CALGARY, AB, September 30, 2021 / CNW / – Project Reconciliation (“PRI”) is pleased to announce the creation of its new affiliate Reconciliation Energy Transition Inc. (“RETI”) and the appointment of its leadership team.
RETI’s objective is to develop new energy transition projects based on significant indigenous participation at the operational level. RETI’s strong engagement platform and governance structure are deeply aligned with the PRI; created to speed up from Canada Indigenous generational wealth base where Indigenous peoples have significant economic oversight and participation in from Canada evolving energy transition and decarbonisation economy.
Opportunities for indigenous partnership in the energy transition include clean carbon fuels and carbon capture, use and sequestration (“CCUS”) projects, and in particular those that affect traditional indigenous lands and territories. RETI’s mandate emphasizes free, prior and informed consent (“FPIC”), ESG performance being the foundation of its development strategy.
“While Project Reconciliation focused on acquiring the Trans Mountain pipeline, from day one we simultaneously focused on investing in green technologies through our Indigenous Sovereign Fund.. RETI now joins the Project Reconciliation Group as a foundational vehicle for Indigenous Peoples to become material partners of Canadian businesses in the future of the energy transition that must be built. ”
Robert morin, President of the Reconciliation Project
RETI’s vision and strategy
RETI’s vision and strategy is to create a general Indigenous wealth base through capital partnerships with businesses. Canada in energy transition and clean carbon fuel projects. All projects must incorporate material Indigenous equity partnerships that provide affected communities with the opportunity to participate in the economic benefits of from Canada energy transition and decarbonisation sectors.
RETI is currently advancing several key projects that are expected to generate positive EBITA in their first years of operation.
RETI management team
The members of RETI’s management team have a proven track record in Indigenous investments and partnerships for value creation and shareholder growth. The team brings together strong technical, capital markets and business capabilities in the execution of joint ventures, engagement and indigenous and stakeholder partnerships.
Stephen mason, Chairman and CEO. Mr. Mason is the founder and CEO of eight Canadian and international E&P companies; most notably Artumas Group Inc., an international E&P company which has achieved an enterprise value of over $ 1 billion. Currently, Steve is the founding CEO of Project Reconciliation.
Jeremy yee, President. Mr. Yee has more than 17 years of experience in the fields of energy, trade, infrastructure, energy transition and ESG investments. Most recently, he was Vice President, Land and Corporate Development for Canamax Energy Ltd., a junior private equity oil and gas company. Jeremy holds an MBA from the Smith School of Business and a Bachelor of Commerce from the Haskayne School of Business.
Ako Ufodike, Chief Financial Officer. Mr. Ufodike has over 25 years of experience in the oil and gas, power generation and telecommunications utilities. He has served as CEO of Kainji Resources, an international oil and gas company, as well as CFO of several telecommunications companies, including CCI Wireless and Jaguar Wireless. Ako has served on several boards of directors of public companies, including chairing audit committees.
Steve butler, Executive. Vice President of Business Development and Environmental Trade. Mr. Butler has over 17 years of experience in business development and commodity trading, particularly in the area of carbon trading. Steve has held a management role in several energy trading companies, most recently BP. He has extensive knowledge and expertise in the management of regional and national trading desks.
Warren MacPhail, VP Engineering. Mr. MacPhail is a member of the Treaty 7 Siksika Nation and has over 28 years of experience in petroleum engineering and drilling and completion operations. Warren began his career with Imperial Oil and has held management positions with Devon Canada and NCS Multistage, management teams focused on engineering, technology development and commercialization.
Curtis Heide, COO. Over 25 years of experience in oil and gas production, operations and plant engineering with producers including Husky in refrigeration production, thermal CSS and SAGD and Pearl Exploration developing the thermal steam pilot project cyclical over the Onion Lake First Nation, leading the development of the current 14,000 bepd SAGD project. Collaborates with many First Nations to advance economic diversity and create value through natural resource development projects.
Cindy roger, vice-president finance and administration. Ms. Rogers has over 25 years of accounting and financial experience in the energy industry, including the midstream and regulated pipeline industries. Cindy was a subject matter expert for the Association of Financial Professionals for the Financial Planning & Analysis (FP&A) certification.
Dennis cornelson, Executive director. Mr. Cornelson has over 40 years of experience in corporate development, governance and financial stewardship. CEO and board roles with three completely new oil and gas pipelines, (Iroquois, Express and Alliance) and natural gas storage and hub storage called AECO C). Founding shareholder of Clarington Capital which became Clarington Industrial Alliance with $ 16 billion of AUM.
Richard grant, General Counsel. Mr. Grant has over 35 years of legal, land, business and management experience in the energy and resources sectors globally. He has represented Indigenous groups and industry to negotiate over 15 commercial joint ventures in Western Canada and North America with an emphasis on indigenous rights.
About project reconciliation
PRI works independently towards 100% Indigenous ownership of Trans Mountain Corporation, once the TMX expansion project is complete. PRI’s vision of Indigenous Generational Wealth, supported by the Indigenous Sovereign Wealth Fund, will be funded by a material contribution from the free cash flow generated by the Trans Mountain property.
About PRI’s Indigenous Sovereign Wealth ESG 1 (ISWF1)
Project Reconciliation’s ISWF1 will invest, at an asset level, with partners such as large utilities and energy companies with strong technical operations capabilities and the financial capacity to develop innovative technologies.
ISWF1 supports RETI’s investments as these projects advance into the development phase. Funding for these projects will be made through Special Purpose Limited Partnerships which will include equity loans to First Nations partners, in turn providing physical ownership to affected First Nations. These investments will promote environmental stewardship and create pension-like intergenerational wealth, thereby supporting the path to healing, respect and self-determination for participating First Nations.
Merger of the SOURCE project
For further information: Jeremy Yee, President, Reconciliation Energy Transition Inc., (403) 819-2710, [email protected], www.iswf.ca