True North Energy Corp. appoints interim CEO, and enters into collaboration relationship with oil industry expert for an entry level investment in Eddy, Lea and Chaves Counties, New Mexico
After the acquisition of TNEN, the restructuring process began, placing Gilbert Steedley as CEO and sole director in 2013.
Mr. Steedley has over twenty years of business development, industry research, and corporate finance experience across a diverse range of industries, including, and at the forefront, the energy industry. He is the founder of a company, which provides small cap public/private companies with capital market intelligence as well as a private investor in turnaround opportunities. Mr. Steedley received a Bachelor of Science in Finance degree from Mercy College and a Master of Business Administration degree from Delaware State University.
Mr. Steedley’s top priority was to create shareholder value for True North’s 12,000 investors from over forty countries around the world, second, assemble a world class team in oil and gas, third, restructure True North’s balance sheet by extinguishing liabilities to achieve a favorable debt to asset ratio and fourth, direct the company to pursue strategic acquisitions with the goal of generating positive revenue with corresponding fund raising efforts. Joint ventures and strategic partnerships are key elements to the True North growth plan.
True North also announced the collaboration agreement with Tom Schaefer, an oil industry veteran, to collaborate for an entry level investment in the Eddy, Lea and Chaves Counties of New Mexico. These three counties account for more than 80% of the oil produced in New Mexico and 90% of the drilling activity in the state. The specific mineral properties subject to the collaboration consist of 77 individual tracts of land comprising 17,000 gross acres and 271 net mineral acres.
Mr. Schaefer has 19 years of upstream and management experience. He was the managing member and co-founder of Gulf Bend Resources, LLC, a partnership formed for development of assets in East Texas. Prior to, Mr. Schaefer served at Dorado Exploration and Katy Resources in key engineering and management roles. Mr. Schaefer earned a bachelor’s degree in Petroleum and Geosystems Engineering from the University of Texas.