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Bahamas Petroleum Announces Directorate Changes

Source: 4/3/2012, Location: Europe

Bahamas Petroleum is pleased to announce the appointment of a Non-Executive Director to the board of the Company. Ross McDonald is based in The Bahamas and will join the Board with immediate effect. Dursley Stott, a current non-executive Director, has informed the Board that for personal reasons he wishes to stand down from his position at the end of this month.

Ross McDonald (aged 59) served 35 years with Royal Bank of Canada (RBC) and was most recently Senior Vice President & Head of Caribbean Banking for RBC. Until his recent retirement, and since 2003, Ross led RBC's commercial and retail banking operations throughout the Caribbean and was instrumental in the acquisition of Royal Bank of Trinidad and Tobago (RBTT), which expanded RBC's operations to 19 countries and territories across the region and established it as the second largest commercial bank in the Caribbean. Ross is currently a director of RBC Financial (Caribbean) Limited, RBC's group holding company in the Caribbean, RBC Royal Bank (Bahamas) Limited, RBC's commercial bank in the Bahamas, RBC FINCO, which is a public company, and RBC's mortgage banking company in the Bahamas and RBC Royal Bank (Cayman) Limited, RBC's commercial bank in the Cayman Islands. He also serves as a director of Royal Fidelity Merchant Bank & Trust which provides investment and corporate advisory services in the Bahamas and Barbados.

Adrian Collins, Non-Executive Chairman of Bahamas Petroleum, said: "We are very pleased to welcome Ross to the Board and believe that the Company is very fortunate to add an individual with such a breadth of local institutional knowledge, business insight and expertise to the Company. Being able to operate effectively in The Bahamas will be core to the future success of the Bahamas Petroleum enterprise, and having a director who has spent such a considerable proportion of his working life being successful and respected in The Bahamas business community on the Board is, in our view, crucial to its success.

"I would also like to take this opportunity to thank Dursley Stott for all of his help and guidance to the Company over recent years and all of us wish him all the best in his future endeavours."

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