Northern Blizzard investor Waterous buys 67% interest
2017-05-11 13:01 ET - News Release
Mr. John Rooney reports
NORTHERN BLIZZARD RESOURCES INC. ANNOUNCES ACQUISITION BY WATEROUS ENERGY FUND OF OWNERSHIP OF 67% OF OUTSTANDING COMMON SHARES AND DIRECTOR AND EXECUTIVE CHANGES
Northern Blizzard Resources Inc. has been notified by Waterous Energy Fund (WEF) that WEF's previously announced acquisition, through its affiliates WEF GP (International) Ltd., the general partner of Waterous Energy Fund (International) LP, and WEF GP (Canadian) Corp., the general partner of Waterous Energy Fund (Canadian) LP, of approximately 67 per cent of the issued and outstanding common shares of the company from NGP IX Northern Blizzard SARL and R/C Canada Cooperatief UA has been completed.
In connection with the completion of the transaction, the respective director nominees of NGP IX and R/C Canada, Craig Glick and Brian Minnehan and Robert Tichio and Olivia Wassenaar, have tendered their resignations as directors of Northern Blizzard, effective immediately. Northern Blizzard is pleased to announce the appointment of Adam Waterous, WEF managing partner and chief executive officer, to its board of directors to fill a vacancy created by the director resignations.
In addition, Jim Artindale and John Rooney, the founders of Northern Blizzard, will be retiring from the company. At the request of the board, Mr. Artindale will be staying on as president and chief operating officer until the annual meeting, and will become an adviser to the company for an additional four months. Mr. Rooney will stay on as CEO for a transition period until his successor is appointed, but not earlier than the annual meeting, and thereafter will become an adviser to the company for an additional four months.
Mr. Waterous said: "Over their seven years of leadership, John and Jim built from scratch a mid-size oil producer, and instilled in it a unique culture of integrity, technical excellence and enthusiasm. Jim and John's talents for identifying top-quality assets and talent is remarkable. We would like to thank John and Jim for their service to the company, and wish them the best in their future endeavours."