CALGARY, ALBERTA--(Marketwire - Feb. 14, 2013) - JEC Capital Partners, LLC and another shareholder (together, the "Concerned Shareholders") today requisitioned a meeting of the shareholders of Ithaca Energy Inc. ("Ithaca" or the "Company") pursuant to section 142 of the Business Corporations Act (Alberta), to elect two new independent directors to the board of directors of Ithaca (the "Requisition"). Together, the Concerned Shareholders own more than 7% of Ithaca's outstanding shares...
I don't agree with them, by adding 2 more Directors to the BOD, it will increase the adm expenses. We only have to be patient and wait for about 18 months to get rewarded.
The Company's focus on the GSA is driven by monetisation of 31.7 million barrels of oil equivalent of net proven and probable reserves, as independently assessed by Sproule International Limited, and generation of additional value via the wider opportunities provided by the range of undeveloped discoveries surrounding the infrastructure hub.
Initial annualised production from the hub is anticipated to be approximately 16,000 barrels of oil equivalent per day ("boepd") net to Ithaca, thereby pushing the Company's annualised production over 20,000 boepd and achieving a significant step towards the mid term objective of creating a highly profitable 25,000 boepd oil and gas production company.
Iain McKendrick, Chief Executive Officer, commented:
The Company is firmly focused on executing the project safely and efficiently and creating further long term value by building upon its position in the GSA."