RESULTS OF 2010 AGM OF THE COMPANY
December 17, 2010
VANCOUVER, BRITISH COLUMBIA - Canada Energy Partners Inc. (the “Company”) (TSX VENTURE: CE) is pleased to announce today that the Company’s shareholders approved all matters at the Company’s Annual General & Special Meeting held on December 10, 2010 (the “Meeting”). 30,186,958 shares, representing 36.70% of the total number of shares issued and outstanding, were voted at the Meeting. The following matters were approved and have now been implemented by the Board of Directors:
- Messrs. John Proust, Benjamin Jones, Kyle Burnett, John R. Howard and Pat S. Bolin were elected to the Board of Directors of the Company;
- the Company’s shareholders ratified the Company’s Stock Option Plan (the “Plan”), which permits the Company to grant options for up to 10% of the number of shares outstanding from time to time; and
Further to the Company’s news release dated November 01, 2010, the shareholders of the Company approved and ratified the shareholder rights plan (the “Rights Plan”). The Rights Plan has been designed to protect shareholders of the Company from unfair, abusive or coercive take-over strategies, including the acquisition of control of the Company by a bidder in a transaction or series of transactions that does not treat all shareholders equally or fairly, or provide all shareholders an equal opportunity to share in the premium paid on an acquisition of control.
Canada Energy is an active oil and gas exploration and development company. The Company possesses a large concentrated land position in a high-impact, multi-zone, natural gas-bearing area in northeast British Columbia.
On behalf of the Board of Directors of
Canada Energy Partners Inc.
CANADA ENERGY PARTNERS INC.
1500 – 885 West Georgia St.
Vancouver, BC V6C 3E8
Main Phone: (604) 909-1154 / Facsimile: (604) 488-0319
Attention: John Proust, Chairman
Direct Phone: (604) 696-9020
Attention: Ben Jones, President and CEO
Direct Phone: (225) 388-9900
The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this press release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as such term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release