CALGARY, Ala., Oct. 24, 2024 /PRNewswire/ – Strathcona Resources, Inc. (“Strathcona” or the “Company”) (TSX:SCR) today announced that Rob Morgan will serve as President and CEO, effective October 31, 2024. announced his resignation as CEO. Adam Waterlas, Strathcona’s Executive Chairman, commented: “On behalf of the Board of Directors, I would like to sincerely thank Rob for his leadership at Strathcona.” He has overseen the transformation of the With production of approximately 17,000 barrels per day, proven and probable reserves of 130 MMboe, and less than 200 employees, it is Canada’s fifth largest oil producer, with approximately 11 times more production and 20 times more reserves. , the number of employees has increased fourfold. He has been a premier partner at Waterous Energy Fund since its inception and we wish Rob the best of luck in the future. ”
Rob Morgan added: “It has been a privilege to help lead Strathcona through a period of unprecedented growth and I would like to thank Strathcona’s board, shareholders and employees for their trust and support over the past seven years. I think so,” he added. I am confident that Strathcona’s next generation of leaders will take the reigns and that they will take the company to new heights. ”
Going forward, Strathcona’s leadership structure will shift from a single management team functionally organized across Strathcona’s asset base to four focused business units: SCR Cold Lake, SCR Lloydminster Thermal, SCR Lloydminster Conventional, and SCR Montney. Each company will have a new president. and associated management. Each president has significant autonomy over all aspects of day-to-day operations and, as a result, is directly responsible for the performance of the unit. 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 organization, Strathcona is pleased to announce the following leadership changes.
Named Dale Babiak as Chief Operating Officer (COO). Mr. Babiak joined Strathcona in 2020, most recently serving as Vice President of Production Operations, and has more than 35 years of experience in the industry. Appointed Connie De Ciancio as Chief Commercial Officer (CCO). Mr. De Ciancio joined Strathcona’s predecessor company in 2017, most recently serving as corporate vice president, and has more than 25 years of experience in the industry. Appointed Kim Chiu as president of SCR Cold Lake. Mr. Chiu joined Strathcona in 2021, most recently serving as Development Manager for Cold Lake, and has over 25 years of experience in the industry. Appoints Al Gravas as president of SCR Montney. Mr. Grabas joined Strathcona’s predecessor company in 2017, most recently serving as Vice President of Capital Operations, and has more than 25 years of experience in the industry. Seamus Murphy appointed as Managing Director of SCR Lloydminster Conventional. Mr Murphy joined Strathcona’s predecessor company in 2015, most recently as Operations Manager at Lloydminster Conventional, and has more than 25 years’ experience in the industry. Ryan Tracy appointed as president of SCR Lloydminster Thermal. Tracey joined Strathcona in 2022 and has more than 15 years of experience in the industry, most recently as Production Manager for Cold Lake and Lloydminster Thermal. Connor Waterlas will remain chief financial officer and Scott Cypert will become 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 Waterlas said: “Today’s organizational changes are a logical evolution for Strathcona. Strathcona has grown significantly in recent years, but our goal is to maintain the same mindset as when we were a start-up: Lean and focused, I am accountable for the performance of Strathcona’s Board of Directors and I have great confidence in each of Strathcona’s new leaders and am committed to supporting them in their new roles. looking forward to it.”
Following Rob Morgan’s retirement, he will step down from Strathcona’s board and be replaced by David Roos, Managing Director of Waters Energy Fund.
About Strathcona
Strathcona is one of the fastest growing oil and gas production companies in North America, 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 integration 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, please visit www.strathconaresources.com.
Introduction of oil and gas information
Strathcona’s reserves described in this press release have been evaluated by independent petroleum consultants in accordance with the Canadian Reserve Evaluation Standards under National Instrument 51-101 – Standards for Disclosure of Oil and Gas Activities.
This press release contains reference to the abbreviation “boe,” meaning barrels of oil equivalent. All BOE conversions in this press release are derived by converting gas to oil at a ratio of 6,000 cubic feet (“mcf”) of natural gas to 1 barrel (“bbl”) of crude oil. Boe can be misleading, especially when used alone. The BOE conversion rate of 1 bbl : 6 mcf is primarily based on the energy equivalent conversion method applied at the burner tip and does not represent the equivalent value at the wellhead. Using a conversion ratio of 1 bbl : 6 mcf is misleading as a value indicator, given that the value ratio of oil and natural gas based on current prevailing prices is significantly different from the energy equivalent ratio of 1 bbl : 6 mcf. may lead to.
SOURCE Strathcona Resources Ltd.
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