CALGARY,
AB, July 22, 2022 /CNW/ - Bonterra Energy
Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the
"Company") today announced that Mr. George
Fink will be retiring as President & CEO of the Company
as of September 6, 2022. Mr. Fink
will remain on the Company's Board of Directors.
Mr. Patrick Oliver will be
succeeding Mr. Fink as President & Chief Executive Officer and
will be joining the Company's Board of Directors as of that
date.
Bonterra was founded in 1998 as a spin out from Comaplex
Resources Corp., the gold mining company that Mr. George Fink founded, developed and ultimately
sold to Agnico-Eagle Mines Limited in 2010. Bonterra had an initial
capitalization of $3 million and
quickly developed into one of the first dividend paying oil and gas
companies in Canada. The Company
distributed over $1.15 billion in
dividends between 1998 and the first quarter of 2020.
Mr. Fink has been the President & CEO since the Company's
inception in 1998 and was the Chair of the Board until March 2021. He is the largest single shareholder
in Bonterra (14%) and has been critically important in building and
maintaining the longstanding retail shareholder base that makes the
Company somewhat unique in the sector. Mr. Fink has indicated that
he does not intend to reduce his share ownership interest in the
Company at the present time.
Mr. Oliver has 35+ years of experience in the Western Canada upstream oil and gas sector
with a proven track record in the leadership of several companies
from start-up to successful sale. Over the past 20 years, he was
involved as CFO and later CEO in the development and ultimate sale
of four privately owned Birchill companies. Mr. Oliver graduated
from the University of Calgary with a
B.Comm. degree (Accounting Major) in 1986 and earned his
designation as a Chartered Accountant in Alberta in 1989.
Michael Stewart, Chair of the
Board of Directors of Bonterra, commented on behalf of the Board:
"George Fink is recognized in the
Western Canadian oil patch as a visionary. He is also a very gentle
and generous individual. Bonterra is his greatest legacy and his
role in the active management of the Company will be missed. The
Board appreciates and thanks George for his efforts and support on
the CEO transition, and we look forward to working with him on the
Board going forward."
Mr. Fink stated that he will assist in anyway he can with the
transition to Mr. Oliver.
Mr. Stewart also said: "We are delighted to have Patrick Oliver join the Company and the Board,
and take Bonterra forward as President & CEO. We believe his
skill set and experience will complement and enhance those of the
existing management team."
Bonterra Energy Corp. is a conventional oil and gas corporation
with operations in Alberta,
Saskatchewan and British Columbia, focused on value creation
for shareholders. The recent improvement in commodity price levels
is facilitating deleveraging of the Company. Once Bonterra's debt
and leverage objectives have been met, Bonterra intends to return
to a sustainable growth/return of capital to shareholders
strategy. The Company's shares are listed on The Toronto Stock
Exchange under the symbol "BNE".
Forward Looking Information
Certain statements contained in this release include statements
which contain words such as "intends" and similar expressions,
relating to matters that are not historical facts, and such
statements of our beliefs, intentions and expectations about
development, results and events which will or may occur in the
future, constitute "forward-looking information" within the meaning
of applicable Canadian securities legislation and are based on
certain assumptions and analysis made by us derived from our
experience and perceptions.
Such forward-looking information is based on certain assumptions
and analyses made by us in light of our experience and perception
of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
in the circumstances. The risks, uncertainties, and assumptions are
difficult to predict and may affect operations, and may include,
without limitation: foreign exchange fluctuations; equipment and
labour shortages and inflationary costs; general economic
conditions; industry conditions; changes in applicable
environmental, taxation and other laws and regulations as well as
how such laws and regulations are interpreted and enforced; the
ability of oil and natural gas companies to raise capital or
maintain its syndicated bank facility; the effect of weather
conditions on operations and facilities; the existence of operating
risks; volatility of oil and natural gas prices; oil and gas
product supply and demand; risks inherent in the ability to
generate sufficient cash flow from operations to meet current and
future obligations; increased competition; stock market volatility;
opportunities available to or pursued by us; and other factors,
many of which are beyond our control.
Actual results, performance or achievements could differ
materially from those expressed in, or implied by, this
forward-looking information and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
information will transpire or occur, or if any of them do, what
benefits will be derived there from. Except as required by law,
Bonterra disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise.
The forward-looking information contained herein is expressly
qualified by this cautionary statement.
The TSX does not accept responsibility for the accuracy of
this release.
SOURCE Bonterra Energy Corp.
