CALGARY — One of the few female CEOs in the Canadian oilpatch says she has parted ways with her American financial backers and her Calgary company's oil and gas assets have been taken over by a newly-created entity.
Suzanne West says Imaginea Energy Corp. has split with private equity firm Lime Rock Partners of Houston, and all parts of the company related to its oil and gas producing assets have been reassigned to a private firm called Cor4 Oil Corp.
The new company is headed by CEO Colin Davies and will follow Lime Rock's direction to "return to a conventional oil and gas operations focus," West says in a news release.
The Imaginea brand and intellectual capital will remain with West and chief financial officer Lindsay Goos, the release says, but the company will focus on creating a new industry of "clean hydrocarbons" with zero emissions, zero pollution and zero use of fresh water.
In a tweet, West says the split with Lime Rock is positive and "we are free now to make the impact that the world needs!"
West founded Imaginea in 2013 after selling Black Shire Energy Ltd., a junior oil and gas company also backed by Lime Rock, for $358 million.