CALGARY, May 8, 2017 /CNW/ - Mr. Rick (Buck) Braund, Chairman and CEO, and Mr. Randy Best, President & COO, on behalf of the Board of Directors of the Trust, are pleased to announce the appointment of Mr. Michael Culbert to its Board of Directors effective May 1, 2017.
Mr. Culbert has been engaged in the Canadian oil and natural gas business for over 30 years. Michael served as President and CEO of Progress Energy Canada Ltd. ("Progress") until November 2016, when he was appointed Vice Chairman. He continues to serve as a Director on the boards of Progress, Pacific NorthWest LNG, and Enerplus Corporation.
Mr. Culbert was instrumental in Progress Energy's recapitalization and growth culminating in its sale to PETRONAS in December 2012. Mr. Culbert has been involved in all phases of the development of the Pacific NorthWest LNG project.
Reserve Royalty Income Trust was formed in late 2013 as a private mutual fund trust. RRIT has invested approximately $130 Million to acquire royalty and low decline non-operated oil and natural gas production of approximately 2,200 BOE/day. RRIT currently distributes $0.04/unit annually, paid quarterly, on a tax effective basis to its unitholders. The Trust continually seeks investment opportunities to acquire or create overriding royalties on dependable long-life producing oil and natural gas assets.
SOURCE Reserve Royalty Income Trust
For further information: Rick F. Braund, Chairman & CEO, t. 403-813-3063, e. email@example.com; Randy Best, President & COO, t. 587-349-1051, e. firstname.lastname@example.org; Sue Nash, Investor Relations, t. 587-349-1055, e. email@example.com