Board members refused to identify or pay for personal calls despite signing an agreement to say that they would The report added: 'This highlights the difficulties faced by officers in trying to enforce financial probity at APPL.
The inquiry found a tendency to over-order food for APPL board meetings.
is a strategic portfolio asset to both Caltex and Caltex Petroleum Corp.
American is proceeding with plans to develop the properties held by the APPL
Programs and to pursue other opportunities which have been identified by the operating teams.
4 million BOE (barrels of oil equivalent) of proved reserves and $18 million of notes held by the APPL investors.
Commenting on the transactions, Mark Andrews, Chairman and CEO said, "The acquisition of APPL Program interests completed to date and the additional acquisitions which will be completed upon shareholder approval represent a strategic milestone for American Exploration.
Commenting on the acquisitions, Mark Andrews, Chairman and CEO of American, said, "This is an important step towards our objective of consolidating our APPL programs.
The issuance of the balance of the shares to be used in the APPL consolidation will require shareholder approval and the Company intends to call a special shareholders meeting.