CALGARY,
AB, April 17, 2023 /CNW/ - Bonterra Energy
Corp. (www.bonterraenergy.com) (TSX: BNE) ("Bonterra" or the
"Company") today announces that the Company's founder, former CEO,
and current Director, George F.
Fink, will not stand for re-election at Bonterra's upcoming
Annual and Special Meeting of Shareholders (the "AGM") on
May 18, 2023.
The Board has conferred on Mr. Fink the honorary title of
Director Emeritus, which will take effect immediately following his
formal retirement from the Board. The Board will continue to
benefit from Mr. Fink's insight, advice and guidance in his
capacity as Director Emeritus, however, he will not be voting on
Board matters nor will he receive compensation therefor. Mr. Fink
continues to be the largest shareholder of the Company.
A Storied Career
Bonterra was founded in 1998 as a spin out from Comaplex
Resources Corp., a gold mining company that Mr. Fink was
significantly involved with in the 1980s. Since then, he served as
President, CEO and a Director of Bonterra until his retirement in
September of 2022, at which time he was succeeded as President and
CEO by Mr. Patrick Oliver, and has
since continued to serve on the Company's Board.
Mr. Fink successfully guided Bonterra with unwavering dedication
and vision through numerous industry and commodity price highs and
lows. A credit to his leadership and commitment to delivering
returns to shareholders, Bonterra has become one of the longest
standing, mid-cap oil and gas producers in Canada, with an attractive land position in
the Cardium and a track record of having distributed more than
$1.1 billion between 1998 and the
onset of the pandemic in the first quarter of 2020.
While Mr. Fink is known for being caring and soft-spoken, he has
proven to be a force and a strong voice in support of the energy
sector. He has been active with various oil and gas industry groups
for decades, serving as chair of the Small Explorers and Producers
Association of Canada (now the
Explorers and Producers Association of Canada or "EPAC") in the late 1990s during the
debate surrounding the Kyoto
climate accord; as well as serving on the board of the Canadian
Association of Petroleum Producers. Throughout his career, Mr. Fink
took care to treat those around him with kindness and respect,
regardless of their role, position or background, which has led to
Mr. Fink being considered a true legend in the Canadian oil and gas
space.
The entire Board and Management team of Bonterra wishes to
sincerely thank George for his incredible contributions, vision and
leadership of our Company over the past 25 years. We look forward
to George's ongoing support and his involvement with the Company
through his Emeritus Board status. George will always be a dear
friend of Bonterra and we extend our warmest regards to George for
an exceptionally well-deserved retirement.
Forward Looking Information
Certain statements contained in this release include statements
which contain words such as "intends" and similar expressions,
relating to matters that are not historical facts, and such
statements of our beliefs, intentions and expectations about
development, results and events which will or may occur in the
future, constitute "forward-looking information" within the meaning
of applicable Canadian securities legislation and are based on
certain assumptions and analysis made by us derived from our
experience and perceptions.
Such forward-looking information is based on certain assumptions
and analyses made by us in light of our experience and perception
of historical trends, current conditions and expected future
developments, as well as other factors we believe are appropriate
in the circumstances. The risks, uncertainties, and assumptions are
difficult to predict and may affect operations, and may include,
without limitation: foreign exchange fluctuations; equipment and
labour shortages and inflationary costs; general economic
conditions; industry conditions; changes in applicable
environmental, taxation and other laws and regulations as well as
how such laws and regulations are interpreted and enforced; the
ability of oil and natural gas companies to raise capital or
maintain its syndicated bank facility; the effect of weather
conditions on operations and facilities; the existence of operating
risks; volatility of oil and natural gas prices; oil and gas
product supply and demand; risks inherent in the ability to
generate sufficient cash flow from operations to meet current and
future obligations; increased competition; stock market volatility;
opportunities available to or pursued by us; and other factors,
many of which are beyond our control.
Actual results, performance or achievements could differ
materially from those expressed in, or implied by, this
forward-looking information and, accordingly, no assurance can be
given that any of the events anticipated by the forward-looking
information will transpire or occur, or if any of them do, what
benefits will be derived there from. Except as required by law,
Bonterra disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new
information, future events or otherwise.
The forward-looking information contained herein is expressly
qualified by this cautionary statement.
The TSX does not accept responsibility for the accuracy of
this release.
SOURCE Bonterra Energy Corp.
