CALGARY, Alberta, April 06, 2021 (GLOBE NEWSWIRE) — Distinction Energy Corp. (“Distinction” or the “Company”) announces that, effective April 5, 2021 and pursuant to previously disclosed plans to rebuild Distinction from last year’s CCAA process, the executive officers of the Company have been reconstituted as follows:
- Mr. Timothy Schneider has resigned as President and Chief Executive Officer and Mr. Patrick Carlson has been appointed President and Chief Executive Officer of the Company in his place. Mr. Carlson has over 45 years of experience in oil and gas as a successful executive and entrepreneur previously building four companies, including Seven Generations, with a continued focus on technology and ESG leadership;
- Mr. Peter Eric Gallie has resigned as Chief Financial Officer and Mr. Jakub Brogowski has been appointed Chief Financial Officer of the Company in his place. Mr. Brogowski has approximately 18 years of experience across corporate executive leadership, investment banking and advisory in oil and gas industry including 8 years of investment banking advisory experience in London, UK;
- Mr. Glen Nevokshonoff has been appointed Chief Operating Officer of the Company. Mr. Nevokshonoff has over 20 years of experience as a resource-trained geologist including serving as COO of Seven Generations where he helped the company grow from zero to more than 1 Bcfe per day of production in 8 years; and
- Mr. Josef Hocher has resigned as Corporate Secretary and Mr. Marcus Archer has been appointed Corporate Secretary of the Company in his place. Mr. Archer has over 20 years’ experience practicing corporate finance, M&A and general corporate law and has spent his entire career at Norton Rose Fulbright Canada LLP and its predecessor.
The current membership of the board of directors of Distinction remains unchanged.
Pat Carlson said, “We very much appreciate the work of Tim, Eric and Josef in their financial and legal management to bring a new future to the first-class assets owned by Distinction. The responsibility has been passed to the new team to bring forward stakeholder benefits.”
About Distinction Energy Corp.
Distinction Energy Corp. is a leading junior oil and gas company focussed on liquids-rich natural gas produced primarily from the Montney formation. The Company achieved very attractive drilling results last year through the further development of its high quality Montney property, uniquely positioned in the Bigstone region of northwest Alberta. Distinction also continues to grow its strong Bigstone land position with its recently announced commitment to participate as to 50% in liquids-rich natural gas producing assets in the Simonette area of northwest Alberta. As of the end of 2020, these assets were estimated to be producing approximately 10,000 barrels of oil equivalent per day, weighted 43 percent to liquids, including associated infrastructure and additional assets in the Willesden Green and Ferrier areas of Alberta. Distinction is headquartered in Calgary, Alberta.
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President & CEO
The use of the barrel of oil equivalent (boe) measurement may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf of natural gas to 1 barrel of oil is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.