Melbourne, July 2, 2008 AEST (ABN Newswire) - The Directors of Marion Energy Limited (ASX: MAE) are pleased to announce the appointment of Mr. Douglas Martin to the Board as an independent Non Executive Director. Doug Martin is Chairman of Enerplus Resources Fund, one of Canada's oldest and largest independent oil and gas producers with a market capitalization of more than CDN $9.0 billion based on a portfolio of producing properties across western Canada and the United States, with a focus on large resource plays that offer predictable production and repeatable, low-risk development opportunities. Doug's extensive and current involvement in the North American Oil & Gas industry is seen as adding important skills to the Board as the Company implements its strategy review to achieve optimum shareholder value based on the enviable position it has achieved to date and deals with the issues and opportunities this success is generating.
The appointment to the Board of Mr. Martin, together with the appointment of Mr. Dick Carter in March of this year, significantly strengthens the Board. The Company has been fortunate to recruit these two senior and highly experienced independent Non Executive Directors in the past three months and will accordingly recommend to shareholders the granting to each of Doug Martin and Dick Carter 250,000 unlisted options at an exercise price of $1.50 which is 16.7 % above the closing market price of $1.285 for Marion shares on July 1, 2008.
A General Meeting of Shareholders will be convened in the near future to put to a shareholder vote Resolutions to approve the issue of these options.
A summary of Mr Martin's curriculum vitae is set out below.
DOUG MARTIN, CA, MBA
Doug Martin has been President of Charles Avenue Capital Corp., a private merchant banking company, since April 2000. From 1993 until 2000, Mr. Martin was Chairman and Chief Financial Officer of Pursuit Resources Corp., a public oil and gas corporation that was acquired by EnerMark Income Fund in April 2000. From 1972 until 1993, Mr. Martin held positions of increasing importance with N.M. Davis Corp., Dome Petroleum Ltd. and Interhome Energy Inc. (now Enbridge Inc.). Mr. Martin graduated from the University of Toronto in 1966 with a B.A. in Political Science, and received his Chartered Accountant designation from the Ontario Institute of Chartered Accountants in 1969. He also graduated with Honors from York University in 1972 with an MBA in Finance. Mr. Martin currently serves on the board of directors of Stars Aviation Inc., Rival Energy, Rock Creek Resources Inc. and is chairman of Enerplus Resource Fund (refer below) and Canoro Resources Limited.
Enerplus Resources Fund
(www.enerplus.com)
- Enterprise Value - CDN $9.0 Billion
- Units Outstanding - 164.4 Million
- 2008 Daily Production Outlook - 98,000 BOE/day 60% natural gas 40% crude oil & natural gas liquids
- Reserve Life Index at Dec 31/07- 14.8 Years
Contact
North American Contact:
Mr Jeff Clarke
Managing Director & CEO
Ph: +0011 214 244 7690
Email: jclarke@marionenergy.com
Australian Contact:
Mr Peter Collery
Executive Director and Company Secretary
Ph: 03 8862 6466
Email: peter@marionenergy.com.au
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