Growth

Organic, Forwarding Thinking

Corporate Profile

Velvet Energy Ltd. is a privately-held, full-cycle exploration and production company. Focused in the liquids-rich gas and light oil window of the Deep Basin of Alberta, 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 21,000 boe per day and a focused land position consisting of 775,000 net acres spanning from its core liquids-rich Ellerslie development in the greater Edson area to early phase Montney light oil exploration at Gold Creek.

From start-up in 2011, Velvet has realized a 5-year compound growth rate in production of 25%, with over 90% 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’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 deployed $447 million of equity supported by its three private equity investors, including Warburg Pincus, 1901 Partners and Trilantic Capital Partners. The Company has a highly respected board of directors with a significant constituency of independent members.

Velvet Ethos

  • Pursue a dynamic business plan

  • Use commercial skill to competitive advantage

  • Our geotechnical rigor is an industry differentiator

  • Encourage and mentor independent thinking

  • Foster a culture of continuous learning

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

  • High liquids yields drive rate of return

Executive Biographies

Ken Woolner P.Eng.,

President & Chief Executive Officer and Director

FULL BIO

Mr. Woolner is a professional engineer with over 28 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. Prior to that time, he held the position of Vice President at Morrison Petroleums Ltd. 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.

George Gervais, P. Eng., MBA,

Executive Vice President

FULL BIO

Mr. Gervais is a Professional Engineer with over 20 years of experience in the oil and gas industry. Prior to joining Velvet in 2015, Mr. Gervais was focused on the development of unconventional oil and gas resources as VP Exploitation at Lightstream Resources. Previous to this, Mr. Gervais held roles of increasing responsibility at ARC Resources culminating in the role of VP Business Development. Mr. Gervais has a MBA specializing in Global Energy from the University of Calgary and a Bachelor of Science in Geological Engineering from the University of Saskatchewan. He is a member of the Association of Professional Engineers and Geoscientists of Alberta.

Peter Henry, CA,

Vice President, Finance

FULL BIO

Mr. Henry is a Chartered Accountant with 28 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.

Jeremy Kwasnecha, P.Eng.,

Vice President, Operations

FULL BIO

Mr. Kwasnecha joined the Velvet team in October 2012 as a Senior Production Engineer and in his four years at Velvet, has assumed increasing responsibility and most recently, was promoted to Vice President, Production & Operations in August 2015. Prior to joining Velvet, Mr. Kwasnecha held roles in exploitation and drilling engineering at PetroBakken Energy and was an integral part of growing their Cardium asset from 5,000 to 16,000boepd. From 2005 to 2010, Mr. Kwasnecha held various drilling engineering positions at Burlington Resources Canada and its successor company, ConocoPhillips Canada. Mr. Kwasnecha started his career in the oil and gas business in 1999 as rig hand for Precision Drilling as has over 15 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.

Geoff MacDonald, P.Geol.,

Vice President, Exploration

FULL BIO

Mr. MacDonald began his career as a Petroleum Geologist in 1997, specializing in unconventional resource exploration since 2005. Prior to joining Velvet Energy, Mr. MacDonald held the title of Geologic Specialist with EOG Resources, coordinating the exploration of large-scale resource plays in several basins throughout onshore North America. Prior to EOG, Mr. MacDonald was employed in the Business Development group of Enerplus Corporation, and in various roles at Encana Corporation and PanCanadian Petroleum. Mr. MacDonald has a Bachelor of Applied Science in Geological Engineering from the University of Waterloo, and is a licensed Professional Geologist in the Province of Alberta.

Christopher Theal, CFA, MBA, CIM,

Chief Financial Officer

FULL BIO

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.

Board of Directors

John Brussa, Partner, Burnet, Duckworth & Palmer LLP

Vincent Chahley, Independent Businessman

Harvey Doerr, Independent Businessman

Robert E. Hougie, 1901 Partners LP

David B. Krieger, Warburg Pincus

Christopher R. Manning, Trilantic Capital Partners

Roger Smith, Independent Businessman

Jacob Strauss, Warburg Pincus

Ken Woolner, P.Eng, President & CEO

Careers

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.

Contact

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.

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