CanCambria Energy Corp. has announced the immediate appointment of three industry professionals to its leadership team and Board of Directors as it advances development of the Kiskunhalas tight gas project in Hungary. The company trades on the TSX Venture Exchange, the Frankfurt Stock Exchange and the OTCQB under the symbols CCEC, 4JH and CCEYF, respectively.
#New board and leadership appointments
Jerald (Jay) Stratton Jr. has joined CanCambria as an independent director. The company said he has over 40 years of oil and gas experience, including work with ARCO, OXY, Anadarko and Chesapeake Energy across US domestic and international assets.
Stratton most recently served as COO of Ultra Petroleum. In that role, he focused on capital efficiency and operational performance, including a 20% cost reduction at the Pinedale tight gas field in Wyoming. He holds a B.S. in Petroleum Engineering from Texas A&M University.
Larry Busnardo has been appointed VP Investor Relations. He brings over 25 years of oil and gas industry experience in finance, capital markets and investor relations. His previous positions included Managing Director at EnerCom, Inc., as well as VP Investor Relations roles at HighPoint Resources and Forest Oil in Denver. He also spent more than a decade as a sell-side analyst at Macquarie Capital, Tristone Capital and Petrie Parkman & Co. Busnardo holds a Bachelor of Science in Accounting from Metropolitan State University.
Lee Lehtonen has taken the role of Technical Lead - Exploration. He has over 35 years of domestic and international experience with major and independent energy companies, covering exploration and production activities. His background includes work on deep-water discoveries and development projects for Mobil, Texaco, Pioneer, Vanari and Nexen. His qualifications include a B.A. in Geology from Colgate University, an M.Sc. in Applied Geophysics from the University of Texas, El Paso, and an MBA from SMU Cox Business School in Dallas.
#Company comments and project context
Dr. Paul Clarke said the appointments expand CanCambria’s operational, technical and capital markets capabilities. He said the three appointees collectively bring more than 100 years of focused experience and described the company as preparing for significant future growth through development of the Kiskunhalas project.
CanCambria describes itself as a Canadian exploration and production company focused on tight gas development. Its flagship asset is the 100% owned Kiskunhalas Project in southern Hungary, which the company describes as a gas-condensate resource in central Europe.
#Stock option grant
In connection with the recruitment and incentivisation of the named staff, CanCambria granted 900,000 options to purchase common shares. The options carry an exercise price of CAD $0.53 per common share and may be exercised for five (5) years from the date of grant.
The options vest in equal tranches of twenty-five percent (25%) every six (6) months after the grant date. They are subject to the terms and conditions of the company’s Omnibus Stock Option Plan and the policies of the TSX Venture Exchange.
#Forward-looking information
CanCambria said statements concerning its business plans, expectations, capital costs and objectives constitute forward-looking information. The company cautioned that such statements are not guarantees of future performance or results and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond its control.
The company also stated that the forward-looking information reflects management’s expectations as of the date of the announcement and may change after that date. The TSX Venture Exchange and its Regulation Services Provider do not accept responsibility for the adequacy or accuracy of the release.
#Key Takeaways
- CanCambria Energy announced the immediate appointment of three industry professionals.
- Jerald (Jay) Stratton Jr. joins as an independent director, Larry Busnardo as VP Investor Relations and Lee Lehtonen as Technical Lead - Exploration.
- The appointments are linked to the company’s development of the 100% owned Kiskunhalas tight gas project in Hungary.
- CanCambria granted 900,000 options at an exercise price of CAD $0.53 per common share.
- The options vest in equal tranches of twenty-five percent (25%) every six (6) months and are subject to the company’s Omnibus Stock Option Plan and TSX Venture Exchange policies.
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