Imaginea Energy CEO Promises to pursue greener path after oil Company splits with backers

One of the few female CEOs in the Canadian oil patch says she’s excited about creating a “fresh hydrocarbons” firm after she parted ways with the American financial backers of her oil and gas-producing firm.

Suzanne West said on Friday her firm, Imaginea Energy Corp., has split with private-equity company Lime Rock Partners and all assets of the firm associated with its gas and oil production — such as offices and workers — have been reassigned to Calgary-based Cor4 Oil Corp..

“Earlier in the year, we arrived at the conclusion both together we weren’t aligned on the same page. They only want to be a conventional business focused on profits and that I clearly do not,” she said.

“I wish to change the fortunes of our business and the way we take part in the planet side and about the other hand.”

Ms. West stated Lime Rock, which has offices in Westport, Conn., Houston and London, decided to buy out her after hiring consultants to analyze strategic alternatives for the business.

Cor4 is helmed by members of this Calgary-based Corinthian Oil Corp. management group headed by CEO Colin Davies.

Neither Lime Rock nor Cor4 immediately responded to requests for comment.

Ms. West, 52, based Imaginea in 2013 after promoting Black Shire Energy Ltd., a junior oil and gas company also endorsed by Lime Rock, for $358-million.

Imaginea’s mission statement calls for the transformation of the energy industry to a “force for good” and its initiatives have included installing solar panels to power equipment on a southern Alberta well site and agreeing to test new environmentally friendly oil-patch technologies.

Ms. West has proposed that the Alberta government as a member of a task force on climate-technology investments.

The Imaginea brand and intellectual capital will stay with Ms. West and chief financial officer Lindsay Goos, Ms. West stated, but the company will now concentrate on earning profits by offering industrial solutions that remove harmful environmental pollution.

In a tweet, Ms. West said the breakup with Lime Rock is optimistic and “we’re free now to create the effect that the world needs!”

Courtesy: The Globe And Mail

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