New Nova Scotia Resources Ltd. Directors

Finance Minister Neil LeBlanc announced changes today to the board of Nova Scotia Resources Ltd., naming three Nova Scotians as directors of the provincially owned oil and gas company.

Appointed as directors are: Ed Cramm, deputy minister of the Department of Economic Development; Peter Wedlake, a Halifax accountant specializing in insolvency; and Jo-Anne Nozick, a Halifax lawyer with expertise in the oil and gas industry.

Cabinet approved the changes Thursday, and they took effect immediately.

"We wanted to increase the Nova Scotia representation on the board," said the finance minister. "We are examining the operation of every department and agency, and this gives us a board ready to take a fresh look at Nova Scotia Resources Ltd. -- from a Nova Scotian perspective."

Another appointment to the board will be made later.

No longer serving on the board are three Calgary-based oil and gas consultants: Wes Able of W. Able and Associates; Robert McLennan of R.E. McLennan and Associates; and David Powell. Halifax lawyer David Thompson has also left the board.

The directors serve "at pleasure" of cabinet and do not qualify for severance payment.

"The province appreciates the efforts of Mr. Able, Mr. McLennan, Mr. Powell and Mr. Thompson," said Mr. LeBlanc. "But at this point in time, we need directors with no fixed positions or commitment to previous policies."

As of Dec. 31, 1998, Nova Scotia Resources Ltd. had a shareholders' deficiency as a result of previous losses of $535.9 million. This amount is also carried on the books of the province as part of the net direct debt.