- Former President of EnCana Gas Storage, joins an Alberta-based natural gas storage startup.
Era Gas Storage Inc. announces the acquisition of Teneo Energy Ltd in an all-share transaction. Richard (Rick) Daniel, President of Teneo, becomes President and CEO of Era and Garry McCarroll assumes the role of Vice President, Engineering.
Previously, Mr. Daniel served as President and Mr. McCarroll as Team Leader, Engineering and Operations of EnCana Gas Storage, building it to the position of North America's largest independent gas storage business prior to its sale in 2006 for US$ 1.5 billion.
"Era Gas Storage offers a strategic vision for developing natural gas storage opportunities that is unique in the industry. Garry and I are pleased and excited to be joining Era," said Daniel.
"Acquiring Teneo and adding Rick and Garry to our management team will enable Era to execute the next step of our business plan," said David Tims, Executive Vice President and COO of Era. "Era's management team and portfolio of storage opportunities is now second to none."
Era Gas Storage is a Calgary-based North American storage developer: a unique integration of engineering and financial experts who create value through reservoir, facility, and financial engineering. Era acquires the best possible depleted reservoirs in a basin, then converts those reservoirs to natural gas storage in a disciplined manner.
Teneo Energy Ltd. is a natural gas storage investment and advisory firm providing services with respect to market research, project development and merger-and-acquisition consultation to a variety of companies involved in the gas storage sector, including private developers, local distribution companies and private equity firms.
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