Jack J. Grynberg Squares up for Another Boardroom Battle PR Newswire LONDON, February 26, 2013 LONDON, February 26, 2013 /PRNewswire/ -- Mr Jack J. Grynberg, President and CEO of RSM Production Corporation (RSM), has urged shareholders to vote against the Board of Victoria Oil and Gas plc (VOG) at a General Meeting being held on Friday 1 March 2013. He has urged potential new investors to ask serious questions about the information they have been provided with regarding VOG's asserted ownership of rights in the Logbaba Concession. He said today: "The Board of Victoria Oil and Gas plc (VOG) have repeatedly made misleading, false and incomplete claims concerning the ownership of their major asset, which is a hydrocarbon concession in the Republic of the Cameroon. Their claim that they own a "95% working interest" in the Logbaba Concession is false, and is indeed the subject of protracted and ongoing arbitration between RSM and VOG. "The concession was originally granted to RSM in 2001 and in 2006 a 60% interest was assigned by RSM to a Victoria Oil and Gas subsidiary. A Presidential decree executed on 3rd December 2012 states that we retain a 38% interest. "Victoria Oil and Gas appears to have failed to keep the markets properly informed of new developments concerning its major asset as it is required to under the AIM Rules. There is also a serious risk that new investors for shares in VOG will have signed up based on incomplete and misleading information. "I urge shareholders to vote against the Resolution -which is seeking approval for the allotment of new shares as part of an equity fundraising - at the General Meeting being held this Friday, 1 ^st March. I further urge potential new investors to fully satisfy themselves that they are aware of the true facts in this case." Notes to Editors: *Jack J. Grynberg is the President and CEO of RSM Production Corporation. He is an eminent and highly experienced expert in the fields of hydrocarbon research, exploration, development and production. He has been resolute and highly successful in defending his and his family's companies' interests through litigation. He has previously been involved in litigation against a number of companies and representatives in the oil and gas industry. In 2008 he named BP and its former chief executive Lord Browne of Madingley in a lawsuit alleging bribery of government officials in Grenada. Concurrently, he also sued BP and its - at the time - current and former chief executives Tony Hayward and Lord Browne over allegations of bribery of government officials and racketeering in Kazakhstan, as well as Norway's Statoil and its chief executive, Helge Lund. *RSM Production Corporation (RSM) operates as an oil and gas exploration and production company. The company was incorporated in 1996 and is based in Denver, Colorado. RSM owns at least a 38% (and possibly a 47.5 per cent) interest in the Logbaba Concession. *Victoria Oil and Gas plc (VOG) is an AIM listed oil and gas exploration and production company with assets in Africa and the FSU. The company's principal assets are the Logbaba gas and condensate project in Cameroon and the West Medvezhye project in Siberia, Russia. VOG Chairman is Kevin Foo. Background *The Logbaba Concession was granted to RSM by the Republic of Cameroon on 31 May 2001. On 9 August 2006 RSM assigned an interest to a VOG subsidiary, which was approved by Cameroonian Presidential Decree on 29 November 2006. It is a matter of contention as to whether the assignment was of a 50 per cent interest or a 60 per cent interest in the Concession. In 18 July 2011, VOG asserted that pursuant to the provisions of an operating agreement between the parties, RSM had forfeited to VOG its remaining interest. This assertion is disputed and is subject of ongoing and protracted Arbitration between the parties. *RSM rejects VOG's claims that RSM has forfeited its interest in the Logbaba Development and the Government of Cameroon has not approved the transfer of RSM's remaining interest in the Logbaba Development to VOG. A Republic of Cameroon Presidential Decree executed on 3 December 2012 states that RSM owns a 38% interest in the Logbaba Concession. Presidential Decree The Presidential Decree executed on 3 December 2012, amended the 29 November 2006 decree which erroneously stated that VOG - and not its 100% subsidiary Rodeo Development Limited (RDL) - held a direct 57% interest. The decree provides as follows: 'A valuable Gas Concession called 'Logbaba' has been given to an association of these companies: NATIONAL PTEROLEUM COMPANY (SNH) (PO Box 955 Yaounde), RODEO DEVELOPMENT LIMITED (PO Box 128 Douala), and RSM Production Corporation (5000 South Quebec Street, Suite 500, Denver, Colorado 80237-270 USA), each company having an undivided interest as follows: *Rodeo Development Limited ..............................57% *RSM Production Corporation .............................38% *Societe Nationale des Hydrocarbures (SNH)................5% Contact: Contact: David Rigg, Project Associates +44(0)207-432-3216
Jack J. Grynberg Squares up for Another Boardroom Battle
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