CALGARY,
AB, Oct. 24, 2024 /PRNewswire/
- Strathcona Resources Ltd. ("Strathcona" or the "Company")
(TSX: SCR) today announced the retirement of Rob Morgan as President and CEO, effective
October 31, 2024. "On behalf of the
board of directors, I would like to sincerely thank Rob for his
leadership at Strathcona,"
commented Adam Waterous,
Strathcona's Executive Chairman,
adding, "Over the past seven years, Rob has overseen Strathcona's transformation from a junior oil
company with approximately 17,000 barrels per day of production,
130 MMboe of proved plus probable reserves and fewer than 200
employees, into Canada's fifth
largest oil producer, growing production approximately 11-fold,
reserves 20-fold, and our employee base 4-fold. Rob has been a
first-class partner to Waterous Energy Fund from the beginning, and
we wish Rob all the best in his future."
Rob Morgan added, "It has been an
honour to help lead Strathcona
through a period of unprecedented growth, and I would like to thank
Strathcona's Board of Directors,
shareholders and employees for their faith and support the past
seven years. I am excited to hand the reigns to Strathcona's next generation of leaders, who I
am confident will take the company to new heights."
Going forward, Strathcona's
leadership structure will transition from a single, functionally
organized executive team working across Strathcona's entire asset base, to four
focused business units – SCR Cold Lake, SCR Lloydminster Thermal,
SCR Lloydminster Conventional, and SCR Montney – each with their
own President and accompanying management team. Each President will
have significant autonomy over all aspects of day-to-day operations
and in turn will be directly accountable for their unit's
performance. Higher-level capital allocation decisions, business
development, finance, accounting and other limited corporate
services will remain at Strathcona's corporate level.
As part of this new structure, Strathcona is pleased to announce the
following management changes:
- Appointment of Dale
Babiak as Chief Operating Officer (COO). Mr. Babiak
joined Strathcona in 2020, most
recently served as VP Production Operations, and has more than 35
years of industry experience.
- Appointment of Connie De
Ciancio as Chief Commercial Officer (CCO). Ms. De
Ciancio joined a predecessor to Strathcona in 2017, most recently served as VP
Corporate, and has more than 25 years of industry experience.
- Appointment of Kim Chiu
as President of SCR Cold Lake. Mr. Chiu joined Strathcona in 2021, most recently served as
Development Manager for Cold Lake,
and has more than 25 years of industry experience.
- Appointment of Al Grabas
as President of SCR Montney. Mr. Grabas joined a predecessor to
Strathcona in 2017, most recently
served as VP Capital Operations, and has more than 25 years of
industry experience.
- Appointment of Seamus
Murphy as President of SCR Lloydminster Conventional.
Mr. Murphy joined a predecessor to Strathcona in 2015, most recently served as
Operations Manager for Lloydminster Conventional, and has more than
25 years of industry experience.
- Appointment of Ryan Tracy
as President of SCR Lloydminster Thermal. Mr. Tracy joined
Strathcona in 2022, most recently
served as Production Manager for Cold
Lake and Lloydminster Thermal, and has more than 15 years of
industry experience.
- Connor Waterous will remain as
Chief Financial Officer, and Scott
Seipert will assume the role of Senior Vice-President of
Finance.
Each President will report to Strathcona's CFO, CCO and COO, with
Adam Waterous continuing to lead
Strathcona as Executive
Chairman. Commenting on the new appointments, Adam Waterous said, "Today's organizational
changes are a logical evolution for Strathcona. While Strathcona has grown significantly in recent
years, our aim is to maintain the same mindset we had as a
start-up: lean, focused and accountable for our performance.
Strathcona's Board of Directors
and I have the utmost confidence in each of Strathcona's new leaders, and we look forward
to supporting them in their new roles."
Following his retirement, Rob
Morgan will step down from Strathcona's Board of Directors and will be
replaced by David Roosth, Managing
Director of Waterous Energy Fund.
About Strathcona
Strathcona is one of
North America's fastest growing
oil and gas producers with operations focused on thermal oil,
enhanced oil recovery and liquids-rich natural gas. Strathcona is built on an innovative approach
to growth achieved through the consolidation and development of
long-life oil and gas assets. Strathcona's common shares (symbol SCR) are
listed on the Toronto Stock Exchange (TSX).
For more information about Strathcona, visit
www.strathconaresources.com.
Presentation of Oil and Gas Information
Strathcona's reserves presented
in this press release have been evaluated in accordance with
Canadian reserve evaluation standards under National Instrument
51-101 – Standards of Disclosure for Oil and Gas Activities
by independent petroleum consultants.
This press release contains reference to the abbreviation "boe"
which means barrels of oil equivalent. All boe conversions in this
press release are derived by converting gas to oil at the ratio of
six thousand cubic feet ("mcf") of natural gas to one barrel
("bbl") of crude oil. Boe may be misleading, particularly if used
in isolation. A boe conversion rate of 1 bbl : 6 mcf is based on an
energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. Given that the value ratio of oil compared to natural gas
based on currently prevailing prices is significantly different
than the energy equivalency ratio of 1 bbl : 6 mcf, utilizing a
conversion ratio of 1 bbl : 6 mcf may be misleading as an
indication of value.
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SOURCE Strathcona Resources Ltd.
