(TSX: AAV)
CALGARY,
AB, March 6, 2025 /CNW/ - Advantage
Energy Ltd. ("Advantage" or the "Corporation")
announces that effective today, two new independent members,
Messrs. Lawrence Massaro and
Daniel Farb, have been appointed to
the Board. The following is a brief biography of each of these new
directors.
Lawrence Massaro
Lawrence Massaro, known as Larry,
was the Chief Executive Officer of Silverado Oil & Gas LLC from
2019 to 2022. Prior thereto, Mr. Massaro was the Chief Financial
Officer and Executive Vice President of Newfield Exploration Co.
from 2011 to 2019. Prior to joining Newfield, Mr. Massaro was the
Head of Acquisitions and Divestitures at JP Morgan from 2005 to
2011. Mr. Massaro holds a Master of Business Administration from
Southern Methodist University and a
Bachelor of Science in Petroleum Engineering from Texas A&M University.
Daniel Farb
Daniel Farb is an experienced
investor and is currently the Managing Member of Mill Pond Capital.
He has worked with Mill Pond Capital since 2021 and Highfields
Capital from 2001 to 2021, where he was Managing Director from 2001
to 2019. Prior to Highfields Capital, he worked at Goldman, Sachs
& Co. in the Mergers & Acquisition and Principal Investment
Groups. Mr. Farb served as a director of Pharmacyte Biotech Inc. in
2022 and served as a director of MEG Energy Corp. from 2017 to
2018. Mr. Farb is a graduate from Harvard
Business School, where he was a Baker and Loeb Scholar and
holds a Bachelor of Commerce in Finance from McGill University.
In connection with the appointment of Messrs. Massaro and Farb,
Advantage has entered into an agreement (the "Agreement")
with Kimmeridge Energy Management Company, LLC
("Kimmeridge") under which Kimmeridge has agreed, among
other things, that it will vote its common shares in favor of
Advantage's directors at Advantage's upcoming annual general
meeting of shareholders (the "2025 AGM"). Messrs. Massaro
and Farb will also join the special committee of independent
directors of Advantage (the "Special Committee") announced
on February 28, 2025, and such
committee has been reconstituted to be comprised of Messrs.
Norman MacDonald (Chair),
David Smith, Lawrence Massaro and Daniel Farb. The Agreement also provides that
Advantage will include an additional independent director to be
nominated by Kimmeridge on the list of nominee directors to be set
forth in Advantage's management proxy circular for the 2025
AGM.
Mr. Norman MacDonald, Chair of
the Special Committee and the Governance and Sustainability
Committee of Advantage, stated "As part of the Advantage Board's
ongoing refreshment process, we welcome Messrs. Massaro and Farb to
the Advantage team."
Mark Viviano, Managing Partner at
Kimmeridge, said, "We believe that the appointment of Messrs.
Massaro and Farb and our forthcoming nomination of an additional
independent director for election to the Board at the 2025 AGM will
help position Advantage to maximize value for shareholders."
Advantage also announces that Ms. Janine
McArdle has retired from the Board. The Corporation is
grateful for Ms. McArdle's agreement to continue as an advisory
consultant to the Corporation on a six-month engagement ending
September 30, 2025, allowing
Advantage to continue to benefit from her extensive experience in
engineering, marketing, business development, finance and risk
management over such time period. The Board expresses their
gratitude to Ms. McArdle for her contributions, guidance and
leadership in her areas of expertise during her tenure as a
director.
The description of the terms of the Agreement contained herein
is a summary only and is qualified in its entirety by the terms of
the Agreement, which will be filed on Advantage's profile on SEDAR+
at www.sedarplus.ca on or before March 14,
2025.
Burnet, Duckworth & Palmer LLP acted for Advantage and
Norton Rose Fulbright Canada LLP acted for Kimmeridge with respect
to the Agreement.
Forward Looking Information Advisory
Statements in this document may contain forward-looking
statements or information within the meaning of applicable
securities laws. The reader is cautioned that assumptions used in
the preparation of such information may prove to be incorrect.
Events or circumstances may cause actual results to differ
materially from those predicted, as a result of numerous known and
unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Corporation. In addition, forward-looking
statements or information are based on a number of factors and
assumptions which have been used to develop such statements and
information but which may prove to be incorrect. Although the
Corporation believes that the expectations reflected in such
forward-looking statements or information are reasonable, undue
reliance should not be placed on forward-looking statements because
the Corporation can give no assurance that such expectations will
prove to be correct. The forward-looking statements contained in
this news release are made as at the date of this news release and
the Corporation does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws.
SOURCE Advantage Energy Ltd.
