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London Free Press: Special Reports: Onco Petroleum

ONCO PETROLEUM: London compnay's new board picks Peter Bilodeau to succeed Robert Vanier, who resigned last week
Windsor entrepreneur takes over helm
Hank Daniszewski
Sun Media

 
October 4, 2008  

Windsor businessperson Peter Bilodeau has taken over day-to-day operations at Onco Petroleum as the company's new chief executive.




Robert Vanier

Bilodeau became chairperson of the beleaguered London-based company after the resignation of Robert Vanier as chairperson and chief executive.

Vanier's wife, Terri Ramage, and two other directors also resigned last week.

Onco issued a release this week announcing Bilodeau has been confirmed as chairperson and chief executive by unanimous vote of the new five-member board of directors that took control last week.

The new board members also were named to audit, governance and compensation committees.

Bilodeau was reached yesterday in Calgary, where he had met with officials from KPMG who were completing a long-delayed audit for Onco.

Bilodeau said he's confident the new board and reorganization is getting the company back on track.

"We are starting to deal with issues that haven't been dealt with for months. It's been frustrating, but we are back on track," he said.

Exploration work at the company's oil and gas holdings near Port Alma in Chatham-Kent should resume soon, Bilodeau said.

Onco became a public company last November, trading at $5 a share.

When trading was halted in May because of Onco's failure to produce an annual report, the price had fallen to 15 cents a share.

Completing the audit and financial report for 2007 is critical to resuming public trading in Onco stock.

The stock will be delisted automatically from the CNQ exchange Nov. 1 if the financial reports are not completed, but Bilodeau said he hopes the deadline can be met.

Vanier and Ramage are still the company's principal shareholders.

Auditors are still trying to iron out a dispute over $17 million between Vanier and Ramage and Onco's two other former directors, Quebecers Richard Marc Lacasse and Berthe Lambert. The Quebec couple claimed the money was taken from company coffers without board authorization.

Bilodeau, who holds about one million Onco shares, is the owner of Speedy Money Network, a Windsor-based cheque-cashing and cash advance chain, and the Windsor franchise for Fastsigns, a retail signage chain.

Bilodeau, who holds an MBA from Dalhousie University, has a background in commercial banking with Scotiabank and also has worked in real estate appraisal.

Hank Daniszewski is a Free Press business reporter.



E-MAIL: Hank Daniszewski





Onco Petroleum

Windsor entrepreneur takes over helm (Oct. 4, 2008)
Windsor businessperson Peter Bilodeau has taken over day-to-day operations at Onco Petroleum as the company's new chief executive.

Crown withdraws fraud charge (Sep. 30, 2008)
"I wish I'd never met him and I am sure there are hundreds of others."

Vanier surrenders leadership of Onco (Sep. 26, 2008)
Embattled Robert Vanier is out as president of London-based Onco Petroleum Inc.

Onco shareholders' meeting pushed back again (Sep. 20, 2008)
It appears Onco Petroleum shareholders will have to wait at least another month for the special meeting they were expecting next week.

Questions about Vanier delay fraud trial verdict (Sep. 18, 2008)
OSHAWA -- Police concerns about the credibility of Onco Petroleum president Robert Vanier prompted prosecutors yesterday to seek and win another delay in a fraud trial here.

Truce in offing between directors as meeting delayed (Sep. 3, 2008)
It looks like a truce may be in the works in the struggle between the four remaining directors of troubled London-based Onco Petroleum.

Shareholder seeks fix (Aug. 21, 2008)
A Windsor businessperson says he's trying to play peacemaker between two warring couples battling for control of London-based Onco Petrol-eum.

Vanier slams 'sharks' for 'hostile takeover' bid (Aug. 9, 2008)
The head of an embattled London energy company lashed out yesterday at "huge sharks" in the industry and decried what he said appears to be a "hostile takeover."

Onco boss battles directors (Aug. 8, 2008)
Embattled Onco chief executive Robert Vanier yesterday called a shareholders' meeting for next month, just days after two company directors announced plans to oust him from his job.

Vanier remains in charge at Onco (Aug. 7, 2008)
Robert Vanier remains in charge at Onco Petroleum despite a takeover bid announced Tuesday by two independent directors.

Onco battle erupts (Aug. 6, 2008)
The last independent directors of London-based Onco Petroleum said yesterday they're seizing control, ousting chief executive Robert Vanier and his wife and accusing them of draining the company of $17.3 million.

Firm's latest office shows no signs of life (Jul. 31, 2008)
PORT ALMA -- Embattled London-based Onco Petroleum says it's consolidating its operations in a field office here, but the only signs of life at the office yesterday were three wild turkeys guarding the front door.

Vanier appears to be getting out of London (Jul. 29, 2008)
There are signs Onco Petroleum chief executive Robert Vanier is wrapping up his business operations in London.

Shareholder may salvage something out of Onco (Jul. 24, 2008)
A white knight may be about to emerge for shareholders of troubled Onco Petroleum.

Cease-trade order upheld (Jul. 16, 2008)
The Ontario Securities Commission has issued a permanent cease-trading order against Onco Petroleum shares after no one from the company showed up at a hearing in Toronto yesterday.

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