The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

VERESEN INC. ANNOUNCES CHANGES TO BOARD OF DIRECTORS

Monday, January 17, 2011

VERESEN INC. ANNOUNCES CHANGES TO BOARD OF DIRECTORS18:54 EST Monday, January 17, 2011/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/Trading Symbol: VSNExchange: TSXCALGARY, Jan. 17 /CNW/ - Veresen Inc. announced today that its board of directors has appointed two new individuals as directors. The appointments follow a search process conducted over the past several months by the Corporate Governance and Nominating Committee of the board. Joining the board are Henry W. Sykes and J. Paul Charron, both of Calgary, Alberta.Veresen Inc. also announced that Mr. Verne G. Johnson, the Chairman of the board of directors of Veresen Inc. has advised that he will not be standing for re-election as a director at the annual general meeting of shareholders in 2011. Mr. Johnson has served as a director of Veresen Inc. and the general partner of its predecessor, Fort Chicago Energy Partners L.P., since the inception of the company in October, 1997. Stephen White, President and Chief Executive Officer of Veresen Inc. commented "Verne's presence in our boardroom will be missed. As a stalwart member of our governing body since the beginning, Verne has served us well as a director and at various times as a member of every committee of the board. We wish Verne all the very best in the future and thank him very much for his service to our company."Henry Sykes is President and a director of MGM Energy Corp. MGM Energy Corp. is a Canadian energy company focused on the acquisition and development of hydrocarbon resources in Canada's Northwest Territories and Arctic regions. Mr. Sykes was President of ConocoPhillips Canada from 2001 to 2006. Prior thereto, he was Executive Vice-President, Business Development of Gulf Canada Resources. He began his career as a lawyer and specialized in mergers and acquisitions, securities and corporate law. Mr. Sykes has a Bachelor of Arts in economics from McGill University and a law degree from the University of Toronto.Paul Charron is presently the President and CEO of CanEra Energy Corp. and is the former President and Chief Executive Officer of CanEra Resources Inc., a private oil and gas company acquired by Legacy Oil & Gas Inc. in mid-2010. Following the acquisition of CanEra Resources, Mr. Charron joined the board of directors of Legacy Oil & Gas Inc. Previously, Mr. Charron was President and Chief Executive Officer of Canetic Resources Trust and its predecessor, Acclaim Energy Trust. Mr. Charron also previously held the position of Vice President, Finance and CFO of Ketch Energy Ltd., senior positions with the Investment Banking group of BMO Nesbitt Burns Inc. and was Vice President, Finance of Morrison Petroleum Ltd. Mr. Charron has also served as a director of a number of public companies in the oil and gas industry. Mr. Charron holds a Bachelor of Commerce degree from the University of Ottawa and is a Chartered Accountant.Verne Johnson, Chairman of the board of directors commented "We are very pleased to have Henry Sykes and Paul Charron join the board. Each of these individuals brings to the board current and practical experience as senior executives in the oil and gas business which will serve Veresen well. Mr. Sykes possesses a strong legal and business development background, with tremendous transactional depth. Mr. Charron has demonstrated a considerable entrepreneurial bent during his career, and possesses a strong financial pedigree, having held positions as a CEO and CFO, along with experience as an investment banker."Veresen Inc.Veresen Inc. is a publicly traded dividend paying corporation based in Calgary, Alberta, that owns and operates energy infrastructure assets across North America. Its common shares and 5.75% convertible unsecured subordinated debentures, Series C due July 31, 2017 are listed on the Toronto Stock Exchange under the symbols "VSN" and "VSN.DB.C", respectively. Veresen Inc. is engaged in three principal businesses: a pipeline transportation business comprised of interests in two pipeline systems, the Alliance Pipeline and the Alberta Ethane Gathering System; an NGL extraction business which includes an interest in a world-class extraction facility near Chicago; and a power business with renewable and gas-fired facilities and development projects in Canada and the United States, and district energy systems in Ontario and Prince Edward Island. Veresen Inc. and each of its pipeline, NGL extraction and power businesses are also actively developing a number of greenfield investment opportunities. In the normal course of its business, Veresen Inc. and each of its businesses regularly evaluate and pursue acquisition and development opportunities.For further information: Stephen H. White, President and C.E.O.; Richard Weech, Vice President, Finance and C.F.O., Veresen Inc., Livingston Place Suite, 440, 222 - 3rd Avenue S.W., Calgary, AB, T2P 0B4, Phone: (403) 296-0140, Fax: (403) 213-3648, www.vereseninc.com