CALGARY,
AB, Sept. 3, 2024 /CNW/ -Bonterra Energy Corp.
(TSX: BNE) ("Bonterra" or the "Company") today announced that Mr.
Robb Thompson, Chief Financial
Officer and Corporate Secretary of Bonterra, will retire from the
Company effective October 31, 2024 after a
distinguished 13 year tenure, with Mr. Scott Johnston assuming the CFO role effective
September 3, 2024. Mr. Thompson will work
alongside Mr. Johnston to support a seamless transition through
September and October.
Mr. Thompson joined Bonterra in 2011 and throughout his tenure,
was instrumental in the Company's strategic planning, debt
reduction focus, and prudent financial management. Accountable for
Bonterra's finance, treasury, accounting, tax, risk management and
investor relations, he provided sound stewardship during tumultuous
market conditions, a stable presence through board and leadership
changes, and was a key contributor to the Company's recent
corporate evolution that has positioned Bonterra for future
growth.
"Robb's long-standing commitment to the Company is clearly
reflected by the significant impact he made on
Bonterra – both from a corporate perspective, but
also across various external and internal stakeholder groups. He
has earned the confidence, trust and respect of those working
alongside him, and the Board acknowledges and appreciates the
legacy he has built within the industry," said Michael Stewart, Chair of Bonterra's Board. "We
sincerely thank Robb for his significant contributions over the
years and wish him all the best."
Mr. Johnston is a proven leader in the energy industry, bringing
over 18 years of finance, capital markets and engineering
experience. He most recently served as a partner at
Peters & Co. Limited, a highly regarded,
Calgary-based independent energy
focused investment bank, holding the title Principal, Corporate
Finance in the firm's investment banking division, where he led
inter-disciplinary professional teams. Previously, he held roles of
increasing seniority in the A&D advisory arm of a bank-owned
investment dealer. Before transitioning to the capital markets, Mr.
Johnston started his career in the E&P industry as an
engineer working on reservoir, production and completions within
several leading energy companies. He earned a Bachelor of Science
degree in Chemical Engineering from the Schulich School of
Engineering at the University of
Calgary and holds a Professional Engineering (P. Eng.)
designation.
Patrick Oliver, Bonterra's
President and CEO, commented, "We are extremely pleased to have
Scott assume the role of CFO as we enter the next era of Bonterra's
evolution and continued growth. His unique blend of corporate
finance, capital markets and operational experience are underpinned
by a commitment to innovation and excellent communication skills. I
believe Scott will be an integral addition to our leadership team,
maintaining Bonterra's financial strength, risk management and
prudent capital allocation as we continue to develop our Cardium,
Charlie Lake and Montney assets, with the ultimate goal of
implementing a return of capital model."
Complementing the CFO transition are two additional leadership
promotions within Bonterra, including the appointment of Mr.
Brad Hetlinger to Vice President
Finance, and Mr. Joe Swift to Vice
President, Land.
A CPA, CA, Mr. Hetlinger has been a trusted member of the
Bonterra team for nearly 18 years. He brings solid financial
expertise to the new role of Vice President, Finance, including
extensive knowledge of Bonterra's operations, capital structure and
financial landscape, and a deep understanding of the oil and gas
industry. During his tenure, Mr. Hetlinger has held progressively
more senior roles, most recently serving as the Company's Corporate
Controller focused on financial reporting, regulatory compliance,
and strategic financial planning. As a talented and experienced
executive, he will continue to build a strong foundation for future
growth at Bonterra.
Mr. Swift is a professional Landman bringing over 20 years of
diverse Canadian oil and gas experience to his new role of Vice
President, Land. He joined Bonterra as Land Manager in 2012 and
specializes in land, business strategy, A&D, negotiations,
midstream and commercial solutions. Mr. Swift has played a key role
in Bonterra's recent land and asset acquisitions that have
culminated in the Company's current asset base, comprised of
Cardium production, complemented by Charlie Lake and Montney development. He holds a B. Comm
(Petroleum Land Management) from the Haskayne School of Business,
is an active member of the Canadian Association of Petroleum
Landmen (CAPL) and the Petroleum Acquisition & Divestment
Association (PADA).
"Brad has been a cornerstone of our finance team for many years
and has worked closely with Robb to fully prepare for his new
responsibilities," said CEO Patrick
Oliver. "Further, we are excited to congratulate Joe on his
new role as VP Land, a title well-deserved given the wealth of his
energy industry experience and diverse skill set. I am excited
about the group of professionals Bonterra has assembled and look
forward to working alongside such a high-caliber management team as
we continue to execute on our strategy."
About Bonterra
Bonterra Energy Corp. is a conventional oil and gas corporation
forging a grounded path forward for Canadian energy. Operations
include a large, concentrated land position in Alberta's Pembina Cardium, one of Canada's largest oil plays. Bonterra's
liquids-weighted Cardium production provides a foundation for
implementing a return of capital strategy over time, which is
focused on generating long-term, sustainable growth and value
creation for shareholders. Emerging Charlie Lake and Montney exploration opportunities are expected
to provide enhanced optionality and an expanded potential
development runway for the future. Our shares are listed on the
Toronto Stock Exchange under the symbol "BNE" and we invite
stakeholders to follow us on LinkedIn and X (formerly Twitter) for
ongoing updates and developments.
Cautionary Statements
Forward Looking Information
Certain statements contained in this release include statements
which contain words such as "anticipate", "could", "should",
"expect", "seek", "may", "intend", "likely", "will", "believe" 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. Forward-looking
information in this release includes, but is not limited to:
estimated production; cash flow sensitivity to commodity price
variables; earnings sensitivity to interest rates; abandonment and
reclamation activities and targets; expected cash provided by
continuing operations; return of capital strategy; future capital
expenditures, including the amount and nature thereof; oil and
natural gas prices and demand; expansion and other development
trends of the oil and gas industry; business strategy and outlook;
expansion and growth of our business and operations; maintenance of
existing customer, supplier and partner relationships; supply
channels; accounting policies; and other such matters.
All 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 may limit growth or operations within
the oil and gas industry; the impact of climate-related financial
disclosures on financial results; the ability of the Company to
raise capital, maintain its syndicated bank facility and refinance
indebtedness upon maturity; 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; credit
risks; climate change risks; cyber security; opportunities
available to or pursued by us; and other factors, many of
which are beyond our control. The foregoing factors are not
exhaustive.
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 therefrom. 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.
