CALGARY, Alberta, Oct. 04, 2022 (GLOBE NEWSWIRE) — Peyto Exploration & Development Corp. (TSX: PEY) (“Peyto” or the “Company”) announces today that Darren Gee will retire as Chief Executive Officer of Peyto at the end of 2022. As part of an orderly and planned leadership succession process, the Company’s current President and Chief Operating Officer, Mr. Jean-Paul Lachance will advance to the position of President and CEO at that time. Mr. Lachance, who joined Peyto in 2011 as the VP Engineering and assumed the role of President in November of 2021, will continue to lead Peyto’s senior management team which remains unchanged.
“I’m retiring after more than 21 years at Peyto and at a time when the company and its future looks extremely bright. JP and the entire Peyto team are about to embark on the next chapter with an enormous depth of opportunities, a solid balance sheet and strong earnings growth potential. I suspect growing dividends will reflect those earnings. Peyto’s long-term, returns-driven strategy has already created much value for shareholders over the years and it is one that is embodied by every single employee at Peyto. I want to thank our chairman, Don Gray, and the entire Board of Peyto for their wisdom, support and guidance over the last 16 years as CEO. It has been my great honor and privilege to be able to work with such talented and dedicated people, and to serve as the Company’s leader through a period of significant growth and challenging energy markets,” said Mr. Gee.
Chairman Don Gray commented, “On behalf of the Peyto Board and the shareholders of Peyto, I’d like to thank Darren for his dedication and service to Peyto. Darren joined the Peyto team in 2001 and has been instrumental in growing our company from 2,000 boe/d to over 100,000 boe/d. Darren has ensured that Peyto’s culture of honest, transparent communications with shareholders is stronger today than ever. He has kept the company on the best path forward for all stakeholders, by focusing our investments on the highest quality oil and gas projects. He has built the next generation of leaders at Peyto who understand what makes an exceptional Canadian energy company. We are very happy for him and his family on reaching this milestone.”
Mr. Gee’s involvement in Peyto will continue as a director on the board and significant investor.
In addition, Peyto is pleased to announce that Debra Gerlach will be joining Peyto’s Board of Directors starting November 1, 2022. Ms. Gerlach was a partner with Deloitte LLP for over 21 years where she gained significant exposure to the energy sector. She is a Chartered Professional Accountant and holds a Bachelor of Commerce and MBA degree from the University of Calgary. It is expected Ms. Gerlach will join the Audit, ESG and Compensation and Nominating committees of the Board.
Shareholders and interested investors are encouraged to visit the Peyto website at www.peyto.com to learn more about what makes Peyto one of North America’s most exciting energy companies. For more information, contact Peyto at 403-261-6081.