TULSA, Okla., June 30, 2011 /PRNewswire/ -- Apco Oil and Gas
International Inc. (Nasdaq: APAGF) held its annual meeting of
shareholders in Tulsa, Okla.,
today, re-electing current directors Keith
E. Bailey and Piero Ruffinengo.
Shareholders also approved the appointment of Ernst & Young
LLP as the company's independent registered public accounting firm
for 2011, two advisory measures with regard to executive
compensation that are consistent with the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010, and the
recapitalization of the company.
The recapitalization is designed to facilitate the transfer of
The Williams Companies, Inc.'s indirect interest in Apco to a new
company, WPX Energy, Inc., a subsidiary of Williams, in a tax
efficient manner.
Williams has previously announced that it is pursuing the
separation of its exploration and production operations via an
initial public offering this year and a subsequent spinoff expected
to be completed no later than the first quarter of 2012. WPX Energy
was formed to hold Williams' exploration and production
business.
The transfer of Williams' interest in Apco will enable Apco to
continue to benefit from the exploration and production expertise,
personnel and experience that is scheduled to transition from
Williams to WPX Energy. Williams retains the discretion to
determine whether and when to execute the initial public offering
and spin-off of WPX Energy.
The results of the company proposals that were described in
Apco's Proxy Statement filed with the Securities and Exchange
Commission on June 1, 2011, will be
detailed in an 8-K filing next week.
Following the shareholder meeting, Apco's board of directors
approved the implementation of the recapitalization plan and a
regular quarterly dividend of 2 cents
per share on the company's shares.
The dividend is payable on July 25,
2011, to shareholders of record at the close of business on
July 15, 2011.
About Apco Oil and Gas International Inc. (NASDAQ:
APAGF)
Apco Oil and Gas International Inc. is an international oil and
gas exploration and production company with interests in eight oil
and gas concessions and two exploration permits in Argentina, and three exploration and
production contracts in Colombia.
More information is available at www.apcooilandgas.com. Go to
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Our reports, filings, and other public announcements may
contain or incorporate by reference statements that do not directly
or exclusively relate to historical facts. Such statements are
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. We make these
forward looking statements in reliance on the safe harbor
protections provided under the Private Securities Litigation Reform
Act of 1995. You typically can identify forward-looking statements
by various forms of words such as "anticipates," "believes,"
"seeks," "could," "may," "should," "continues," "estimates,"
"expects," "forecasts," "intends," "might," "goals," "objectives,"
"targets," "planned," "potential," "projects," "scheduled," "will"
or other similar expressions. These forward-looking statements are
based on management's beliefs and assumptions and on information
currently available to management and include, among others,
statements regarding:
- Amounts and nature of future capital expenditures;
- Volumes of future oil, natural gas, and LPG
production;
- Expansion and growth of our business and
operations;
- Financial condition and liquidity;
- Business strategy;
- Estimates of proved gas and oil reserves;
- Reserve potential;
- Development drilling potential;
- Cash flow from operations or results of operations;
- Seasonality of natural gas demand; and
- Oil and natural gas prices and demand.
Forward-looking statements are based on numerous assumptions,
uncertainties and risks that could cause future events or results
to be materially different from those stated or implied in this
announcement. Many of the factors that will determine these results
are beyond our ability to control or predict. Specific factors that
could cause actual results to differ from results contemplated by
the forward-looking statements include, among others, the
following:
- Availability of supplies (including the uncertainties
inherent in assessing, estimating, acquiring and developing future
oil and natural gas reserves), market demand, volatility of prices,
and the availability and cost of capital;
- Inflation, interest rates, fluctuation in foreign currency
exchange rates, and general economic conditions (including future
disruptions and volatility in the global credit markets and the
impact of these events on our customers and suppliers);
- The strength and financial resources of our
competitors;
- Development of alternative energy sources;
- The impact of operational and development hazards;
- Costs of, changes in, or the results of laws, government
regulations (including climate change legislation and/or potential
additional regulation of drilling and completion of wells),
environmental liabilities and litigation;
- Political conditions in Argentina, Colombia and other parts of the
world;
- The failure to renew participation in hydrocarbon
concessions granted by the Argentine government on reasonable
terms;
- Risks related to strategy and financing, including
restrictions stemming from our loan agreement and the availability
and cost of credit;
- Risks associated with future weather conditions, volcanic
activity and earthquakes;
- Acts of terrorism; and
- Additional risks described in our filings with the
Securities and Exchange Commission ("SEC").
Given the uncertainties and risk factors that could cause our
actual results to differ materially from those contained in any
forward-looking statement, we caution investors not to unduly rely
on our forward-looking statements. We disclaim any obligations to
and do not intend to update the above list or to announce publicly
the result of any revisions to any of the forward-looking
statements to reflect future events or developments.
In addition to causing our actual results to differ, the
factors listed above may cause our intentions to change from those
statements of intention set forth in this announcement. Such
changes in our intentions may also cause our results to differ. We
may change our intentions, at any time and without notice, based
upon changes in such factors, our assumptions, or
otherwise.
Investors are urged to closely consider the disclosures and
risk factors in our annual report on Form 10-K filed with the SEC
on Mar. 9, 2011, and our quarterly
reports on Form 10-Q available from our offices or from our website
at www.apcooilandgas.com.
MEDIA CONTACT:
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INVESTOR CONTACT:
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Kelly Swan
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Thomas Bueno
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(918) 573-4944
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(918) 573-2570
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SOURCE Apco Oil and Gas International Inc.