Cordex Petroleums

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In 1999 "CORDEX Petroleums Inc. (CZX.A) said five more directors have resigned, including Maurice Strong, who was named interim chairman Jan. 27.

"In a news release, CORDEX said the resignations of Maurice Strong, Nordine Ait-Laoussine, Wilbert Hopper, Keith Huff and William Turner follow those of Ralph Wilkerson and Dan Gish in connection with the company's sale of assets to Gener S.A. in December 1998.

"CORDEX said president and chief executive Fred Strong is the sole remaining director of the company, which filed for bankruptcy protection March 8.

"Fred Strong continues to pursue court protection and related legal remedies available under insolvency legislation in both Canada and the U.S.

"CORDEX is an oil and gas company." [1]

"The Globe and Mail reports in its Wednesday, August 5, 1998 edition that Cordex Petroleum plans to pay Canadian diplomat Maurice Strong $200,000 (U.S.) for negotiating the sale of most of its assets. The Globe's Paul Waldie writes that Mr. Strong is chairman of Cordex and his son, Frederick, also sits on the board. Mr. Strong, with a 17.3 per cent interest, is Cordex's largest shareholder. The fee is more than the 1997 salary of every Cordex executive, including CEO Ralph Wilkerson." [2]

In 1997: "Chile's Empresa Nacional del Petroleo (ENAP) will sign a $15mm deal with Canada's Cordex Petroleum to carry out oil exploration in the far southern Straits of Magellan. The agreement to explore an area known as Bloque Fell will last for 35 years. If the companies find commercially viable oil or natural gas fields, they will be exploited by a joint venture owned 55 percent by Codex with the rest held by ENAP. Chile's only known oil and natural gas reserves are found in the icy straits which lie close to Cape Horn. ENAP recently signed a pact with U.S. company Evergreen Resources to explore for oil in the northern Atacama Desert." [3]

In 1999 "A new subsidiary, OilGener, created by Chilean electricity producer Gener, will manage the Argentine and Chilean oil and gas concessions that Gener recently acquired from Canada's Cordex Petroleum. OilGener will be run from Buenos Aires, with a technical office in Denver, CO."

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  1. CORDEX Petroleum Directors Resign; Only Fred Strong Left, Dow Jones Business News, 19 March 1999.
  2. Cordex Petroleums Inc - Globe says Maurice Strong paid $200,000 on asset sale, Canada Stockwatch, 5 August 1998.
  3. International News: Cordex To Explore Straits Of Magellan, Energy Alert, April 30, 1997.