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Alexander Energy Sees New Management

Share Print Bookmark    |    Friday,December 06,2013

Alexander Energy Ltd. has announced that it has entered into a definitive reorganization and investment agreement with Richard McHardy, Albert Stark, Ed Wong, Fotis Kalantzis, Thomas Boreen and Michelle Wiggins, which provides for:

• (i) a non-brokered private placement of up to an aggregate of approximately $26.5 million;
• (ii) the appointment of a new management team and board of directors;
• (iii) a rights offering to current holders of common shares of Alexander.

Completion of the Transaction is subject to customary closing conditions, including the approval of the TSX Venture Exchange. Upon completion of the Transaction, it is anticipated that the shareholders of Alexander will be asked to approve, at a special meeting called for such purpose, a change of the Corporation’s name to “Spartan Energy Corp.”

The New Management Team will be led by:

• Richard McHardy as President & Chief Executive Officer
• Michelle Wiggins as Vice President, Finance and Chief Financial Officer
• Ed Wong as Vice President, Engineering
• Albert Stark as Vice President, Operations
• Fotis Kalantzis as Vice President, Exploration
• Thomas Boreen as Vice President, Geology

Upon closing of the Transaction, the new board of directors will be comprised of:

• Richard McHardy
• Don Archibald
• Reg Greenslade
• Michael Stark
• Grant Greenslade.
• Sony Gill, a partner in the CFMA Group in the Calgary office of the national law firm McCarthy Tétrault LLP, will act as Corporate Secretary.

New Management Team

The New Management Team has a solid track record of creating value in high-growth, junior oil and gas companies through an integrated strategy of acquiring, exploiting and exploring.

Most recently, the New Management Team led Spartan Oil Corp., a light oil producer focused primarily in the Cardium light oil resource play at Pembina in central Alberta. At Spartan Oil, the New Management Team grew production from approximately 650 boepd to 5,500 boepd in the 18 months prior to its sale to Bonterra Energy Corp. in January, 2013 for approximately $500 million.

Prior to Spartan Oil, the New Management Team led Spartan Exploration Ltd., a light oil producer with operations focused in the Cardium light oil play at Pembina and the Lower Shaunavon oil play in southwest Saskatchewan. While at Spartan Exploration, the New Management Team grew production from 0 boepd to 2,500 boepd in just over 3 years prior to its sale in June 2011 for approximately $228 million.

Having successfully founded, grown and sold a number of previous companies, the New Management Team will apply its past experience to grow the recapitalized Alexander through a combination of organic growth and acquisitions.

The directors have strong track records and distinguished careers in both the oil and gas industry and capital markets and have held prominent lead positions within a range of successful companies.