Organic, Forward Thinking

Corporate Profile

Velvet Energy Ltd. is a privately-held, full-cycle exploration and production company. Focused in the light oil window of the Montney resource play, the Company executes an organic growth business plan, including early land capture, technical evaluation, exploration and development of internally generated prospects.

Headquartered in Calgary, Velvet has current production of approximately 30,000 boe per day (47% liquids) and a land position of over one million net acres spanning from its core liquids-rich Ellerslie development in the greater Edson area to Montney light oil development at Karr/Gold Creek and at Pouce Coupe and early land capture at Flatrock, BC.

From start-up in 2011, Velvet has realized a 9-year compound growth rate in production of 25%, with over 95% added via the drill bit. Velvet is differentiated by the geo-technical rigour it employs to generate organic growth and by its integrated risk management program that looks to manage risk through the entire value chain, including an active and systematic commodity hedging program. Exploration is a key component of Velvet’s business plan and is viewed as crucial in expanding an inventory of opportunities and projects to achieve long term sustainable growth and to generate competitive full-cycle returns on investment.

Velvet differentiates itself from its peers by fostering in house technical excellence and maintaining a pulse on international developments in tight oil production and completions technologies introducing proven and advanced technologies to Canadian resource plays.

Velvet’s management team has a proven track record of achieving consistent production, reserve and asset value growth in the Western Canadian Sedimentary Basin. The company is well-capitalized, having to-date raised $704 million of equity supported by its equity investors, including CPPIB, Warburg Pincus, 1901 and Trilantic Capital Partners.

Velvet Ethos

  • Our business growth must target an Environmental and Socially Sustainable future

  • Our geotechnical rigor is an industry differentiator

  • Use commercial skill to competitive advantage

  • Pursue a dynamic business plan

  • High liquids yields drive rate of return

  • Attract and develop a highly committed, entrepreneurial and energetic staff

  • Foster a culture of continuous learning

  • Encourage and mentor independent thinking

Executive Biographies

Ken Woolner P.Eng.,

President & Chief Executive Officer and Director


Mr. Woolner is a professional engineer with over 35 years of oil and gas experience. Prior to starting Velvet Energy Ltd. in 2011, he served on the Board of Directors for both public and private oil and gas companies including Oban Energy Ltd. (Chairman), White Fire Energy Ltd. (Chairman), Sequoia Oil & Gas Trust (Trustee) and El Paso Oil & Gas Canada Inc. He led a team of Executives that built and sold three highly successfully companies including Velvet Exploration Ltd., Lightning Energy Ltd. and Veteran Resources Inc. He currently serves on the Board of four private energy companies in Canada and the USA. Mr. Woolner holds a Bachelor of Science in Geological Engineering from the University of Toronto and is a member of the Association of Professional Engineers and Geoscientists of Alberta.

Rob Froese, CPA, CA

Vice President, Finance


Mr. Froese joined Velvet in January 2020 and has over 30 years of energy and finance industry experience. Prior to joining Velvet, he was Chief Financial Officer at two junior oil and gas companies, Canbriam Energy Inc. (private) and prior to that NuVista Energy Ltd. Mr. Froese also has experience as the treasurer of a large public integrated oil and gas company and in the investment backing industry. Mr. Froese holds a Bachelor of Commerce (Honours) degree from the University of Manitoba and obtained his Chartered Accountant designation in 1985. He is a member of the Chartered Professional Accountants (Alberta).

Jeremy Kwasnecha, P.Eng.,

Vice President, Midstream & Marketing


Mr. Kwasnecha joined the Velvet team in 2012. In July 2015, he was promoted to Vice President, Production and Operations. In January 2019, Mr. Kwasnecha assumed the role of Vice President, Midstream & Marketing. Mr. Kwasnecha has held various engineering positions in operations and development with Burlington Resources, ConocoPhillips, and PetroBakken. He started his career in the oil and gas business in 1999 as rig hand for Precision Drilling and has over 19 years of diversified oil and gas experience, the majority of which is in the Deep Basin of Alberta. Mr. Kwasnecha holds a Bachelor of Science in Petroleum Engineering from the University of Alberta as well as a Diploma in Petroleum Engineering Technology from the Northern Alberta Institute of Technology. He is a member of the Association of Professional Engineers and Geoscientists of Alberta.

Scott James, P. Eng. Responsible Member

Vice President, Capital Execution


Mr. James joined Velvet in June 2014 as a Completions Engineer. In December 2017, he was promoted to Vice President, Drilling and Completions. In January 2019, Mr. James assumed the role of Vice President, Capital Execution. He is responsible for overseeing all surface land, construction, drilling, completions and facilities operations, and plays a key role within the Velvet HS&E structure. Prior to starting at Velvet, Mr. James worked for Apache Canada Ltd. as a Completions Engineer in the prolific Liard and Horn River basins. From 2009 to 2012, Mr. James held a drilling and completions engineering role at Anderson Energy Inc. focused in the Cardium in West Central Alberta. Mr. James began his career in 2007 and has spent the vast majority of his time working in the Deep Basin/Foothills of Alberta, as well as in North East British Columbia. Mr. James holds a Bachelor of Science in Petroleum Engineering from the University of Alberta and is a member of the Association of Professional Engineers and Geoscientists of Alberta.

Christopher Theal, CFA, MBA, CIM,

Chief Financial Officer


Mr. Theal is the Chief Financial Officer of Velvet Energy Ltd. Prior to joining Velvet in February 2015, Mr. Theal was the founder of Kootenay Capital Management Corp., which managed a long/short energy hedge fund. Previous to founding Kootenay in 2011, Mr. Theal was a top-ranked oil and gas analyst for thirteen years, heading the global oil & gas team as Global Coordinator, Oil & Gas Research, at Macquarie Securities. Mr. Theal was a founding Capital Markets partner, Head of Energy Research and member of the Executive Committee at Tristone Capital – a global energy investment boutique – prior to Macquarie acquiring Tristone in 2009. Prior thereto, Mr. Theal was an oil and gas analyst at CIBC World Markets. Mr. Theal is a CFA Charterholder and holds the CIM designation. He has a MBA in Finance, from the University of British Columbia, and an undergraduate degree in economics, with distinction, from Royal Roads Military College and is a former Naval Officer in the Canadian Armed Forces. Mr. Theal currently volunteers as the President of the Royal Military Colleges of Canada Foundation.

David Stobbe, CPA

Vice President, Accounting


Mr. Stobbe is a Chartered Professional Accountant with over 18 years of experience in the oil and gas industry and was appointed to Vice President, Accounting of Velvet in January 2019. Mr. Stobbe joined Velvet in December 2011 as Controller and was appointed to the position of Controller and Treasurer in December 2013. Prior to joining Velvet, Mr. Stobbe held the Controller and Vice President, Finance position at Rock Well Petroleum Inc. from December 2009 to November 2011 and the position of Controller at Wave Energy Ltd. from September 2004 to October 2009. Prior thereto, Mr. Stobbe held positions of increasing responsibility at Altagas Ltd. and Petro Canada. Mr. Stobbe holds a Bachelor of Business Administration from the Southern Alberta Institute of Technology and is a member of the Alberta institute of Chartered Professional Accountants.

Tyler Williscroft, P. Eng. Responsible Member

Vice President, Production


Mr. Williscroft joined the Velvet team in 2011 as Senior Production Engineer and held roles of increasing responsibility culminating in his current role as VP Production.  His career is rooted in Production, with various field-based positions ranging from laborer to contract operator before formalizing his education with a Diploma in Petroleum Engineering Technology from the Northern Alberta Institute of Technology in 2001, and a Bachelor of Science in Petroleum Engineering from the University of Alberta in 2008.  He held engineering roles at Veracity Energy Ltd. and Bonavista Energy prior to joining Velvet.  He is a member of the Association of Professional Engineers and Geoscientists of Alberta.

Shelley Leggitt, P. Geol., Responsible Member

VP, Geoscience


Ms. Leggitt is a professional geologist with over 30 years of oil and gas experience. Her recent experience has focused on building and leading technical teams focused on unconventional assets. Ms. Leggitt has held various senior management roles at NAL Resources, EOG Resources Canada, Enerplus, and Encana. Ms. Leggitt holds a Masters degree in Geology from McMaster University and is a member of the Association of Professional Engineers and Geoscientists of Alberta.

J. Peter Henry, CPA, CA

Senior Financial Consultant


Mr. Henry is a Chartered Accountant with 31 years oil and gas experience. He co-founded Velvet and its predecessor company Oban Energy Ltd. in 2006 as Vice President & CFO and was part of a team that recapitalized Veteran Resources Inc., a TSX listed company. He also spent six years with Velvet Exploration Ltd. and its successor, El Paso Oil & Gas Canada, as CFO. Prior to that he was a senior officer with three other rapid growth TSE listed oil and gas companies. Mr. Henry holds a Bachelor of Business Administration from the University of New Brunswick and is a member of the Alberta Institute of Chartered Accountants.

Board of Directors

Harvey Doerr,

Kevin Godwin,
Canada Pension Plan Investment Board

Yoan N’Komba,
Warburg Pincus

Deborah Stein,

John Brussa,
Partner, Burnet, Duckworth & Palmer LLP

Robert E. Hougie,
1901 Partners LP

Christopher R. Manning,
Trilantic Capital Partners

Ken Woolner, P.Eng,
President & CEO

Vincent Chahley,

David B. Krieger,
Warburg Pincus

Roger Smith,


We’re always looking for talented people to join our team. At Velvet, we value our employees and recognize them as the driving force behind our success.


We are located in the downtown core in Calgary, but you can keep up with what is happening at Velvet by following us on LinkedIn or Twitter.

Contact Us

We're not around right now. But you can send us an email and we'll get back to you, asap.

Not readable? Change text. captcha txt