HOUSTON, TX, Jan. 8, 2015 /CNW/ - Enhanced Oil Resources Inc. (TSX-V: EOR;OTCQX: EORIF) announces that Institutional Shareholder Services Inc. ("ISS") a leading independent proxy firm, has recommended that shareholders of EOR vote "FOR" all of the matters proposed in the Information Circular (the "Circular") of EOR dated December 18, 2014 in connection with EOR's Annual General Meeting (the "Meeting") to be held Thursday, January 15, 2014 at 11:00am (Vancouver Time), save for the approval of the Company's Advance Notice Policy (the "Policy") as discussed below.
ISS has recommended that shareholders vote against the Policy. In response to the analysis of ISS in recommending against the approval of the Policy, EOR's (the "Board of Directors") has approved a modification of the Policy (the "Amended Policy"). The modification removed a limitation within the Policy whereby a new time period for the giving of a Nominating Shareholder's notice would not commence in certain events. The Amended Policy allows the commencement of a new time period for the giving of such notice in the event of an adjournment or postponement of a meeting of shareholders, or the reconvening of any adjourned or postponed meeting of shareholders, or the announcement thereof.
The Board of Directors noted that advance notice provisions adopted by Canadian companies over the past two years have continued to evolve, and having the intent of maintaining policies that meet the current standard of "best practices", reviewed and amended the policy to be consistent with such practices.
The Amended Policy is effective as of the date it was approved. The full text of the Policy is available via SEDAR at www.sedar.com.
About Enhanced Oil Resources Inc.
Enhanced Oil Resources Inc. is an early-stage company, with a principal goal of increasing crude oil and natural gas production through enhanced oil recovery and infill drilling projects it is initiating in the Permian Basin on oil fields acquired by the Company in 2007 and 2008 for that purpose.
ON BEHALF OF THE BOARD OF DIRECTORS
Andrew Hromyk, Director
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SOURCE Enhanced Oil Resources Inc.