Spyglass Resources Corp. Announces Voting Results From Annual General Meeting
May 15 2014 - 6:00PM
Marketwired
Spyglass Resources Corp. Announces Voting Results From Annual
General Meeting
CALGARY, ALBERTA--(Marketwired - May 15, 2014) - Spyglass
Resources Corp. ("Spyglass", or the "Company")
(TSX:SGL)(OTCQX:SGLRF) announces the voting results from its Annual
General Meeting of shareholders held on May 15, 2014 in Calgary,
Alberta (the "Meeting"). Each of the matters voted on at the
Meeting is outlined in the Information Circular dated March 31,
2014 and is available on the company's website at
www.spyglassresources.com and on SEDAR at www.sedar.com.
A total of 56,008,435 common shares representing 43.73 percent
of the Company's issued and outstanding shares were voted. The
voting results for each matter presented at the Meeting are
below:
Fixing Number of Directors
A resolution asking shareholders to fix the number of directors
to be elected at eight was approved with 85.39 percent of votes
cast in favour.
Election of Directors
The following eight nominees were appointed as directors of
Spyglass to serve until the next annual general meeting of
shareholders or until their successors are elected or
appointed:
Nominee |
Percentage of Votes in Favour |
Randall J. Findlay |
79.24% |
George S. Armoyan |
72.52% |
Dennis B. Balderston |
79.63% |
Thomas W. Buchanan |
78.78% |
Peter T. Harrison |
79.56% |
M.H. (Mike) Shaikh |
78.64% |
Jeffery T. Smith |
79.63% |
John D. Wright |
73.08% |
Appointment of Auditors
The appointment of PricewaterhouseCoopers LLP, Chartered
Accountants, to serve as the Auditors of the Company until the
close of the next annual meeting, at remuneration to be fixed by
the directors on the recommendation of the Audit Committee.
Approval of Long Term Incentive Plan The resolution relating to
the approval and adoption of a Long Term Incentive plan was not
approved.
Additional details in respect the Meeting's voting results can
be found on Spyglass' profile at www.sedar.com.
Reader Advisory and Note Regarding Forward Looking
Information
Certain statements contained within this press release, and in
certain documents incorporated by reference into this document
constitute forward looking statements. These statements relate to
future events or future performance. All statements, other than
statements of historical fact, may be forward looking statements.
Forward looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "budget", "plan",
"continue", "estimate", "expect", "forecast", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could",
"might", "should", "believe" and similar expressions. These
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward looking
statements.
In particular, this press release contains the following forward
looking statements pertaining to, without limitation, the
following: Spyglass' (i) future production volumes and the timing
of when additional production volumes will come on stream;
Spyglass' (ii) realized price of commodities in relation to
reference prices; (iii) future commodity mix; (iv) future commodity
prices; (v) expectations regarding future royalty rates and the
realization of royalty incentives; (vi) expectation of future
operating costs on a per unit basis; (vii) the relationship of
Spyglass' interest expense and the Bank of Canada interest rates;
(viii) future general and administrative expenses; future
development and exploration activities and the timing thereof; (ix)
deferred tax liability; (x) estimated future contractual
obligations; (xi) future liquidity and financial capacity of the
Company; (xii) ability to raise capital and to add to reserves
through exploration and development; (xiii) ability to obtain
equipment in a timely manner to carry out exploration and
development activities; (xiv) ability to obtain financing on
acceptable terms, and (xv) ability to fund working capital and
forecasted capital expenditures. In addition, statements relating
to "reserves" or "resources" are deemed to be forward looking
statements, as they involve assessments based on certain estimates
and assumptions that the resources and reserves described can be
profitably produced in the future.
We believe the expectations reflected in the forward looking
statements are reasonable but no assurance can be given that our
expectations will prove to be correct and consequently, such
forward looking statements included in, or incorporated by
reference into, this press release should not be unduly relied
upon. These statements speak only as of the date of this press
release or as of the date specified in the documents incorporated
by reference in this press release. The actual results could differ
materially from those anticipated as a result of the risk factors
set forth below and elsewhere in this press release which include:
(i) volatility in market prices for oil and natural gas; (ii)
counterparty credit risk; (iii) access to capital; (iv) changes or
fluctuations in production levels; (v) liabilities inherent in oil
and natural gas operations; (vi) uncertainties associated with
estimating oil and natural gas reserves; (vii) competition for,
among other things, capital, acquisitions of reserves, undeveloped
lands and skilled personnel; (viii) stock market volatility and
market valuation of Spyglass' stock; (ix)geological, technical,
drilling and processing capabilities; (x) limitations on insurance;
(xi) changes in environmental or legislation applicable to our
operations, (xii) our ability to comply with current and future
environmental and other laws; (xiii) changes in tax laws and
incentive programs relating to the oil and gas industry, and (xiv)
the other factors discussed under "Risk Factors" in the Company's
2013 Annual Information Form.
Readers are cautioned that the foregoing lists of factors are
not exhaustive. The forward looking statements contained in this
press release and the documents incorporated by reference herein
are expressly qualified by this cautionary statement. The forward
looking statements contained in this press release speak only as of
the date thereof and Spyglass does not assume any obligation to
publicly update or revise them to reflect new events or
circumstances, except as may be required pursuant to applicable
securities laws.
Barrel of oil equivalents or BOEs may be misleading,
particularly if used in isolation. A BOE conversion ratio of 6 mcf:
1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead. As the value ratio between natural gas
and crude oil based on the current prices of natural gas and crude
oil is significantly different from the energy equivalency of 6:1,
utilizing a conversion on a 6:1 basis may be misleading as an
indication of value.
This press release shall not constitute an offer to sell, nor
the solicitation of an offer to buy, any securities in the United
States, nor shall there be any sale of securities mentioned in this
press release in any State in the United States in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities law of any such State.
Spyglass Resources Corp.Tom BuchananCEO403.930.3524Spyglass
Resources Corp.Dan O'ByrnePresident403.930.3524Spyglass Resources
Corp.Dallas McConnellVP Corporate Development & Investor
Relations403.930.3524investor.relations@spyglassresources.comwww.spyglassresources.com
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