Peyto Announces Leadership Update
October 04 2022 - 5:07PM
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.
Cautionary Statements
Forward-Looking Statements
This news release contains certain
forward-looking statements or information ("forward-looking
statements") as defined by applicable securities laws that involve
substantial known and unknown risks and uncertainties, many of
which are beyond Peyto's control. These statements relate to future
events or the Company's future performance. All statements other
than statements of historical fact may be forward-looking
statements. The use of any of the words "plan", "expect",
"prospective", "project", "intend", "believe", "should",
"anticipate", "estimate", or other similar words or statements that
certain events "may" or "will" occur are intended to identify
forward-looking statements. The projections, estimates and beliefs
contained in such forward-looking statements are based on
management's estimates, opinions, and assumptions at the time the
statements were made, including assumptions relating to:
macro-economic conditions, including public health concerns
(including the impact of the COVID-19 pandemic) and other
geopolitical risks, the condition of the global economy and,
specifically, the condition of the crude oil and natural gas
industry, and the ongoing significant volatility in world markets;
other industry conditions; changes in laws and regulations
including, without limitation, the adoption of new environmental
laws and regulations and changes in how they are interpreted and
enforced; increased competition; the availability of qualified
operating or management personnel; fluctuations in other commodity
prices, foreign exchange or interest rates; stock market volatility
and fluctuations in market valuations of companies with respect to
announced transactions and the final valuations thereof; results of
exploration and testing activities; and the ability to obtain
required approvals and extensions from regulatory authorities.
Management of the Company believes the expectations reflected in
those forward-looking statements are reasonable, but no assurances
can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what benefits that Peyto will derive from them. As
such, undue reliance should not be placed on forward-looking
statements. Forward-looking statements contained herein include,
but are not limited to, statements regarding: the future outlook
for commodity prices; expectations regarding the Company's margin
of profit; the Company's intention to reduce indebtedness and
increase dividends; anticipated improvement of costs and
profitability; and the Company's overall strategy and focus.
The forward-looking statements contained herein
are subject to numerous known and unknown risks and uncertainties
that may cause Peyto's actual financial results, performance or
achievement in future periods to differ materially from those
expressed in, or implied by, these forward looking statements,
including but not limited to, risks associated with: continued
changes and volatility in general global economic conditions
including, without limitations, the economic conditions in North
America and public health concerns (including the impact of the
COVID-19 pandemic); continued fluctuations and volatility in
commodity prices, foreign exchange or interest rates; continued
stock market volatility; imprecision of reserves estimates;
competition from other industry participants; failure to secure
required equipment; increased competition; the lack of availability
of qualified operating or management personnel; environmental
risks; changes in laws and regulations including, without
limitation, the adoption of new environmental and tax laws and
regulations and changes in how they are interpreted and enforced;
the results of exploration and development drilling and related
activities; and the ability to access sufficient capital from
internal and external sources. In addition, to the extent that any
forward-looking statements presented herein constitutes
future-oriented financial information or financial outlook, as
defined by applicable securities legislation, such information has
been approved by management of Peyto and has been presented to
provide management's expectations used for budgeting and planning
purposes and for providing clarity with respect to Peyto's
strategic direction based on the assumptions presented herein and
readers are cautioned that this information may not be appropriate
for any other purpose. Readers are encouraged to review the
material risks discussed in Peyto's annual information form for the
year ended December 31, 2021 under the heading "Risk Factors" and
in Peyto's annual management's discussion and analysis under the
heading "Risk Management".
The Company cautions that the foregoing list of
assumptions, risks and uncertainties is not exhaustive. Readers are
cautioned that the assumptions used in the preparation of such
information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. Peyto's actual
results, performance or achievement could differ materially from
those expressed in, or implied by, these forward-looking statements
and, accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits Peyto will derive
there from. The forward-looking statements, including any
future-oriented financial information or financial outlook,
contained in this news release speak only as of the date hereof and
Peyto does not assume any obligation to publicly update or revise
them to reflect new information, future events or circumstances or
otherwise, except as may be required pursuant to applicable
securities laws.
Peyto Exploration and De... (TSX:PEY)
Historical Stock Chart
From Jun 2024 to Jul 2024
Peyto Exploration and De... (TSX:PEY)
Historical Stock Chart
From Jul 2023 to Jul 2024