Mr. Patrick Oliver will be succeeding Mr. Fink as President & Chief Executive Officer and will be joining the Company’s Board of Directors as of that date.
Bonterra was founded in 1998 as a spin out from Comaplex Resources Corp., the gold mining company that Mr. George Fink founded, developed and ultimately sold to Agnico-Eagle Mines Limited in 2010. Bonterra had an initial capitalization of $3 million and quickly developed into one of the first dividend paying oil and gas companies in Canada. The Company distributed over $1.15 billion in dividends between 1998 and the first quarter of 2020.
Mr. Fink has been the President & CEO since the Company’s inception in 1998 and was the Chair of the Board until March 2021. He is the largest single shareholder in Bonterra (14%) and has been critically important in building and maintaining the longstanding retail shareholder base that makes the Company somewhat unique in the sector. Mr. Fink has indicated that he does not intend to reduce his share ownership interest in the Company at the present time.
Mr. Oliver has 35+ years of experience in the Western Canada upstream oil and gas sector with a proven track record in the leadership of several companies from start-up to successful sale. Over the past 20 years, he was involved as CFO and later CEO in the development and ultimate sale of four privately owned Birchill companies. Mr. Oliver graduated from the University of Calgary with a B.Comm. degree (Accounting Major) in 1986 and earned his designation as a Chartered Accountant in Alberta in 1989.
Michael Stewart, Chair of the Board of Directors of Bonterra, commented on behalf of the Board: “George Fink is recognized in the Western Canadian oil patch as a visionary. He is also a very gentle and generous individual. Bonterra is his greatest legacy and his role in the active management of the Company will be missed. The Board appreciates and thanks George for his efforts and support on the CEO transition, and we look forward to working with him on the Board going forward.”
Mr. Fink stated that he will assist in anyway he can with the transition to Mr. Oliver.
Mr. Stewart also said: “We are delighted to have Patrick Oliver join the Company and the Board, and take Bonterra forward as President & CEO. We believe his skill set and experience will complement and enhance those of the existing management team.”
Bonterra Energy Corp. is a conventional oil and gas corporation with operations in Alberta, Saskatchewan and British Columbia, focused on value creation for shareholders. The recent improvement in commodity price levels is facilitating deleveraging of the Company. Once Bonterra’s debt and leverage objectives have been met, Bonterra intends to return to a sustainable growth/return of capital to shareholders strategy. The Company’s shares are listed on The Toronto Stock Exchange under the symbol “BNE”.