Termination of Management Services Contract
XXL Energy Corp. and Giant Energy Ltd. ("Giant") have agreed effective as of December 31, 2008 to terminate the Management Services Agreement ("MSA") originally entered into on February 3, 2008 and as originally announced on February 8, 2008. In light of current financial market conditions, both XXL and Giant have agreed it is in their respective best interests to terminate the MSA.
Resignations
The Company announces the resignations of Clifford V. Adams as President, Chief Executive Officer and Director of XXL Energy Corp. and the offices of the subsidiary; Michael Lou as Executive Vice President of Finance and Chief Financial Officer; Victor Barcot as Executive Vice President of Business Development and Investor Relations; and Anthony Gale as Senior Vice President of Operations. All of the above resignations are effective as of December 31, 2008. The Company is appreciative of their contributions and wishes them success in their future business endeavours.
Appointments
John R. Hislop has been appointed to act as interim President, Chief Executive Officer of XXL Energy Corp. effective December 31, 2008.
Daniel Weisbeck has been appointed as Chief Financial Officer of the Company effective December 31, 2008.
To stay in touch with senior level appointments visit our People on the Move section