Cequence Energy abruptly fires CEO, 2 vice-presidents, promotes chief operating officer to CEO

CALGARY — Cequence Energy Ltd. has abruptly replaced its leader and dismissed two of its vice-presidents included in a strategic alternation in direction and cost-cutting efforts because of low natural gas prices.

The company has promoted Todd Brown as CEO, replacing Paul Wanklyn immediately.

Brown continues to be the company’s chief operating officer since August 2014 and Wanklyn has been CEO since September 2010.

Calgary-based Cequence has additionally dismissed vice-president of operations Michael Stewart and VP geophysics Stephen Stretch, effective immediately.

David Gillis remains chief financial officer but promoted to executive vice-president.

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The company’s board of directors says it believes the modification in management is essential as the company concentrates on reducing costs rather than on growth, until commodity prices improve sufficiently.

Cequence also asserted it aims in order to save about $2.7 million in administration and general expenses and other targeted savings throughout 2016. It also expects “minimal” capital spending before the outlook for commodity prices improve.

It had embarked on the strategic review in October but announced on Tuesday it has evaluated all of the proposals that emerged and isn’t pursuing any of them, choosing instead to restructure the management team.

It announced that 2015 production revenue decreased to $80.9 million in 2015, from $1369.9 million in 2014. It had a loss $250 million last year, in contrast to $79.4 million of net income in 2014.