Arakis to Search for New President and CEO.CALGARY, ALBERTA--(BUSINESS WIRE)--Nov. 5, 1997--Arakis Energy Corpor(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AKSEF) Arakis Energy Corporation (NASDAQ:AKSEF), Arakis Energy Corporation announced today that Mr. Lutfur Rahman Khan has expressed his decision to resign from the position of CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Arakis effective upon hiring a full time President and Chief Executive Officer. Mr. Khan will continue his position as Chairman of the Board of Directors. A Sub-Committee of the Board has commenced the search for a suitable candidate. State Petroleum Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Arakis, headquartered in Calgary, Canada, is a 25 percent participant in the Sudan Petroleum Project together with China National Petroleum Company (40 percent), Petronas Carigali Overseas SDN BHD (30 percent) and Sudapet Limited (5 percent). State is an active participant in the Greater Nile Petroleum Operating Company The Greater Nile Petroleum Operating Company is a petroleum exploration, refinement and distribution company operating in Sudan. It was incorporated on June 18, 1997 and its name is abbreviated to GNPOC. , a joint operating company operating company A business that engages in transactions with outsiders. formed to operate the Sudan Concession and to build and operate a 1500 kilometer pipeline from the Concession to the Red Sea Coast. CONTACT: Arakis Energy Corporation Kristine Dow, 403/263-2471 investor@arakis.com http://www.arakis.com or Arakis Energy Corporation Ron Burrows, 403/263-2471 investor@arakis.com |
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