TSX SYMBOL: PEY.UN
CALGARY, Dec. 18 /CNW/ - Peyto Energy Trust is pleased to announce that effective January 1, 2007 Darren Gee, the current President of Peyto Exploration & Development Corp. ("Peyto"), will also assume the role of Chief Executive Officer. In addition, effective January 1, 2007, Mr. Gee will join the Board of Peyto.
As previously announced, December 31, 2006 marks the official retirement of Don Gray as Chief Executive Officer of Peyto. Don will remain an active member of the Board of Peyto and intends to remain a significant unitholder. On behalf of both employees and unitholders, the Board would like to thank Don for his vision, execution thereof and tireless effort for the last eight years. We wish him the very best in the future.
Peyto is also pleased to announce that, effective January 1, 2007, Gregory S. Fletcher will be appointed to the Board of Peyto as an additional independent director. Mr. Fletcher is currently the President of Sierra Energy Inc., a private oil and gas production company that he founded in 1997. From June 1998 to May 1999, he was also President, Chief Executive Officer and a director of Canadian Conquest Exploration Inc. and prior to 1997 he was President, Chief Executive Officer and a director of Aztec Resources Ltd. Mr. Fletcher is also a director of Diamond Energy Services LP, a private oilfield service limited partnership, a director of Calfrac Well Services Ltd., a public oilfield service company, and a director of Total Energy Services Ltd., a public oilfield service company. Mr. Fletcher holds a BSc. in geology from the University of Calgary. The Board looks forward to Greg's contributions to the Board of Directors and its committees.
Certain information set forth in this document, including management's assessment of Peyto's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond these parties' control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Peyto's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Peyto will derive therefrom. Peyto disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
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