“Canacol” or the “Company”) announces a leadership change and the appointment of an independent director to its board of directors (the “Board”). The Board of Directors believes that these changes will position the Company for success in the next phase of its restructuring, by adding substantial restructuring experience to the Board of Directors.
Mr. Jason Bednar, Chief Financial Officer of Canacol, and Mr. Ravi Sharma, Chief Operating Officer of Canacol, will assume the role of Interim Co-Chief Executive Officers of the company, effective immediately. Mr. Bednar will continue in his role as Chief Financial Officer and Mr. Sharma will continue in his role as Chief Operating Officer, while also assuming responsibilities as Interim Co-Chief Executive Officers. In this role, they will jointly oversee the Company’s activities and continue to advance its strategic and operational objectives as the Company continues to restructure its affairs within the Companies’ Creditors Arrangement Act proceedings (the “CCAA Proceedings”).
“The Board of Directors is confident in the strength of the leadership team as the company successfully navigates this transformative period and emerges from the restructuring process healthier and more robust,” said Michael Hibberd, Chairman of the Board of Directors. “Mr. Bednar and Mr. Sharma bring deep institutional knowledge, strong execution capabilities and a shared commitment to our customers, employees and stakeholders.”
The company announces the departure of Dr. with immediate effect. Charl Gamba from the role of President and Chief Executive Officer. The Council thanks Dr. Gamba for his contributions to the company and wishes him the best of luck in his future endeavors.
The Company also announces the appointment of Mr. Peter Laurinaitis as an independent director to the Board of Directors. Mr. Laurinaitis is a highly talented and respected financial advisor and investment banker and a key addition to the Board of Directors, providing strategic and technical capabilities as a veteran of restructuring matters.
“Canacol welcomes Mr. Laurinaitis to the Board as an independent director as we work to restructure the company’s affairs within the CCAA procedures. His appointment is an important step in helping us deliver value to stakeholders.”
“I am honored to join the Board of Directors at such a pivotal time for Canacol and look forward to bringing my experience and insights to the company,” said Mr. Laurinaitis. “I look forward to working with the Board of Directors and the management team to execute the company’s strategy within the CCAA process.”
About Peter Laurinaitis
Peter Laurinaitis is an experienced financial advisor and investment banker with 30 years of transactional experience in financial restructuring, capital raising, mergers and acquisitions, special situations and corporate turnarounds. Mr. Laurinaitis is currently Managing Partner of Breakpoint Partners LLC, a restructuring and special situations advisory firm. Previously and for the past 24 years, Mr. Laurinaitis was a partner in both the Restructuring and Special Situations Group at PJT Partners and the Restructuring Group at Blackstone. Mr. Laurinaitis also served as a CPA and turnaround consultant at Arthur Andersen’s Corporate Restructuring Group.
Mr. Laurinaitis holds a BSBA and an MSA from the University of Central Florida and an MBA from the Wharton School of the University of Pennsylvania. He is a Certified Public Accountant, Certified Insolvency and Restructuring Advisor and a Certified Turnaround Professional.
Mr. Laurinaitis recently served as Chairman of the Board of Directors of FirstElement Fuel, Inc., a California-based hydrogen infrastructure company, and is currently an Independent Director of Solo Brands, Inc. (NYSE: SBDS), a direct-to-consumer outdoor brand company, independent director of a $6 billion private manufacturing company, independent director of a $1 billion automotive OEM, and independent director of Axip, a Houston-based natural gas compression company.
About Canacol
Canacol Energy Ltd. is a natural gas exploration and production company with operations in Colombia.
This press release contains certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often identified by words such as “plan,” “expect,” “project,” “aim,” “intend,” “believe,” “anticipate,” “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur, including but not limited to statements regarding estimated production rates of the Company’s properties and intended operating programs and associated timelines. Forward-looking statements are based on the opinions and estimates of management as of the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company cannot guarantee that actual results will be consistent with these forward-looking statements. They are created as of the date of this document and are subject to change. The Company assumes no obligation to revise or update them to reflect new circumstances, except as required by law.
Shareholders are reminded that any questions or concerns can be directed to the Company at: For more information please contact Investor Relations: South America: +571.621.1747 IR-SA@canacolenergy.com Global: +1.403.561.1648 IR-GLOBAL@canacolenergy.com http://www.canacolenergy.com
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