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infrastructure company. Tourmaline’s
reduction in Topaz equity is also in step with
its commitment to continue to reduce overall
debt levels of Tourmaline and accelerate
shareholder returns as the long-term debt
target is achieved. The offering will expand
Topaz’s free-trading share float and provide
new and existing shareholders with enhanced
trading liquidity which is in-line with Topaz’s
strategic objectives.
TOURMALINE OIL AND TOPAZ ENERGY, August
30, 2021
Enbridge announces

executive leadership

changes

Enbridge today announced the following
executive leadership changes, effective
October 1, 2021.
Mountaineer becomes the newest wholly- pleased with this acquisition as it supports our Vern Yu is appointed Executive Vice
owned subsidiary of UGI. strategy of delivering reliable earnings growth President and Chief Financial Officer taking
UGI also announced that C. David Lokant and rebalancing our portfolio.” over from Colin Gruending. Vern will be
has been named president of Mountaineer, UGI, September 01, 2021 accountable for all the Company’s financial
effective immediately. Mr. Lokant will assume affairs including Budgeting, Financial
responsibility for all aspects of Mountaineer’s Planning & Reporting, Treasury, Investor
operations. Mr. Lokant previously served MOVES Relations, Tax, Risk, Insurance and Audit
as Chief Operating Officer and Senior management functions as well as Sustained
Vice President for Mountaineer. He joined Tourmaline and Topaz Business Optimization. Prior to this role, Vern
Mountaineer when West Virginia Power Gas was Executive Vice President & President,
assets were purchased from UtiliCorp in announce CAD108mn bought Liquids Pipelines. During his 25+ year tenure
2000. Mr. Lokant has more than 30 years of with Enbridge, Vern has held executive roles
industry experience and has held a variety of deal secondary offering of in finance, strategic planning, corporate
positions throughout his career in operations, development, and renewable power as well as
regulatory relations, customer service, Topaz common shares leading the business and market development
accounting, and engineering. activities for Liquids Pipelines during a period
Mountaineer serves nearly 215,000 Tourmaline Oil and Topaz Energy announced of substantive growth. Vern has a Master of
customers across 50 of West Virginia’s 55 today that they have entered into an Business Administration, Bachelor of Applied
counties. The customer base is approximately agreement with Peters & Co., on behalf of a Science (Engineering) and is a Professional
90% residential, with the remaining 10% syndicate of underwriters, pursuant to which Engineer.
comprised of commercial and industrial the underwriters have agreed to purchase, Colin Gruending is appointed Executive
customers. Mountaineer is fully regulated, on a bought deal basis, from Tourmaline Vice President and President Liquids
and its system has nearly 6,000 miles of 7,000,000 common shares of the company at Pipelines taking over from Vern Yu. Colin
distribution, transmission, and gathering a price of CAD15.45 per common share for will be accountable for all of Liquids Pipelines
pipelines. total gross proceeds to the selling shareholder operations and business development. Prior to
“We are very pleased to complete this of CAD108.15mn. The company will not this role, Colin was Executive Vice President
important acquisition and expand our receive any of the proceeds of the offering. & Chief Financial Officer. During his 22+
core utility operations in the mid-Atlantic The selling shareholder currently holds years with Enbridge, Colin has a developed
region. I am also confident that Dave will 58,149,494 common shares of Topaz, a deep understanding of the business and
provide excellent leadership of Mountaineer,” representing approximately 45.17% of the operations having held several executive
said Roger Perreault, President and Chief issued and outstanding common shares. leadership roles in finance, investor relations,
Executive Officer of UGI. “This addition Following the closing of the offering, the accounting, pension management, strategic
provides us with an opportunity to deliver selling shareholder will hold 51,149,494 planning, corporate development, and M&A.
safe, reliable, affordable, and environmentally common shares, representing approximately Colin has a Bachelor of Commerce and holds
responsible energy solutions to customers 39.73% of the issued and outstanding Chartered Professional Accountant and
in West Virginia. We see significant common shares of Topaz. Chartered Financial Analyst designations.
opportunities to make regulated investments Tourmaline is selling the common shares “These executive appointments once again
focused on long-term system enhancement as part of a long-term plan to reduce its equity illustrate our ongoing emphasis on developing
and expand the reach of natural gas to both position as Topaz develops and continues our people and further strengthening our
unserved and underserved areas. We are also to succeed as an independent royalty and executive team for the future,” said Al

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