Raggett named Vice President, Midstream Business Development
CALGARY, Dec. 7, 2015 /CNW/ - Seven Generations Energy Ltd. is pleased to announce that Charlotte Raggett has joined 7G as Vice President, Midstream Business Development. Raggett brings more than 20 years of experience in the midstream energy sector, most recently as Vice President, Supply & Marketing and Chief Commercial Officer at a major midstream processing company.
"With our growing daily production and assets in the midstream sector, we are looking to explore value optimization in processing, upgrading and market access for our liquids-rich natural gas. Charlotte will work with the 7G team to identify, evaluate and, as appropriate, capture market opportunities for our natural gas and natural gas liquids products," said Chris Law, 7G's Chief Financial Officer.
"The North American market is not big enough to consume all the natural gas that developers would like to bring to the market. Industry's success in finding and producing vast supplies of shale and tight gas has resulted in over-supply and deteriorating natural gas and natural gas liquids prices. We need to find more and better value creation opportunities for our suite of energy products," Law said.
Leveraging low supply cost into market expansion
"We think that natural gas developers with large, low-cost resources, such as Seven Generations, are among the few advantaged producers that can commit substantial, long-term natural gas supply to major initiatives. Producers with supply costs near or above recent prices are justifiably reluctant to undertake long-term delivery commitments. If the market is going to grow, it will be because producers, with a value gap between the cost of supply and the commodity price, step up and commit to supply new markets," said Pat Carlson, 7G's Chief Executive Officer.
"In recent months, a few companies that need a long-term natural gas or natural gas liquids supply, such as LNG exporters, petrochemical manufacturers and electric power generators, have approached us looking for a committed supply of our products or a partner willing to commit sizable resources to a midstream joint venture project. We are looking for projects that expand the market for our products and provide a pricing structure that attracts our willingness to make long-term commitments. Charlotte gives us an expert midstreamer's perspective in evaluating and potentially structuring these types of arrangements," Carlson said.
Raggett has worked in business development, marketing, logistics, economic analysis, commercial operations and commodity trading during her career at Aux Sable, the Canadian Energy Research Institute, Dow Chemical Canada, Williams Energy Canada, TransCanada Midstream and Inter Pipeline Fund. She earned a Bachelor of Arts in economics and mathematics from Queen's University and a Master of Arts in economics from the University of Calgary. A Past President of the Economics Society of Calgary and a Past Treasurer and Board Member of the Industrial Gas Consumers Association of Alberta, Raggett is also a strong supporter of the United Way.
Seven Generations Energy
Seven Generations is a low-cost, high-growth Canadian natural gas developer generating long-life value from its liquids-rich Kakwa River Project, located about 100 kilometres south of its operations headquarters in Grande Prairie, Alberta. 7G's corporate headquarters are in Calgary and its shares trade on the TSX under the symbol VII.
This news release contains certain forward-looking information and statements that involves various risks, uncertainties and other factors. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "should", "believe", "plans", and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this news release contains forward-looking information and statements pertaining to the following: production growth; asset growth; exploration of opportunities for value optimization in processing, upgrading and market access; market predictions; ability to commit substantial long-term natural gas supply to major initiatives; and the ability to generate long-life value from the Kakwa River Project.
With respect to forward-looking information contained in this news release, assumptions have been made regarding, among other things: future oil, natural gas liquids and natural gas prices; the Company's ability to obtain qualified staff and equipment in a timely and cost efficient manner; the Company's ability to market production of oil, natural gas and natural gas liquids successfully to customers; the Company's future production levels; the applicability of technologies for the Company's reserves; future capital investments by the Company; future funds from operations from production; future sources of funding for the Company's capital program; the Company's future debt levels; geological and engineering estimates in respect of the Company's reserves and resources, the geography of the areas in which the Company is conducting exploration and development activities, and the access, economic and physical limitations to which the Company may be subject from time to time; the impact of competition on the Company; and the Company's ability to obtain financing on acceptable terms.
Actual results could differ materially from those anticipated in the forward-looking information as a result of the risks and risk factors that are set forth in the Company's Annual Information Form, dated March 10, 2015, which is available on SEDAR at www.sedar.com, including, but not limited to: volatility in market prices and demand for oil, natural gas liquids and natural gas and hedging activities related thereto; general economic, business and industry conditions; variance of the Company's actual capital costs, operating costs and economic returns from those anticipated; risks related to the exploration, development and production of oil and natural gas reserves and resources; negative public perception of oil sands development, oil and natural gas development and transportation, hydraulic fracturing and fossil fuels; actions by governmental authorities, including changes in government regulation, royalties and taxation; the management of the Company's growth; the availability, cost or shortage of rigs, equipment, raw materials, supplies or qualified personnel; the absence or loss of key employees; uncertainty associated with estimates of oil, natural gas liquids and natural gas reserves and resources and the variance of such estimates from actual future production; dependence upon compressors, gathering lines, pipelines and other facilities, certain of which the Company does not control; the ability to satisfy obligations under the Company's firm commitment transportation arrangements; uncertainties related to the Company's identified drilling locations; the concentration of the Company's assets in the Kakwa area; unforeseen title defects; Aboriginal claims; failure to accurately estimate abandonment and reclamation costs; changes in the interpretation and enforcement of applicable laws and regulations; terrorist attacks or armed conflicts; natural disasters; reassessment by taxing authorities of the Company's prior transactions and filings; variations in foreign exchange rates and interest rates; third-party credit risk including risk associated with counterparties in risk management activities related to commodity prices and foreign exchange rates; sufficiency of insurance policies; potential for litigation; variation in future calculations of certain financial measures; sufficiency of internal controls; impact of expansion into new activities on risk exposure; risks related to the senior unsecured notes and other indebtedness, including: potential inability to comply with the covenants in the credit agreement related to the Company's credit facilities and/or the covenants in the indentures in respect of the Company's senior secured notes; seasonality of the Company's activities and the Canadian oil and gas industry; and extensive competition in the Company's industry.
The forward-looking information and statements contained in this news release speak only as of the date hereof, and the Company does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.
LNG liquefied natural gas
Seven Generations Energy Ltd. is referred to herein as Seven Generations, Seven Generations Energy, 7G and the Company.
SOURCE Seven Generations Energy Ltd.
For further information: Further information on Seven Generations is available on the Company's website: www.7genergy.com, or by contacting: Investor Relations: Chris Law, Chief Financial Officer, Brian Newmarch, Director, Capital Markets, Phone: 403-718-0700, Email: [email protected]; Media Relations: Alan Boras, Director, Communications and Stakeholder Relations, Phone: 403-767-0772, Email: [email protected]; Seven Generations Energy Ltd., Suite 300, 140 - 8th Avenue SW, Calgary, AB T2P 1B3, Website: 7genergy.com