CALGARY, Alberta, June 24 /PRNewswire-FirstCall/ --
The following was released on behalf of the Board of Tracer Petroleum
Corporation, by Larry W. Youell, President and CEO:
TRACER PETROLEUM CORPORATION (OTC Bulletin Board: TCXX) ("Tracer" or the
"Company") reports that at today's Annual General Meeting, all resolutions
were approved by the shareholders, and the following incumbent Directors were
re-elected for the ensuing year:
-- Larry W. Youell
-- Stephen T. Jacobs
-- David R. Robinson
-- David G. Wilson
-- Sameer Hirji
The Company further announces the resignation of David R. Robinson as
Tracer 's President and Chief Executive Officer, and the appointment of Larry
W. Youell as the new President and CEO. Mr. Robinson will assume the vacated
position of Chairman of the Board and will remain active in the affairs of the
Company. Tracer wishes to thank Mr. Robinson for his past dedication to the
Company and his continued presence in its ongoing project negotiaions.
The Company continues to finalize its efforts with its joint venture
partner, Canneft Inc., towards securing a Production Sharing Agreement for the
Adzhiyap project in southwestern Turkmenistan. As previously reported,
Canneft has entered into a Protocol with a major foreign petroleum company
regarding this company becoming a working interest partner and operator of the
Adzhiyap project in southwestern Turkmenistan. Tracer and Canneft are hopeful
of signing a binding Joint Venture Agreement with the foreign petroleum
company in the near future.
This release contains "forward-looking statements" as per Section 21E of
the US Securities and Exchange Act of 1934, as amended. Although the Company
believes that the expectations reflected in such forward looking statements
are reasonable, it can give no assurance that such expectations will prove to
have been correct. Management is currently reviewing many options and there
is no assurance that they will not make decisions other than those now
contemplated. The Company is subject to political risks and operational risks
identified in documents filed with the Securities and Exchange Commission,
including changing and depressed oil prices, unsuccessful drilling results,
change of government and political unrest in its main area of operations.
For more information please contact Mr. David Harrison, Corporate
Secretary, at 403-290-1676 at the Company's headquarters:
TRACER PETROLEUM CORPORATION, Suite #910, 441 - 5th Ave. S.W., Calgary, AB,
T2P 2V1 Canada Phone: 403-290-1676 or Fax: 403-264-5285, "e-mail"
tracerinfo@tracerpetroleum.com or web site, http://www.tracerpetroleum.com.
SOURCE Tracer Petroleum Corporation
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Related links:
http://www.tracerpetroleum.com
CONTACT:
David Harrison, Corporate Secretary of Tracer
Petroleum Corporation, +1-403-290-1676
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