– CANADA, Calgary – Delphi Energy Corp. (TSX: DEE) today announced the completion of the restructuring and that, effective October 16, 2020:
- David J. Reid, having founded the Company in 2003, has elected to retire as President and CEO, and has resigned from the Board of Directors. Mr. Reid will continue to provide advisory services to the Company.
- Timothy Schneider has been appointed President, CEO, and Chairman.
- P. Eric Gallie has been appointed CFO.
- Kevin Brown and Pat Carlson, each a nominee of KRC, have joined as directors.
Timothy Schneider, President, and CEO commented: “We are pleased with the outcome of the CCAA proceedings and grateful for the support of Delphi’s employees who remained dedicated to fulfilling their responsibilities despite the arduous restructuring process and strains of the COVID-19 pandemic. The Company will emerge from CCAA stronger and more sustainable, supported by over $70 million of capital and liquidity secured by the Company from KRC, ATB Financial and the Plan sponsors Luminus Energy, Concise, and Stornoway. The last several years have been difficult for the Canadian energy industry but there remains a bright future. The entities that will lead the resurgence of Alberta’s oil and gas sector will be the participants with purposeful, focused mandates committed to capital structures optimized for sustainability through the cycle, disciplined capital allocation, rigorous cost management, and a willingness to improve operational efficiency via the thoughtful implementation of innovative solutions.”
About Timothy Schneider
Mr. Schneider has spent 15+ years focused exclusively on the energy sector. During that time he has worked for various financial firms spanning investment banking, private equity, venture capital, and several public investing platforms. Most recently as the Head of E&P Investments at Luminus where he manages the firm’s upstream investment team/portfolio. Mr. Schneider grew up in rural Alberta, received a Bachelor of Arts degree from Middlebury College with a major in Economics, and has been a director of Delphi since September 2019.
About Eric Gallie
Mr. Gallie works as a Senior Analyst in Luminus’ upstream investment team and has over 10 years’ experience in the energy sector for various financial firms spanning industry, investment banking, and public investing platforms. Mr. Gallie holds a Bachelor of Commerce degree from the University of Lethbridge with a major in Finance. Mr. Gallie has been a director of Delphi since September 2019.
About Kevin Brown
Mr. Brown is Co-Chair and Director of ARC Financial Corp. and a board member of KRC. He is also the Chair of ARC’s Investment and Governance Committees and is a member of ARC’s Executive Committee. In addition to KRC, Mr. Brown currently represents ARC on the board of KANATA Energy Group Ltd. Mr. Brown joined ARC when it was founded in 1989 and has accumulated over 30 years of energy-related finance, investment research, corporate strategy, and direct investment experience. Mr. Brown holds a Master of Economics and a Bachelor of Science in Chemical Engineering from the University of Alberta.
About Pat Carlson
Mr. Carlson is the CEO of KRC. Prior to this role, Mr. Carlson was the founding CEO and Director of Seven Generations Energy Ltd. a company that he led through its IPO in 2014. Before that, Mr. Carlson was the founding CEO and Director of North American Oil Sands Corporation. Mr. Carlson holds a BSc in Chemical Engineering from the University of Calgary (1975). Mr. Carlson is a Professional Engineer and he has recently been appointed to the executive of the Calgary branch of the Institute of Corporate Directors.
About Delphi Energy Corp.
Delphi Energy Corp. is a junior E&P producer of liquids-rich natural gas continued under the CBCA. The Company has achieved strong operational results through the development of its high-quality Montney property, uniquely positioned in the deep basin of northwest Alberta. Delphi is headquartered in Calgary, Alberta.
For more information: http://www.delphienergy.ca/
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.
