Canadian crude oil & gas producer Pacific Exploration & Production Corporation has changed its corporate name to Frontera Energy Corporation.
The company said on Monday the name change is an effort to mark the beginning of a new era for the company. Worth noting, the company already changed its name once just a little less than two years ago.
The company’s common shares are expected to start trading on the Toronto Stock Exchange under the new name and ticker symbol TSX:FEC at the opening of trading on Wednesday, June 14, 2017.
Frontera said its vision is to build on its position as a focused, low cost, exploration and production company and to create maximum value for all stakeholders.
The new name is effective immediately and it will be implemented throughout the company for the remainder of the 2017 calendar year.
Barry Larson, Chief Executive Officer of Frontera Energy Corporation, commented: “Our new corporate identity reflects the significant transformation the company has made following its restructuring, as well as a new progressive and disciplined focus that will generate success. To ensure the company can maintain sustainable production and growth, the board has taken steps to narrow Frontera’s geographic focus and reduce organizational scale, complexity and cost while maximizing operating and cost efficiencies.”
Gabriel de Alba, Chairman of the Board of Directors of Frontera Energy Corporation, commented: “The company has a renewed strategic focus, positive cash flow, a strong balance sheet, significantly reduced payables, and has a Board of Directors with the unique skills and experience needed to guide management and drive value creation for all stakeholders.”