Edward Brown will be retiring as CFO of Bellatrix effective June 30, 2017
Calgary-based Bellatrix Exploration (ticker: BXE) announced Tuesday that the company’s long-time CFO, Edward Brown, will be retiring at the end of the month. Brown has served as the company’s executive vice president, finance, and as the CFO for more than ten years, including his time at Bellatrix’s predecessor companies.
Taking over his role starting in July is Maxwell Lof, according to a press release from the company. Lof has over 25 years of experience in financial and senior executive roles, including CFO positions in other private and public companies. Most recently, he was the CFO for an energy-focused information technology company, and prior thereto, Lof was co-founder and CFO of both Surge Energy Inc. (ticker: SGY) and Breaker Energy Ltd., both publicly traded Western Canadian focused exploration and production companies.
Bellatrix’s President and CEO Brent Eshleman commented, “On behalf of the Board of Directors and management, I want to thank Mr. Brown for his leadership over the years and wish him well in his future endeavors and retirement.” Continuing, Eshleman said, “Max brings a wealth of direct public company and financial executive experience to our company. His demonstrated leadership and skill set represent a strategic fit as Bellatrix executes on its long-term sustainable growth plan.”
Bellatrix undergoing transformation coming out of the downcycle
The appointment of Lof is the latest in a number of decisions made by Bellatrix coming out of the downturn to help the company get back on track. Eshleman was appointed president and CEO in February of this year as the company focused on deleveraging. Prior to that, Eshleman served as Executive Vice President and COO under then-CEO Raymond Smith.
From January of 2016 to March 31, 2017, the company has reduced total net debt 39% and bank debt 88%, according to its investor presentation.
As part of the company’s transformation, it has also refocused on its core assets, divesting acreage to reduce debt. The majority of the company’s drilling locations are in Ferrier & Willesden Green where the company holds 629 net locations. Bellatrix believes it has 63 total net drilling locations in the Greater Pembina area, and 95 net locations across the rest of its acreage.
The company is targeting approximately 15% compounded annual growth in its production through the end of 2019. Bellatrix exited 2016 with approximately 31 MBOEPD of production and plans to exit this year just above 35 MBOEPD.
Bellatrix presenting at The Oil & Gas Conference™
Bellatrix will present at EnerCom’s The Oil & Gas Conference® in Denver, Colorado, this August along with other oil and gas companies. To learn more about who is presenting, and to sign up for the conference, click here.
