SOURCE ROCK ROYALTIES APPOINTS NEW INDEPENDENT DIRECTOR AND GRANTS EQUITY COMPENSATION
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CALGARY, AB, July 20, 2023 /CNW/ - Source Rock Royalties Ltd. ("Source Rock") (TSXV: SRR) (TSXV: SRR.WT), a pure-play oil and gas royalty company with an established portfolio of light oil focused royalties, announces that effective July 19, 2023, it has appointed Ms. June-Marie Innes to its board of directors and Audit Committee. Ms. Innes is replacing Source Rock's President & CEO on the Audit Committee.
Ms. Innes is currently Director, Finance & Sustainability with Tamarack Valley Energy Ltd., and has held progressively senior roles since she joined the company in 2012. Ms. Innes is a Certified Professional Accountant with 17 years of finance, accounting, corporate strategy/planning and administration experience with various Calgary-based oil and gas exploration and production companies. Ms. Innes holds a Bachelor of Science from Mount Royal University and an MBA from Yale School of Management.
Source Rock further announces that pursuant to its Restricted Share Unit and Deferred Share Unit Compensation Plan, it has granted 665,000 restricted share units (each an "RSU") and 292,500 deferred share units (each a "DSU") to officers and directors.
Each RSU entitles the holder to acquire one common share of Source Rock, or a cash payment equal to the equivalent value of one common share of Source Rock at the time of vesting, or a combination of both. The RSU's granted shall vest one-third on each of the first, second and third anniversaries of the grant date. Each DSU represents the right to receive one common share of Source Rock, or a cash payment equal to the equivalent value of one common share of Source Rock, upon the holder of such DSU ceasing to be an officer or director of Source Rock.
Source Rock is a pure-play oil and gas royalty company with an existing, light oil focused portfolio of royalty interests concentrated in southeast Saskatchewan, east-central Alberta, west-central Alberta and west-central Saskatchewan. Source Rock targets a balanced growth and yield business model, using funds from operations to pursue accretive royalty acquisitions and to pay dividends. By leveraging its niche industry relationships, Source Rock identifies and acquires both existing royalty interests and newly created royalties through collaboration with industry partners. Source Rock's strategy is premised on maintaining a low-cost corporate structure and achieving a sustainable and scalable business, measured by growing funds from operations per share and maintaining a strong netback on its royalty production.
For more information about Source Rock, visit www.sourcerockroyalties.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
SOURCE Source Rock Royalties Ltd.
Brad Docherty, Chairman, President & CEO at [email protected]
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