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Joseph V. Montalban, Chairman, President and Chief Executive Officer of Mountainview Energy Ltd. (the “Company”), today announced that at the Annual General Meeting of Shareholders held on June 17th, 2004, the Shareholders approved the following matters:

- The re-appointment of Stanley Okada & Partners, Chartered Accountants, as auditors of the Company for the ensuing year.

- The election of directors as follows:

Joseph V. Montalban
Bo Mikkelsen
Bruce P. Young
Clarence Munson
Carla Barringer

- The implementation of a formal Stock Option Plan wherein the Company will grant options to its directors, officers, employees and service providers, as additional compensation, and as an opportunity to participate in the profitability of the Company.

Immediately following the Annual General Meeting, the Board of Directors appointed the following officers for the ensuing year:

Joseph V. Montalban Chairman of the Board, President and Chief Executive Officer
Steven Sobolewski Corporate Secretary
Carla Barringer Assistant Secretary

Following the Annual General Meeting, the Board of Directors approved the granting of stock option agreements to its directors, officers and employees of the Company to purchase up to an aggregate of 700,000 common shares of the Company, exercisable at the price of $0.22 ½ per share for five years. The options will be granted in accordance with the Company’s Stock Option Plan, which Plan was approved by the Shareholders of the Company at the Annual General Meeting. The Stock Option Plan will now be submitted to the regulatory authorities for their approval.

MOUNTAINVIEW ENERGY LTD. is a Canadian oil and gas exploration and production company trading on the TSX Venture Exchange and headquartered in Cut Bank, Montana at the CBM Bldg — 33 1st Avenue SW — PO Box 200, Cut Bank, Montana 59427-0200.

MOUNTAINVIEW ENERGY LTD.

:signed
Joseph V. Montalban,
Chairman of the Board,
President & Chief Executive Officer

THIS PRESS RELEASE HAS BEEN PREPARED BY MANAGEMENT. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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