Directors of Richards Oil & Gas Limited. The Board of Directors has promoted Lonn Bate to the position of Director and Chief Executive Officer for an interim period.
The Board of Directors would like to thank Mr. Turner for the considerable effort and dedication to Richards Oil & Gas Limited over the past couple of years and wish him well in his future endeavours.
As previously announced, the Company held a meeting of the Convertible Debenture Holders at 3:30 pm (Calgary time) on June 30, 2009. In this meeting specific strategic alternatives were presented. The alternatives contemplated are documented in a presentation that was provided to the convertible debenture holders and that is available on the Company's website. No decision on any material strategic alternatives or restructuring initiatives has been reached at this time. Furthermore, there can be no assurance that the Company's any action will result in a material change in the Company's current condition, that the Company will pursue any particular transaction or that any material transaction will be concluded.
As part of the Company's restructuring initiatives it recently completed the sale of the deep rights on its Crossfield property for proceeds of $192,000. The Company will retain the shallow rights in its Crossfield property which include two standing wells completed in both shallow natural gas and coal bed methane horizons. The Company will also retain its 3D seismic covering all of its Crossfield property. The proceeds of this disposition will primarily be used to reduce the balance owing to the Company's secured lender.
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