James Smith, who resigned from Capricorn Energy's board this week amid shareholder pressure over the firm's merger plans, will continue as CFO on a transitional basis, a spokesperson said on Feb. 3.
In a big win for activist investor Palliser, Capricorn shareholders on Feb. 1 voted in favour of six new directors it had proposed, with the new board set to conduct a strategic review of Capricorn's businesses.
RELATED
Capricorn Announces Board Changes, Adjourns Meeting on NewMed Energy LP Combination
Seven out of nine directors, including the chair, CEO Simon Thomson and Smith had resigned from the board in the preceding days. Chris Cox, one of Palliser's board nominees, has become interim CEO.
Shareholders will vote on Feb. 22 on a merger plan with Israeli gas firm NewMed, which was recommended by the former board. Capricorn's biggest shareholders and major proxy advisers have already come out against the deal.
The spokesperson declined to comment on how long Smith might continue as finance chief.
Recommended Reading
IPC Announces Acquisition of Canada’s Cor4 Oil Corp.
2023-02-07 - International Petroleum Corp.’s acquisition of Cor4 Oil Corp. is based on an asset consideration of CA$84 million and are complementary to IPC’s existing assets in Canada.
Chart Talk: Chesapeake CEO on Eagle Ford Divestment
2023-02-06 - At the 2023 NAPE summit, Chesapeake Energy CEO Nick Dell’Osso explained the reasoning behind the company’s Eagle Ford asset divestiture.
Hilcorp Affiliate Harvest Midstream to Purchase Paradigm’s Bakken, Eagle Ford Assets
2023-02-28 - Paradigm will sell three midstream gathering systems serving the Bakken, and another in the Eagle Ford, to Hilcorp-affiliate Harvest.
Plains All American Completes Keyera Fort Saskatche Divestiture
2023-02-14 - Plains All American's subsidiary Plains Midstream Canada sold its interest in the facility for CA$367 million to Keyera.
Talos Energy Announces Shareholder Approval of EnVen Acquisition
2023-02-09 - Following shareholder approval, Talos Energy’s acquisition of EnVen Energy is expected to close Feb. 13.