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TORC Oil & Gas Ltd. Reports on Voting From the 2020 Shareholders Meeting

CALGARY , May 6, 2020 /CNW/ - TORC Oil & Gas Ltd. ("TORC" or the "Company") (TOG.TO) announces that the following matters were voted upon at the annual and special meeting of the shareholders of TORC held on May 6, 2020 in Calgary, Alberta .

1.            Fixing the Number of Directors

By resolution passed via ballot, the number of directors of TORC to be elected at the meeting was fixed at nine. The results of the ballot were as follows:

Votes For


Votes Against

#


%


#


%

123,563,251


99.78%


278,586


0.22%

2.            Election of Directors

By resolution passed via ballot, the following nine nominees were appointed as directors of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. The results of the ballot were as follows:




Votes For


Votes Withheld

Nominee


#


%


#


%

David Johnson


122,885,252


99.23%


956,585


0.77%

John Brussa


105,614,734


85.28%


18,227,103


14.72%

Mary-Jo Case


122,773,128


99.14%


1,068,709


0.86%

M. Bruce Chernoff


109,639,323


88.53%


14,202,514


11.47%

Catharine de Lacy


122,884,980


99.23%


956,857


0.77%

John Gordon


122,881,996


99.22%


959,841


0.78%

Brett Herman


122,862,735


99.21%


979,102


0.79%

R. Scott Lawrence


118,533,602


95.71%


5,308,235


4.29%

Dale Shwed


111,710,747


90.20%


12,131,090


9.80%

3.            Appointment of Auditors

By resolution passed via ballot, KPMG LLP, Chartered Professional Accountants, were appointed as auditors of the Company to hold office until the next annual meeting or until their successors are duly appointed, and the directors were authorized to fix their remuneration. The results of the ballot were as follows:

Votes For


Votes Withheld

#


%


#


%

124,069,624


99.91%


113,205


0.09%

4.            Non-Binding Advisory Resolution on TORC's approach to Executive Compensation

By resolution passed via ballot, the non-binding advisory resolution approving TORC's approach to executive compensation was approved. The results of the ballot were as follows:

Votes For


Votes Withheld

#


%


#


%

120,310,972


97.15%


3,530,865


2.85%

5.            Approval of Reduction of Stated Capital

By special resolution passed via ballot, a reduction of the stated capital account of TORC's common shares was approved. The results of the ballot were as follows (1):

Votes For


Votes Withheld

#


%


#


%

124,182,829


100.0


-


-


Note:

(1)

The motion to approve the reduction of the stated capital was amended at the meeting to approve a reduction of the stated capital account of TORC's common shares to $100 million from the original motion to reduce the stated capital account by $1.3 billion. The results presented are for the amended motion. A total of 123,380,053 (99.63%) votes for and 461,779 (0.37%) votes against were cast on the original motion.

TORC Oil & Gas Ltd. is a Calgary based company active in the acquisition, exploration, development and production of crude oil and natural gas in Western Canada .

SOURCE TORC Oil & Gas Ltd.


Cision

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