Pacific Exploration & Production announces changes to its Board of Directors and nomination agreement with ALFA and the O'Hara Group
Pacific Exploration & Production Corp. has entered into an agreement with: (i) ALFA, S.A.B. de C.V. ("ALFA"); and (ii) Alejandro Betancourt, O'Hara Administration Co., S.A. ("O'Hara") and the various Shareholders they represent (collectively, the "O'Hara Group"), with respect to the appointment of four new directors to the Board of Directors. ALFA owns 59,897,800 common shares in the capital of the Company representing approximately 18.95% of the issued and outstanding Common Shares. The O'Hara Group exercises control and direction over 63,050,510 Common Shares, representing approximately 19.95% of the issued and outstanding Common Shares. Pursuant to the terms of the Nomination Agreement, ALFA and the O'Hara Group will each be entitled to nominate two individuals to the Board of Directors.
ALFA will nominate Messrs. José de Jesús Valdez Simancas and Raul Millares (the "ALFA Nominees") and O'Hara will nominate Messrs. Alejandro Betancourt and Orlando Alvarado (the "O'Hara Nominees"), as members of the Board of Directors, subject to applicable regulatory approvals.
About Pacific Exploration & Production:
Pacific Exploration & Production is a Canadian public company and a leading explorer and producer of natural gas and crude oil, with operations focused in Latin America. The Company has a diversified portfolio of assets with interests in more than 85 exploration and production blocks in seven countries including Colombia, Peru, Guatemala, Brazil, Guyana, Papua New Guinea and Belize. The Company's strategy is focused on sustainable growth in production & reserves and cash generation. Pacific Exploration & Production is committed to conducting business safely, in a socially and environmentally responsible manner.
