TULSA, Okla., Sept. 7 /PRNewswire-FirstCall/ -- On Sept. 6, 2006, the Board of Directors of Apco Argentina Inc. approved a 17 percent increase in its quarterly dividend, to 35 cents per share from the 30 cents per share paid in each of the previous two quarters. The third quarter dividend is payable on Oct. 27, 2006, to shareholders of record at the close of business Oct. 17, 2006.
In accord with the articles of association of the company, the terms of two directors, Robert J. LaFortune and Randall L. Barnard, expired at the annual general meeting held on Sept. 6, 2006. During the meeting, shareholders re-elected LaFortune, and elected Rodney J. Sailor to fill the vacancy created by Barnard's retirement from office. Sailor also serves as vice president and treasurer of The Williams Companies.
Shareholders also approved a special resolution to amend the company's memorandum of association and articles of association, allowing the company the ability to repurchase its shares.
Additionally, shareholders approved the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2006.
About Apco
Apco is an oil and gas exploration and production company with interests in six oil and gas concessions and one exploration permit in Argentina. Its principal business is a 52.79 percent participation in a joint venture engaged in the exploration, production and development of oil and gas in the Entre Lomas concession located in the provinces of Rio Negro and Neuquen in southwest Argentina.
Portions of this document may constitute "forward-looking statements" as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the "safe harbor" protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company's annual and quarterly reports filed with the Securities and Exchange Commission.
