HDY.L Regulatory News (HDY)

27 Oct 2008 07:00

For immediate release 27 October 2008

Hardy Oil and Gas plc

("Hardy" or "the Company")

Board Appointment

Hardy Appoints Ian Bruce FCA as Independent Non-Executive Director

Hardy Oil and Gas plc (LSE: HDY) the exploration and production company with assets in India and Nigeria, is pleased to announce the appointment of Ian Bruce, FCA as an Independent Non-Executive Director of Hardy, effective 24 October 2008. 

Mr. Bruce is currently the Chief Executive Officer of Peters & Co. Limited, an independent, fully integrated investment dealer in the Canadian energy sector. Mr. Bruce spent six years with a major Canadian chartered accountancy firm prior to starting in the investment business in 1983. He joined Peters & Co. Limited in 1998, following senior roles with RBC Dominion Securities (1985-1994) and Scotia Capital Markets (1994-1998). Mr. Bruce is currently Vice Chair and Director of the Investment Industry Association of Canada (2006), has been Past Chairman, Director and Executive Committee Member of Alberta Children's Hospital Foundation (1989 to 2004), and Past Director and Executive Committee Member of the Investment Dealers Association of Canada.  

Mr. Bruce holds an undergraduate degree from Queen's University; an MBA from the Richard Ivey School of Business at the University of Western Ontario; and the designations of  Chartered Accountant, Chartered Business Valuator and CF (Corporate Finance Qualification). In 2004, he became a Fellow of the Chartered Accountants of Canada.

In addition to serving on the board of directors of Hardy, Mr. Bruce will serve on the Company's Audit Committee.

Commenting on Mr Bruce's appointment, Mr E. P. Mortimer, Chairman of Hardy said: 

"We are delighted to welcome Ian to the Board of Hardy. His extensive experience in the capital markets and the energy sector will be invaluable as Hardy continues to expand its exploration and production programmes and grows its asset base in India and Nigeria" 

For further information please contact: 

Additional Information:

Mr. Bruce was a director of Taylor NGL Limited Partnership from 1996 to January 2008. Limited Partnership units were publicly traded on the Toronto Stock Exchange.

Mr. Bruce currently holds 314,459 ordinary shares and controls a further 11,145 ordinary shares of Hardy on behalf of his children.

In addition, as part of Mr Bruce's remuneration package, the Company has issued 20,182 ordinary shares of at a price of £2.4775 per share. Such ordinary shares are held in escrow and will be released to Ian Bruce after three years (subject to acceleration in certain circumstances), provided he remains a director of the Company for a period of three years. Accordingly, Mr Bruce has interest in 345,786 ordinary shares of the Company.

There is no other information to be provided in accordance with paragraph 9.6.13 of the Listing Rules.