Canadian company Advantage Energy said on Monday that Michael Belenkie has stepped down as president, CEO and board director, effective immediately, amid a shareholder push for stricter financial oversight.
The Calgary, Alberta-based energy producer appointed Board Chair John Festival as interim CEO while it searches for a permanent successor.
Advantage’s board, in February, had concluded that none of the proposals it received as a result of a strategic review were in the best interest of shareholders. The review had considered several options for the company, including a possible sale.
Alternative asset manager Kimmeridge, which holds a 7% stake in Advantage, in late May voiced support for the company’s new capital return framework, calling it a critical step toward a more disciplined, shareholder-focused strategy.
Belenkie had joined Advantage as its chief operating officer in 2021.
Festival, who has over 35 years of experience in the Western Canadian energy sector, joined the company’s board in March 2024.
The company also said on Monday that its production is set to reach record levels in the second half of the year following the completion of its Progress Gas natural gas plant.
Advantage’s asset base is situated in the Montney, a massive Western Canadian natural gas source that has been a hotbed of M&A activity in the last several years.
(Reporting by Dharna Bafna in Bengaluru; Editing by Sahal Muhammed)