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Project Reconciliation introduces Reconciliation Energy Transition Inc. (“RETI”), an affiliate company created to further Indigenous partnerships in Canada’s energy transition projects

Press Release

CALGARY, AB – Project Reconciliation (“PRI”) is pleased to announce the creation of its new affiliate company Reconciliation Energy Transition Inc. (“RETI”) and appointment of its management team.

RETI’s focus is to develop new energy transition projects founded on material Indigenous equity ownership at the operating level. RETI’s strong engagement platform and governance structure is deeply aligned with PRI’s; created to accelerate Canada’s Indigenous generational wealth base where Indigenous people have meaningful oversight and economic participation in Canada’s evolving energy transition and decarbonization economy.

Indigenous partnership opportunities in energy transition include clean carbon fuels and carbon capture, utilization, and sequestration (“CCUS”) projects, and specifically those affecting Indigenous traditional lands and territories. RETI’s mandate emphasizes Free, Prior and Informed Consent (“FPIC”), with ESG performance as the foundation of its development strategy.

“While Project Reconciliation has concentrated on the acquisition of the Trans Mountain pipeline, from day one we concurrently focused on investing in green technology through our Indigenous Sovereign Wealth Fund. RETI now joins the Project Reconciliation Group as a foundational vehicle for Indigenous Peoples to become material partners with Corporate Canada in the energy transition future that needs to be built.”

Robert Morin, Chairman Project Reconciliation

RETI’s Vision and Strategy

RETI’s vision and strategy is to build an Indigenous general wealth base through equity partnerships with corporate Canada in energy transition and clean carbon fuel projects. All projects must incorporate material Indigenous equity partnerships that provide affected communities the opportunity to participate in the economic benefits of Canada’s energy transition and decarbonization industries.

RETI is currently advancing several cornerstone projects projected to generate positive EBITA within their first few years of operations.

RETI’s Management Team

RETI’s management team members have proven track records of Indigenous based investments and partnerships for value creation and shareholder growth. The team brings together strong technical, capital markets and commercial capabilities in executing joint ventures, indigenous and stakeholder engagement and partnerships

Stephen Mason, Chairman & Chief Executive Officer.  Mr. Mason is Founder & CEO of eight Canadian and International E&P companies; most notably Artumas Group Inc., an international E&P company that reached an enterprise value of over $1 billion.   Currently Steve is the Founding Managing Director of Project Reconciliation.

Jeremy Yee, President.  Mr. Yee has over 17 years’ experience in the energy, commercial, infrastructure, energy transition & ESG investments. Recently, he was Vice President, Land & Corporate Development for Canamax Energy Ltd., a junior private equity oil & gas company.  Jeremy holds an MBA from the Smith School of Business and a Bachelor of Commerce from the Haskayne School of Business.

Ako Ufodike, Chief Financial Officer.  Mr. Ufodike has over 25 years’ experience in oil & gas, power generation and telecommunications utilities.  He has been CEO for Kainji Resources, an international oil & gas company as well as CFO of several telecommunications companies, including CCI Wireless and Jaguar Wireless. Ako has served on several public company boards including chairing of audit committees.

Steve Butler, Exec. VP of Business Development & Environmental Trading.  Mr. Butler has over 17 years’ experience in business development and commodity trading with a focus in the carbon trading space. Steve has held senior leadership position at multiple energy trading companies most recently BP.  He has extensive knowledge and expertise in managing both regional and national trading desks.

Warren MacPhail, VP Engineering.  Mr. MacPhail is a member of the Siksika Nation of Treaty 7 with over 28 years’ experience in petroleum engineering and drilling and completions operations. Warren started his career with Imperial Oil and has held leadership positions with Devon Canada and NCS Multistage, leading teams focused on engineering, technology development and commercialization.

Curtis Heide, COO. Over 25 years of oil & gas production, operations and facility engineering experience with producers including Husky in cold production, thermal CSS & SAGD and Pearl Exploration developing the cyclic steam thermal pilot project on Onion Lake First Nation leading development into the current 14,000 boepd SAGD project. Works with numerous First Nations to advance economic diversity and create value through natural resource development projects.

Cindy Rogers, VP Finance & Administration.  Ms. Rogers has over 25 years’ experience in accounting and finance in the energy sector including midstream and regulated pipeline industries. Cindy has been a subject matter expert for the Association of Financial Professionals relating to the Financial Planning & Analysis (FP&A) Certification.

Dennis Cornelson, Executive Director.  Mr. Cornelson has over 40 years’ experience in corporate development, governance and financial stewardship. CEO and Board roles with three greenfield oil & gas pipelines, (Iroquois, Express and Alliance) and natural gas storage & hub storage called AECO C). Founding shareholder of Clarington Capital that transitioned into Clarington Industrial Alliance with $16 billion of AUM.

Richard Grant, General Counsel.  Mr. Grant has over 35 years’ experience in legal, land, business and management in the energy and resources sectors worldwide.  He has acted for Indigenous groups and industry to negotiate over 15 commercial joint ventures in Western Canada and North America with a focus on Indigenous rights.

About Project Reconciliation

PRI is independently working toward 100% Indigenous ownership of Trans Mountain Corporation, upon completion of the TMX expansion project. PRI’s vision of Indigenous generational wealth, supported by the Indigenous Sovereign Wealth Fund, will be funded from a material contribution of the free-cashflow produced through the Trans Mountain ownership.

About PRI’s Indigenous Sovereign Wealth ESG Fund 1 (ISWF1)

Project Reconciliation’s ISWF1 will invest, at the asset level, with partners such as large utilities and energy companies with strong technical operating capabilities and the financial capacity to develop innovative technologies.

The ISWF1 champions RETI’s investments as these projects move through the development phase. Funding for these projects will be made through special purpose Limited Partnerships which will include equity loans for First Nations Partners, in turn providing material ownership for the affected First Nations. These investments will promote environmental stewardship and create pension-like intergenerational wealth – thereby supporting the path towards healing, respect and self-determination for participating First Nations.

For further information: Jeremy Yee, President, Reconciliation Energy Transition Inc., (403) 819-2710, [email protected], www.iswf.ca

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