First Calgary Petroleums Share Discussion Threads

[bobobob5] 14/4/2008 10:37

JT: in the case of Emerald, Alastair puts out the facts, and he expects people to then do their homework using those facts. He's not going to do the interpretation of those facts for the market, because in his view that would tend to amount to giving a sort of 'buy/sell' recommendation, and he will not do that. Emerald have tried pretty hard to improve their website, and I do think Alastair has made some pretty bullish comments recently. bob

imho DYOR etc

[omellete] 14/4/2008 09:19

Davros - The price just tracks Canada.

The question is how will the Canadians see it?

Surely good, but you never know with them.

I would expect it to go up from here.

[jtcod] 14/4/2008 09:16

For those that don't know him. I was just joking about Alastair Beardsall. He is probably the best man for the job to be fair but he is a little dour when it comes to reporting.;-)

[davros006] 14/4/2008 08:57

The spread isnt exactly tempting buyers in is it?

[jtcod] 14/4/2008 08:42

Alastair Beardsall!
You poor bast@rds. Talk about kick investors when they're down.;-)

Does this mean EEN investors are finally rid of him? lol

[omellete] 14/4/2008 08:02

Surely good news - they have sorted the issue at hand.

[hermana] 14/4/2008 07:17

Capt,very good deal if Khelil and Sonatrach are also agreed on this deal.

[captainfatcat] 14/4/2008 07:14

RNS this morning


First Calgary Petroleums and Waterford Announce Settlement of the Proxy
Contest, Proposed New Board of Directors and New President and Chief Executive
Officer

CALGARY, April 14 /CNW/ - First Calgary Petroleums Ltd. (FCP) and
Waterford Finance & Investment Limited today announced that they have settled
the proxy contest between them relating to the FCP annual and special meeting
to be held on April 18, 2008 and have agreed on a new board of directors which
will include nominees of both Waterford and FCP. FCP also announces that Mr.
Shane O'Leary will replace Mr. Richard Anderson as the President and Chief
Executive Officer of FCP.
The new board of directors will be implemented through the election of
Waterford's slate of nominees by FCP shareholders at the annual and special
meeting, following which two of such directors will resign and the remaining
board will approve the appointment of Messrs. Garfield Emerson and Shane
O'Leary as their replacements. Going forward, the board of directors of FCP
will consist of Messrs. Alastair Beardsall, Raymond Cej, Garfield Emerson,
Menno Grouvel, Keith Henry, Matthew Lechtzier, Shane O'Leary, Frank Proto and
Yuri Shafranik, with Mr. Garfield Emerson as chair of the board.
Mr. Richard Anderson has resigned as a director and as the President and
Chief Executive Officer of FCP effective immediately, and Mr. Shane O'Leary,
former Chief Operating Officer of FCP has been appointed President and Chief
Executive Officer to replace Mr. Anderson. Mr. Anderson has agreed to remain
as a consultant to FCP for approximately six months, and will be available to
FCP during that period to assist in the executive transition.
Mr. O'Leary (P-Eng) has 30 years of experience in the oil and gas
industry working internationally and in North America. Before joining FCP in
2006, he held the position of VP and Business Unit Leader Brazil for EnCana
and prior to that held senior positions with BP Amoco working on projects in
the Caspian, Middle East, Africa, Trinidad and Alaska. Mr. O'Leary stated that
"We are eager to maintain and enhance the solid relationships that have been
developed with Sonatrach, and the Algerian Ministry of Energy and Mines and
other partners of FCP. The board and I are committed to generating value for
FCP shareholders and in that respect we will be moving the Algerian
development project forward expeditiously and reviewing all options to
maximize value."
Mr. Garfield Emerson, the current chairman of the board of FCP, stated
that "We are pleased to have resolved the issues arising from the proxy
contest in a manner that FCP believes is in the best interest of all
shareholders. The new board provides continuity, as five of its members are
past directors of FCP, as well as adding directors with extensive
international and domestic energy experience. We are pleased that Mr. Anderson
agreed to step aside as Chief Executive Officer in order to facilitate this
compromise with Waterford, in the interests of all shareholders. We are also
pleased that Mr. Anderson has agreed to take on a consulting position with
FCP, so that the company will continue to have access to his knowledge and
relationships."
Michael Kroupeev, director of Waterford, stated that "Waterford is
pleased to reach an agreement with FCP with respect to the new board and new
President and Chief Executive Officer. Waterford believes that the new board
strikes the right balance of continuity, experience and expertise to provide
support and guidance to the FCP management team, under the strategic
leadership of Mr. O'Leary, to expeditiously move the company forward in its
development of the Algerian project. While the events leading up to this point
have been challenging, Waterford believes FCP will emerge stronger as a
result."
FCP and Waterford request that FCP shareholders revoke any blue
management proxies given and vote the YELLOW proxy by faxing the YELLOW proxy
to Kingsdale Shareholder Services no later than 5:00 p.m. (Calgary time) on
Tuesday, April 15, 2008. Detailed instructions are included in the dissident
proxy circular that was distributed to all FCP shareholders. Further
information about voting the YELLOW proxy is available from Kingsdale
Shareholder Services at 1-866-851-2638.
The board of directors of First Calgary continues to recommend that
shareholders vote against the Second Shareholder Proposal when they vote the
YELLOW proxy.

Company Profile

First Calgary is an oil and gas company actively engaged in international
exploration and development activities in Algeria. The Company's common shares
trade on the Toronto Stock Exchange in Canada (FCP) and on AIM market of the
London Stock Exchange in the United Kingdom (FPL).

About Waterford

Waterford is a private investment holding company which invests, with a
long-term view, in international natural resource projects, including oil and
gas, exploration, development and production companies.

[madasafish] 13/4/2008 15:40

Well my personal view is that IF Anderson wins (and it looks unlikely), funding will not take place in time to allow long lead orders to be placed June 08. Which if it drags on will mean the 30 months to production will be at risk.

I have no idea what the dissidents will bring to that party..

All I can say is that if funding is not sorted out quickly the share price is likely to test 80p.

There is value here if you have the odd $750M to spare. An ideal hostile takeover candidate if Anderson wins cos imo he'll screw it up - again.

[bobobob5] 13/4/2008 15:32

Anderson is already talking about 'compromise' deals, as I understand the situation. I think the strength and extent of the opposition to him may, in fact, have come as a bit of a surprise to him. As I said some posts back: since the Algerian authorities clearly want this asset developed without delay, they can surely put up some cash in the form of a loan to FPL, at base rate plus a bit. That would avoid any more placings or whatever, and keep the thing in-house. That way everyone should win. What could be simpler?

but imho DYOR etc as always

[hermana] 13/4/2008 13:12

JT,Khelil is an enemy to keep exremely close.

[jtcod] 13/4/2008 13:10

Yes hermana
Unfortunate as you say. It makes you wonder what the relationship is. I doubt though that they will give a damn if the new management deliver sufficient funding to finally get the show on the road.

[hermana] 13/4/2008 12:53

JT,sad to see Doc Khelil getting involved too. He should stick to matters in Algerian Ministry and OPEC. FPL board should not need to know what the egotistical Khelil thinks they should do.

[jtcod] 13/4/2008 12:39

I don't hold FPL but in an honest world I think the company ought to be able to sue Anderson for compensation. He used company assets to pay for personal benefit. i.e. trying to secure further term in office at huge cost to the company. It's a little like me trying to remove an employee in my business and them deciding to launch a legal defence with a marketing company on board and using their company credit card to foot the bill. Anderson's actions should be illegal imo. He should be treated more like a criminal and this needs to be looked at by the TSX if they wish to retain long term credibility as a port for investment. He is a servant not an owner. This is not a good example for those wishing to invite investment onto the TSX. I am glad I am not a shareholder. My blood is boiling just as an impartial observer.;-)

As ever all IMHO.

[7kiwi] 12/4/2008 20:55

or should it be:

[chestnuts] 12/4/2008 19:52

Hi Mad is that your wife on the left

[madasafish] 12/4/2008 19:07

lol
I think the picture flatters me!:-)

[captainfatcat] 12/4/2008 16:43

Seems you are not alone Mad

[madasafish] 11/4/2008 16:59

£1 approaches.
IF the average downtrend fall rate per day of 4p applies, then the last high was 195p on 26th February. By the 18th April that's approximately 42 trading days and the share price should be by arithmetic around 30p. ish. That's unlikely as it means a fall of 16p a day for the next week.. but 80p ish looks an achievable target.

IF the dissidents win, I can see panic selling by a few holders who may believe the words written in the letter referred to above. In which case 30p ish would be possible.. in a panic...

I sit and wait.

[bobobob5] 10/4/2008 13:31

omelette: in two conferences in recent months that I've attended, the financial performance of the AIM-listed E&Ps was featured. I would suspect that these are not the only forums at which this issue has been raised. The research goes back over the AIM market's history; it compares the amount of cash put into E&Ps by investors and institutions with the current values of those investments, as reflected by the subsequent moves in the share prices. FPL comes out appallingly badly on that analysis, and whilst I have not personally checked the work, I have every reason to believe that it was professionally done. bob

imho DYOR etc

[shujja] 10/4/2008 09:32

MAD AND BOB THANK YOU GUYS.

[7kiwi] 10/4/2008 07:29

Ferrets in a sack.