Park Place Energy Corp. Signs Agreement for Exploration of Oil and Gas in Bulgaria
Apr 7 14
Park Place Energy Corp. announced that it has signed the License Agreement for the Vranino Block 1-11 with the Ministry of Economy and Energy on behalf of the Republic of Bulgaria on April 1, 2014. The Vranino exploration permit covers 98,205 acres (397.42 sq.km.) in northeast Bulgaria. The permit is for a term of 5 years with up to an additional 5 years in extensions possible. Upon demonstration of a commercial discovery, the permit can be converted to an exploitation license of up to 35 years in length. The company is preparing to submit a 5 year work program and a more detailed first year work program for government approval. This work program will include acquisition of 2D and 3D seismic as well as drilling 5 new wells (or the equivalent of 10,000 meters of new wellbore). The work program is designed to demonstrate the technical and commercial feasibility of exploiting the known coal resources as a potential natural gas development. The company will use the latest technologies available, including horizontal drilling, to unlock the natural gas potential of this area.
Park Place Energy Corp. announced delayed annual 10-K filing
Apr 1 14
On 04/01/2014, Park Place Energy Corp. announced that they will be unable to file their next 10-K by the deadline required by the SEC.
Park Place Energy Corp. Amended and Restated the its Bylaws
Jan 17 14
Effective January 13, 2014, Park Place Energy Corp. amended and restated the company’s Bylaws. The new Bylaws reflect a complete update and revision. While certain changes are primarily stylistic in nature, there are several substantive or noteworthy changes. Those changes include the following: Amendments and clarifications to provisions regarding directors, board committees and officers, including (i) the establishment of a quorum of directors at one-third of the authorized number of directors; (ii) permitting the members of any board committee to appoint members of the board to a committee to replace any absent or disqualified member of such committee; (iii) making certain changes with respect to the officers of the company and their authority, duties and powers to conform to the company’s current management structure. Updated and modernized certain provisions, including provisions relating to notice, record dates, consents, proxies, voting procedures and meeting participation, as well as changes to accommodate use of modern communication technologies, including (i) establishing a quorum for stockholders’ meetings equal to 40% of the issued and outstanding shares entitled to vote at such meetings; (ii) authorizing special meetings of stockholders to be called by the chief executive officer, the president, the board of directors, or stockholders entitled to cast not less than 20% of the aggregate voting power of the issued and outstanding shares, (iii) establishing plurality voting for elections of directors; (iv) permitting the use of electronic transmission to provide notice of meetings of stockholders and directors; and (v) permitting meetings of stockholders and directors by remote communication. Establishment of new advance notice (and related procedural and disclosure) requirements, which require advance notice when a stockholder proposes business or nominates directors in connection with annual or special meetings of stockholders, along with procedural requirements and setting out what information must be provided regarding the proposing person, the proposed business and the proposing person’s ownership in securities of the company and related information. The removal of the requirement that the annual stockholder meeting be held on the first week of November of each year.