Business
Peyto Energy Trust announces bank line extension and changes to Board of Directors
SYMBOL: PEY.UN - TSX CALGARY, March 23 /CNW/ - Peyto Energy Trust ("Peyto" or the "Trust") is ple...
About this update from Peyto Exploration & Development Corp.
[{"type":"text","content":"\n\n\n\nSYMBOL: PEY.UN - TSX\n\n\nCALGARY, March 23 /CNW/ - Peyto Energy Trust ("Peyto" or the "Trust") is\npleased to announce that the Trust's banking syndicate, lead by Bank of\nMontreal, has extended its $550 million revolving credit facility. The bank's\nannual engineering review of the Trust's assets has reaffirmed the inherent\nvalue of Peyto's high quality, long life, and low cost reserves. It is a\nresult of Peyto's strategy of consistently investing in the highest quality\nassets that shields investors during these volatile financial times.\n\n\nWith regret, Peyto wishes to announce the retirement of Ian Mottershead,\nChairman of the Board. Mr. Mottershead will remain Chairman until Peyto's\nannual general meeting to be held on May 6th, 2009. On behalf of the\nunitholders, staff and Board of Directors, Peyto wishes to thank Ian for his\nvalued contributions over his six year term as Chairman and wishes him well in\nhis retirement.\n\n\nCommenting on Mr. Mottershead's retirement, founder and director Don Gray\nsaid,\n\n\n"I have the utmost respect for the principles and leadership Ian has\nbrought to our board. There is no question, in my mind, that the mess we\nsee so many businesses in today would have been avoided had there been\nmore board members with the integrity, ethics and values that Ian\npossesses. We have been very fortunate to have Ian as our Chairman for\nthe past six years. We will miss him and wish him all the best in his\nretirement."\n\n\nIt is intended that Mr. Gray will succeed Mr. Mottershead as Chairman of\nPeyto after the annual general meeting of unitholders to be held at 2:30 pm on\nWednesday, May 6, 2009 at the Telus Convention Center, Mcleod Hall A, 120 -\n9th Avenue SE, Calgary, Alberta. It is also intended that, after the annual\ngeneral meeting, Mr. Michael MacBean, a director of Peyto since 2003, will be\nappointed Lead Independent Director.\n\n\nAdditionally, Mr. Stephen J. Chetner will be nominated to rejoin Peyto's\nBoard of Directors at the annual general meeting. Mr. Chetner previously\nserved on the Board of Peyto from 1998 to 2005 and has served as Corporate\nSecretary for Peyto's entire ten year business history. Mr. Chetner is a\nPartner with the law firm of Burnet, Duckworth & Palmer LLP.\n\n\nWe encourage you to actively visit Peyto's website lo...