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Altura Energy Inc. has unveiled a restructuring plan that includes a new name as well as a new management team and board.
Pending shareholder approval, the Calgary-based energy producer said it will be changing its name to Tenaz Energy.
It’s also named oil patch veteran Anthony Marino as its new Chief Executive Officer. Marino spent more than eight years at the helm of Vermillion Energy Inc., before stepping down not long after the onset of the COVID-19 pandemic, but not before suspending the company’s dividend.
Altura is also bolstering its management team with other high ranking executives from Vermillion as well as Baytex Energy Corp.
Altura’s current chief executive, David Burghardt, is expected to oversee the company’s Canadian Business Unit as Senior Vice President.
In addition to shuffling its leadership structure, the company also announced plans to raise $25 million in a pair of financings.