CALGARY, March 12, 2020 /CNW/ - Topaz Energy Corp.
("Topaz" or the "Company") is pleased to announce the following
executive officer appointments.
Mr. Marty Staples, currently
Manager Land at Tourmaline Oil Corp. ("Tourmaline"), will be
joining Topaz as the President and Chief Executive Officer.
Mr. Staples will be joined by Ms. Cheree
Stephenson as Topaz's Vice President, Finance and Chief
Financial Officer. Both are expected to assume their new
positions in April 2020. Additional Topaz management team and
staffing hires will be made over the coming months in advance of
the planned public liquidity event.
Marty Staples has over 18 years
in the oil and gas industry in the areas of management, business
development, exploration, land and evaluations. Mr. Staples
has been intimately involved in the growth and development of
Tourmaline since 2010, which includes the execution of numerous
asset and corporate acquisitions. Prior thereto, Mr. Staples
was Land Manager at Peloton Exploration Corp., a private oil and
gas company in Western Canada.
Mr. Staples has also held positions at both private and
public companies. Mr. Staples holds a Bachelor's Degree in
Commerce from the Haskayne School of Business at the University of Calgary.
Cheree Stephenson has over 18
years in the oil and gas industry in the areas of Corporate Finance
and Accounting. Most recently, Ms. Stephenson was
instrumental in the start-up and growth of Petrus Resources Ltd.
where she held the role of Vice President, Finance and Chief
Financial Officer for nine years. Prior thereto, she served
as Controller at Peyto Exploration & Development Corp. after
which she played an integral role in the start-up and growth of
three private oil and gas companies. Ms. Stephenson is a
Chartered Professional Accountant and obtained her professional
designation through Ernst & Young LLP in an audit and assurance
public practice role. She also holds a Bachelor's Degree in
Commerce from the Haskayne School of Business at the University of Calgary.
DIVIDEND DECLARATION
Topaz is also pleased to announce that its Board of Directors
has declared the payment of the inaugural quarterly dividend of
C$0.20/share, to be paid on
March 31, 2020 to shareholders of
record on March 16, 2020. This
quarterly cash dividend is designated as an "eligible dividend" for
Canadian income tax purposes.
Reader Advisories
CURRENCY
All amounts in this news release are stated in Canadian
dollars unless otherwise specified.
Forward-Looking Information
This news release contains forward-looking information and
statements (collectively, "forward-looking information") within the
meaning of applicable securities laws. The use of any of the words
"forecast", "expect", "anticipate", "continue", "estimate",
"objective", "ongoing", "on track", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information. More particularly
and without limitation, this news release contains forward-looking
information concerning Topaz's plans and other aspects of its
anticipated future operations, management focus, objectives,
strategies, financial, operating results and business
opportunities, including the expected timing for the executives to
commence their new roles at Topaz; the intention to complete a
public liquidity event; the intention for Topaz to pay dividends on
its shares and the timing and amount thereof and the anticipated
payout ratio of such dividends; the plans for future management and
staff hires of Topaz; the future declaration and payment of
dividends and the timing and amount thereof including; cash flow;
cash flow per share; free cash flow; as well as Topaz's plans,
business strategy, future development and growth opportunities,
prospects and asset base. The forward-looking information is based
on certain key expectations and assumptions made by Topaz,
including expectations and assumptions concerning the following:
prevailing and future commodity prices and currency exchange rates;
applicable royalty rates and tax laws; interest rates; future well
production rates and reserve volumes; operating costs, the timing
of receipt of regulatory approvals; the performance of existing
wells; the success obtained in drilling new wells; anticipated
timing and results of capital expenditures; the sufficiency of
budgeted capital expenditures in carrying out planned activities;
the timing, location and extent of future drilling operations; the
successful completion of acquisitions and dispositions; the state
of the economy and the exploration and production business; the
availability and cost of financing, labour and services; and the
ability to market crude oil, natural gas and natural gas liquids
successfully. Without limitation of the foregoing,
future dividend payments, if any, and the level thereof is
uncertain, as Topaz's dividend policy and the funds available for
the payment of dividends from time to time is dependent upon, among
other things, free cash flow, financial requirements for Topaz's
operations and the execution of its growth strategy, fluctuations
in working capital and the timing and amount of capital
expenditures, debt service requirements and other factors beyond
Topaz's control. Further, the ability of Topaz to pay
dividends will be subject to applicable laws (including the
satisfaction of the solvency test contained in applicable corporate
legislation) and contractual restrictions contained in the
instruments governing its indebtedness, including credit
facilities.
Statements relating to "reserves" are also deemed to be forward
looking statements, as they involve the implied assessment, based
on certain estimates and assumptions, that the reserves described
exist in the quantities predicted or estimated and that the
reserves can be profitably produced in the future.
Although Topaz believes that the expectations and assumptions on
which such forward-looking information is based are reasonable,
undue reliance should not be placed on the forward-looking
information because Topaz can give no assurances that it will prove
to be correct. Since forward-looking information addresses future
events and conditions, by its very nature it involves inherent
risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. These include, but are not limited to: the risks associated
with the oil and gas industry in general such as operational risks
in development, exploration and production; delays or changes in
plans with respect to exploration or development projects or
capital expenditures; the uncertainty of estimates and projections
relating to reserves, production, revenues, costs and expenses;
health, safety and environmental risks; commodity price and
exchange rate fluctuations; interest rate fluctuations; marketing
and transportation; loss of markets; environmental risks;
competition; incorrect assessment of the value of acquisitions;
failure to complete or realize the anticipated benefits of
acquisitions or dispositions; ability to access sufficient capital
from internal and external sources; failure to obtain required
regulatory and other approvals; and changes in legislation,
including but not limited to tax laws, royalties and environmental
regulations. Readers are cautioned that the foregoing list of
factors is not exhaustive.
The forward-looking information contained in this news release
is made as of the date hereof and Topaz does not undertake any
obligation to update publicly or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, unless expressly required by applicable securities
laws.
ABOUT TOPAZ ENERGY CORP.
Topaz is a unique private hybrid royalty and infrastructure
company with aggressive long-term growth plans. It is
currently 74% owned by Tourmaline and 26% owned by other
investors.
SOURCE Tourmaline Oil Corp.