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Tuktu Resources Ltd. (TSXV: TUK,OTC:JAMGF) ("Tuktu" or the "Company"), a junior oil and gas producer based in Calgary, Alberta, is pleased to announce that after a comprehensive search by the Company's Board of Directors, Jeremy Hodder, P. Tech (Eng), PMP, MBA will assume the role of President and Chief Executive Officer of the Company effective immediately.
Mr. Hodder brings a wealth of experience to the role, having held senior leadership positions at Capillary Resources Corp., as President and Chief Executive Officer, ARC Financial Corp., as Executive Consultant, Primavera Resources Corp., as Vice President, Operations and Petronas Canada as Director of its Construction, Drilling & Completions group. With a proven track record in building high performance teams, operational excellence, and production growth, Mr. Hodder is well-positioned to lead Tuktu into its next phase of development.
"After careful consideration and a comprehensive search process, we are thrilled to welcome Jeremy Hodder as our new President and CEO," said Kathleen Dixon, Chair of the Tuktu's Board of Directors. "His extensive expertise and visionary leadership, combined with the new operations and exploitation engineering team, will be invaluable as we continue to expand our presence in southern Alberta oil pools and deliver value to our stakeholders."
Under Mr. Hodder's leadership, Tuktu will focus on strengthening its core oil producing operations and investing further capital to de-risk Monarch Banff and Big Valley drilling opportunities, while fostering a culture of cost control and shareholder value creation.
"Tuktu has a strong asset base and looks to build momentum through the final months of 2025 as we move into the new year," said Mr. Jeremy Hodder, President and Chief Executive Officer of the Company. "I look forward to continuing this important work and leading the Company into its next phase of operations, with a view towards providing increased value to Tuktu Shareholders."
Concurrent with the appointment of Mr. Hodder, Ms. Dixon will step down from her role as Interim President and Chief Executive Officer and continue in her role as Board Chair. During Ms. Dixon's tenure, she oversaw the recruitment of the new CEO, hired engineering talent and commenced field optimization operations at Monarch on the Banff. The Board thanks Kathleen for her dedicated service.
Tuktu Resources Ltd.
1750, 444 - 5th Avenue S.W.
Calgary, Alberta T2P 2T8
| Attention: | Jeremy Hodder, President & Chief Executive Officer (phone: 403-540-6502) Mark Smith, Chief Financial Officer and VP, Finance (phone: 403-613-9661) |
Forward-Looking Statements
This news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking information can be identified by words such as: "intend", "believe", "estimate", "expect", "may", "will" and similar references (including variations and negatives thereof). Forward-looking statements in this news release include statements regarding, among other things: Tuktu's business, strategy, goals, objectives, business and operations; the strategic vision for the Company; the Company's plans to focus on strengthening its core oil producing operations and investing further capital to de-risk Banff drilling opportunities; the Company's plans regarding shareholder value creation; expectations regarding the appointment of Mr. Hodder as President and Chief Executive Officer of the Company. Although Tuktu believes that, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Tuktu can give no assurance that they will prove to be correct. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions that could cause results to differ materially from those expressed in the forward-looking statements including, without limitation: the failure to achieve the anticipated benefits of the Company's change in leadership; risks inherent in the Company's future operations; the risk that the TSX Venture Exchange does not accept the appointment of Mr. Hodder as President and Chief Executive Officer in accordance with their policies; competitive factors; supply and demand in the oil and gas industry; stock market and financial system volatility; fluctuations in currency and interest rates; inflation; risks of war, hostilities, civil insurrection, pandemics, political and economic instability overseas and its effect on commodity pricing and the oil and gas industry; determinations by the Organization of Petroleum Exporting Countries and other countries (collectively referred to as OPEC+) regarding production levels and the risk of an extended period of low oil and natural gas prices; the imposition or expansion of tariffs imposed by domestic and foreign governments or the imposition of other restrictive trade measures, retaliatory or countermeasures implemented by such governments; changes in laws and regulations, including environmental, regulatory and taxation laws, and the interpretation of such changes to the Company's future business; availability of adequate levels of insurance; difficulty in obtaining necessary regulatory approvals and the maintenance of such approvals; general economic and business conditions and markets; and such other similar risks and uncertainties. The impact of any one assumption, risk, uncertainty or other factor on forward-looking information cannot be determined with certainty, as these are interdependent and the Company's future course of action depends on the assessment of all information available at the relevant time. For additional risk factors relating to Tuktu, please refer to the Company's annual information form for the year ended December 31, 2024, and its most recent management's discussion and analysis, which are available on the Company's SEDAR+ profile at www.sedarplus.ca. The forward-looking information contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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