Ron Clark has tendered his resignation as President and CEO of SaskEnergy, effective July 16th, 2004.

"Mr. Clark has tendered his resignation and we have accepted it," Crown Investments Corporation (CIC) President Tom Waller said.

"On behalf of the Government of Saskatchewan, I want to thank Mr. Clark for his 12 years of service, including two years as Deputy Minister to the Premier and the past 10 years as President of SaskEnergy," Waller said. "During his tenure, SaskEnergy has expanded and enhanced its services in Saskatchewan, it has consistently been profitable, and it has provided Saskatchewan people with natural gas rates that were among the lowest in Canada."

Clark has been on leave since June 21st while the auditing firm Deloitte and Touche conducted a review of SaskEnergy's policies regarding executive compensation and benefits.

"The review found irregularities regarding the implementation and use of some policies," Waller said. "As CEO, Mr. Clark has accepted full responsibility for those irregularities."

Dean Reeve, who has been Acting President and CEO of SaskEnergy, will continue in that role until a permanent replacement for Mr. Clark is named. The SaskEnergy board of directors intends to begin a search immediately. It hopes to complete that process by the end of September.

For More Information, Contact:

Tom Waller
Crown Investments Corporation
Regina
Phone: (306) 787-4554

Additional Information