L.G.R. Shareholders Approve Acquisition of Stream Oil & Gas
L.G.R. Resources Ltd. reported that at its annual and special general meeting held on March 11, 2008 the shareholders approved the Company's acquisition, by way of share exchange, of all of the issued and outstanding shares of Stream Oil & Gas Ltd. as more particularly described in the Company's news release of January 15, 2008.
The shareholders also approved a special resolution to consolidate the Company's issued share capital on a four old shares for one new share basis in conjunction with the Acquisition. Alan T. Charuk, Ian H. Mann, Lee W. Southern and Daming Yang were elected as directors of the Company pending completion of the Acquisition, at which time all of such directors, except Mr. Southern, will resign and be replaced by nominees of Stream.
Pending approval of the CNQ, closing of the Acquisition is scheduled to occur on or before March 31, 2008 at which time the name of the Company will be changed to "Stream Oil & Gas Ltd."
Stream is a private Cayman Islands company that has entered into 4 petroleum agreements with Albpetrol Sh.A, the state oil and gas company of Albania, for the development and production of three producing oil fields, being the Cakran-Mollaj, Ballsh-Hekal and Gorisht-Kocul fields, and one producing gas field, being the Delvina field, in Albania.