Published On: July 28th, 2023
Calima Energy Limited (ASX: CE1 / OTCQB: CLMEF) (“Calima” or the “Company”) has announced the appointment of Mr Karl DeMong as President and CEO of Blackspur Oil Corp. Mr DeMong has been a dedicated Technical Director of Calima Energy for the past 18 months, including 12 months of an intensive executive role at Blackspur.
Mr Karl DeMong, with 30 years of international and domestic exposure, has expertise in upstream oil and gas. He has a strong understanding of exploration, development, and production patterns. He’s a Bsc Mechanical Engineering Graduate from the University of Saskatchewan, an Alberta- enlisted engineer.
Karl DeMong, CEO of Blackspur Oil Corp
With this new phase at work, Karl talks about his plans for Brooks, Thorsby and Montney assets.
CEO Mr Karl DeMong said, “I look forward to working closely with our team as we refine the Brooks and Thorsby Assets, unlocking value on the Montney and providing returns to the shareholders”.
Chairman Glenn Whiddon also announced the promotion of Graham Veale from VP of Engineering to COO of Blackspur Oil Corp. Mr Veale played a pivotal role in the Company’s success as the Vice President of Engineering and a core member of the management team from the very beginning. Throughout this period, his contributions were instrumental in driving the business’s growth and development.
Chairman of Calima Energy, Glenn Whiddon, said, “I am pleased to welcome Karl as the CEO of Blackspur. Over the last 18 months, Karl has integrated himself into the Company and shown strong technical and managerial skills. Graham’s promotion as COO is well deserved and recognises his significant contribution to the business over many years.”
The Company is also bidding farewell to Jordan Kevol, who is moving towards other opportunities in the oil and gas industry. He played a significant role in establishing Blackspur in 2012 and its substantial growth from a startup to today’s flourishing business. Chairman Glenn Whiddon acknowledged the efforts he made in the firm.
Chairman Glenn Whiddon added, “I wish to acknowledge the significant impact Jordan has made on the business and on behalf of the board and management; we wish Jordan well in his future endeavours.”
The investor’s perspective
- Calima Energy (ASX: CE1) has become a free-cash-flow and growth-focused Oil and gas producer
- The assets on Thorsby and Brooks have continued growth opportunities, with nearly 95 gross-producing wells
- The production in the recent year has increased to 60% in 12 months
- Calima Energy holds over 34,000 ac of Montney rights in the liquids-rich fairway
- Calima Energy’s share price is AUD 0.088 per share as of July 27, 2023, with a 52-week range of AUD 0.087-AUD 0.150
- On July 27, 2023, the Company’s market capitalisation was AUD 53.92 million
- The Company has AUD 612.75 million shares as per the ASX index issued on July 27, 2023
About Calima Energy
Calima Energy Limited is a growth-focused oil and gas producing and exploration company. Based on the responsible and environmentally conscious development of natural resources, the Company has high-quality assets in Western Canada.
In 2021, the Company underwent a transformative merger with Blackspur Oil Corp. This made it a high-margin oil and gas producer. With a low decline rate of about 65%, the Company produces consistently from its Thorsby and Brooks assets, mostly conventional oil and gas. As production doubles in 18 months, these assets have considerable development potential.
The liquids-rich fairway in the Montney region contains about 34,000 acres of Calima Energy’s Montney rights in addition to the Thorsby and Brooks properties. The Montney assets, which are well-known for having a lot of liquids, offer a chance for growth in the domestic gas and international LNG markets.
Calima Energy is well-positioned to take advantage of the potential of the Montney Formation and the rising demand for liquid-rich natural gas because of its significant land position.
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