Michael Belenkie, CEO of Advantage Energy, steps down. An interim leader is named.

Michael Belenkie, president, CEO, and board director of Canadian company Advantage Energy, announced on Monday that he has resigned, effective immediately, due to a shareholder push for'stricter financial oversight.

Calgary-based energy company, Alberta Energy Productions Inc. has appointed Board Chair John Festival to the position of interim CEO as it searches for its permanent successor.

In February, the board of Advantage had determined that none of the proposals it received following a strategic review were in the shareholders' best interests. The review had considered a number of options, including the sale of the company.

Alternative asset manager, Kimmeridge, who holds a 7% share in Advantage, voiced their support for the new capital return framework of the company, describing it as a crucial step towards a more disciplined and shareholder-focused strategy.

Belenkie joined Advantage in 2021 as chief operating officer.

Festival, who is a seasoned energy professional with?over 35-years of experience, has joined the company in March 2024.

After the completion of its Progress Gas natural-gas plant, the company said that it expects to achieve record production levels in the second part of the year.

Advantage's assets are located in?the Montney. This massive Western Canadian natural gas field has seen a lot of M&A activity over the past few years. (Reporting by Dharna Bafna in Bengaluru; Editing by Sahal Muhammed)

(source: Reuters)