Molopo Energy Replaces CEO with Immediate Effect
Molopo Energy Limited today announces that, effective immediately, Steven Cloutier will succeed Tim Granger as Molopo’s Chief Executive Officer and Managing Director.
Cloutier has more than 23 years' experience in commercial legal practice and oil and gas. He was the President and a co-founder of APF Energy Trust (1996-2005) and Rockyview Energy Inc. (2005-2008), both listed on the Toronto Stock Exchange. Under his leadership, these entities drilled more than 1,000 wells and executed on approximately $2 billion of merger, acquisition and divestiture activity. In addition to APF and Rockyview, Cloutier has sat or sits on the boards of a number of exploration and production companies, including Millennium Energy Inc., Star Point Energy Trust, Cumberland Oil & Gas Ltd., Ki Exploration Inc., and Kallisto Energy Inc. Since 2009, Cloutier has been the President & Chief Executive Officer of Skyridge Capital Corporation, a private company that provides corporate finance and M&A advisory services with a particular emphasis on the upstream energy sector. He holds a Bachelor of Arts from McGill University and a Juris Doctor (Bachelor of Laws) from the University of Victoria (Canada).
Commenting on Cloutier's appointment, Molopo's Chairman, Greg Lewin, said, “The board has engaged Cloutier, to deliver a strategy of maximising the return to shareholders from the company’s current assets which as at Dec. 31, 2012, included approximately $70 million cash and 950 barrels of oil equivalent per day (boepd) production; 26,000 acres in West Texas in the prospective Wolfcamp formation; 47,000 acres in Saskatchewan;900,000 acres in South African onshore gas projects with a production right and 1.4 million acres in Quebec prospective for shale gas.
The last twelve months has seen our understanding of the company's upstream assets significantly improved through drilling and technical evaluation, and the board believes strongly in the value of these assets, particularly the Wolfcamp in Texas. The Molopo share price is, however, not reflective of that value.
Steven's track record of realising shareholder value appreciation in his previous companies, together with his entrepreneurial approach, provide the board with confidence that he can successfully lead the company to value maximization for Molopo’s shareholders."
A special board committee has been formed to oversee and assist Cloutier in developing and implementing a strategic review to enhance shareholder value. This committee will be chaired by Don Engle, with Garry Cameron, Brian Straub and Cloutier as members. It is expected that details of the strategic review will be announced before the end of 1Q 2013.
The company confirms that Granger will be paid in accordance with his contractual severance entitlements and company policy, cash STI benefits to Dec. 31, 2012, and other entitlements payable in accordance with applicable law.
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