TAE.VNis beside JNX.
Mr. Ronald Hughes reports
TRANSAMERICAN ENERGY SALUTES QUEBEC GOVERNMENT DECISION, REPORTS ON INCREASED TRADING ACTIVITY AND PROVIDES CORPORATE UPDATE
TransAmerican Energy Inc. is saluting the Quebec government's decision regarding exploration and development of hydrocarbons on Anticosti Island. The company is aware of the increase of its share price and volume in yesterday's TSX Venture Exchange trading session.
The company can only summarize from two recent events as to the impact on the value of the company:
- The Quebec government, as of Feb. 13, 2014, has announced a $115-million Anticosti joint venture amongst affiliates and two public companies: Corridor Resources Inc. and Petrolia Inc., to appraise and potentially develop hydrocarbon resources on Anticosti Island in Quebec.
- Oil and gas companies on Anticosti Island in Quebec received a favourable decision on Feb. 11, 2014, from the Superior Court of Quebec invalidating a Gaspe municipal bylaw that would restrict drilling locations within municipality limits.
Ron Hughes, chief executive officer and president of the company, commented: "These announcements are encouraging for TransAmerican, as we hold claims in good standing on Anticosti Island. Together with these regulatory and financial commitments by the Quebec government, we welcome and applaud Quebec's decision to embrace the oil and gas exploration, development, and production industry and are excited to be a part in this historical point in Quebec's diligent effort to develop its natural resources."
Mr. Hughes also commented: "The government handled this difficult decision with courage, and the ministers, we believe, have found a fair and balanced approach in finding benefits for both Quebecers as well as shareholders. We welcome a new era of collaboration and transparency in the way we explore for hydrocarbon resources on Anticosti Island, and we are eager to work with the Quebec government in this regard."
As a corporate update, with the recent resignation of Michael Pound as a director, the company takes this opportunity to thank Mr. Pound for his service on the board. TransAmerican will now seek out an additional director whose business experience lends itself to the Quebec business landscape and provides closer ties to its assets in Quebec.