Michael Erickson, president, CEO and a director of Renegade Petroleum Ltd. (TSXV: RPL), has left the company effective immediately, the comapny announced on Oct. 9.
The Renegade board of directors and Renegade's management team thanked Erickson in the release for his contributions to the company and wished him success in the future.
Andrew Greenslade, vice president of operations, has been appointed interim CEO. The role previously performed by Erickson will be undertaken by a committee of executives, which includes: Greenslade; Mark Lobello, interim chief financial officer; Russ Walz, interim vice president of exploration; and Randy Berg, vice president of business development and land. These executives will serve in this role while the board, through the corporate governance, compensation and nominating committee, conducts a search for a new president and CEO. The nominating committee will also conduct a search in order to strengthen the board by adding highly skilled individuals with significant oil and gas experience.
Additionally, D.M. (Bud) McDonald has resigned as chairman of the board and that Thomas Budd has been appointed to replace him. Budd is an independent director who also serves on the special committee and audit committee.
Renegade's special committee is continuing its strategic review through the assistance of Macquarie Capital Markets Canada Ltd. and TD Securities Inc., joint financial advisors to the board. While the special committee has considered a broad range of additional steps to enhance shareholder value, including various corporate transactions and asset sales, as previously announced, Renegade will not disclose developments with respect to the review until the board has approved a change to the business plan, or any particular transaction, or otherwise determines that disclosure is required or appropriate. There can be no assurances or guarantees that the review will result in an acceptable transaction or any change to the current business plan.
Renegade Petroleum Ltd. is an independent energy company engaged in the exploration, development, and production of oil and gas properties in Western Canada and the U.S. The company is headquartered in Calgary.