Mclaren Shareholders Vote Overwhelmingly for New Shareholder-Nominated Board
Toronto, Ontario CANADA, March 12, 2009 /FSC/ - McLaren Resources Inc. (MCL - CNQ, 3ML - FWB), (MCL - CNSX)(the "Company") is pleased to announce that the shareholders of the Company voted on 10 March 2009 to elect a new, independent and experienced Board of Directors to work for the benefit of all shareholders. The new board of directors consists of John Holko, Victor Childs, Ivan Buzbuzian, Paul Crath and Michael Meredith.
Immediately following the special meeting, the Board appointed Michael Meredith as interim President and Chief Executive Officer and Nadim Wakeam as Secretary.
The Board intends to continue advancing the Company's North Sea project and to review additional opportunities. Further updates will be released to shareholders on a regular basis. In particular, the Board intends to release updates on the Dutch North Sea property partnership which is operated by Ascent Resources plc.
Victor H. Childs
Mr. Childs, Chairman and Director of McLaren Resources Inc, is a consulting geologist based Newbury, England. He is a professional geologist with over 30 years experience in technical management of petroleum exploration, development and production for the global petroleum industry. Prior to becoming an independent consultant, Mr. Childs worked for several years with consulting geological & engineering firms to the international petroleum industry. Mr. Childs was also employed by Occidental International for 8 years where he held the positions of Geological Advisor to the Asset Management Group, Division Supervisor in Latin America, Chief Production Geologist of the Worldwide Production Group and Senior Geologist for Libya.
John Holko
Mr. Holko, director of McLaren Resources Inc, is a petroleum engineer, and the President of Lenape Resources based in Batavia, New York. Mr. Holko has over 25 years' experience in the oil and gas industry. He started his career with 4 years at Halliburton Services, then moved to the engineering department at Lenape Resources where he rose to the position of manager of the Appalachian division. In 1995 Mr. Holko proceeded with a management buyout of Lenape Resources from its parent KCS Energy. Lenape is a petroleum exploration and production company which owns and operates interests in several hundred oil & gas wells in the Appalachian Basin. Mr. Holko's experience encompasses all aspects of oil and gas well operations, including production, pipeline development, natural gas marketing and market development. He was president of the Independent Oil & Gas Association of New York from 1989-1992 and 1995-1999 and he is involved in numerous industry associations.
Michael Meredith
Mr. Meredith has over 25 years experience in the resource exploration industry and was the President of McLaren from 1999 to May 2007 when he became Chairman until he retired in September 2007.
Ivan Buzbuzian
Mr. Buzbuzian is a private investor with over 30 years experience in public and private company development, including participation in management and fund raising. Formerly a registered investment adviser in Ontario, Mr. Buzbuzian is now a business consultant, a partner in a private real estate company and he sits on the board of LumiGene Diagnostics.
Paul Crath
Mr. Crath is a Senior Manager of Accilent Capital Management Inc. and a Director of Accilent Raw Materials Group Inc. He is a principal and past interim president and director and currently an advisor to Ballantry Oil & Gas Inc., a private Ontario based oil and gas exploration company with properties in Ontario and British Columbia. Mr. Crath was recently appointed Managing Director of Norvista Resources Inc., a private merchant bank dedicated to investments in the natural resources sector. He is also a principal and Managing Director of Tarra Partners Inc. a merchant bank that acts as investment principal and/or provides advisory services in the areas of institutional real estate, infrastructure, private equity and lending transactions. Mr. Crath is a former Vice-President and Principal of Tricaster Capital Corporation, a family investment company and merchant bank he co-founded with the Campbell family of Toronto, and a former Vice-President and Principal of Hexagram & Co. a venture management company. He began his career as a corporate lawyer at White & Case, LLP in New York City, specializing in acquisition financings. He has a Bachelor of Law Degree from Osgoode Hall Law School at York University and is a Member of the New York State Bar Association.
For further information, please contact Mr Michael Meredith, President of McLaren, at 416 368 7975 or by email to [email protected]. Additional information about McLaren can be found at the Company's website at www.mclarenresources.com.
The Canadian National Stock Exchange has neither approved nor disapproved of the contents of this press release.
McLaren Resources Inc.(MCL - CNSX) www.mclarenresources.com
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