Arctos Announces Board Appointments
Arctos Petroleum Corp. said Tuesday that the company's Board of Directors will consist of four members. Stan Bharti will join the Board of Arctos, along with prior members William (Bill) Ward, David Walters and Tony Wonnacott. Tom Doyle and Greg Burnett did not stand for re-election. The Company would like to thank Mr. Doyle and Mr. Burnett for their years of service as members of the Board and management.
Mr. Bharti has over 25 years of experience in operations, public markets and finance. Over the last ten years Mr. Bharti has been involved in acquiring, restructuring, and financing. Mr. Bharti has raised over $200 million in public markets over the last decade. His experience in public markets includes acquisitions of companies in Europe, Australia and North America. He is a Professional Mining Engineer and holds a Masters Degree in Engineering from Moscow, Russia and University of London, England.
In other developments, Arctos wishes to announce that it is in the process of re-negotiating the terms of certain Convertible Debenture Agreements owing to various corporations and individuals that were due on June 30, 2006. The Company has proposed re-structuring options that include an extension of the Maturity Date that will allow sufficient time for the newly appointed Board of Directors and management to effectively deal with the Debentures. The Company will provide further updates as they become available.
Arctos is a Junior Oil and Gas Company with ongoing exploration, development, and production programs in Alberta and Saskatchewan.