Three First Calgary Board Members Resign

Calgary, Alberta (AHN)- First Calgary Petroleums Ltd. announced the resignations of three dissident investors from the company's board effective immediately.

The high profile resignations are those of Alastair Beardsall, Keith Henry and Yuriy Shafranik, who served as Russia's oil minister from 1993 to 1996 under Boris Yeltsin.

The three were among the group of dissident shareholders aligned with Waterford Finance and Investment Ltd. who are seeking the ouster of current CEO Richard Anderson.

Roy MacLaren, Stuart McDowall, David Savage and Kenneth Taylor will be nominated to replace the three at the annual shareholders' meeting on April 8, the company said in a statement.

MacLaren is a former Canadian high commissioner to the U.K. and McDowall a former Canadian ambassador to the United Arab Emirates. Savage is chief financial officer of First Calgary while Taylor is chairman of consulting firm Taylor & Ryan.

Michael Kroupeev who owns a 9.4 percent stake through Waterford, said there is widespread dissatisfaction with Anderson's performance. Shareholders including large European institutions want him replaced.

He predicted Anderson would lose the fight to keep his job even before a shareholders' meeting in Calgary.

Kroupeev, a business partner of the resigned Shafranik, proposed the appointment of a new board, including long-time Canadian oil and gas executive Ray Cej, who would then search for a new CEO.