On March 6, 2025, Advantage Energy Ltd. announced the appointment of Lawrence Massaro and Daniel Farb as new independent directors to its Board, aligning with a governance refresh initiative and a new agreement with shareholder Kimmeridge Energy Management Company, LLC. Mr. Massaro, formerly CEO of Silverado Oil & Gas LLC and CFO of Newfield Exploration, brings deep industry and finance expertise. Mr. Farb, an experienced investor with prior tenures at Highfields Capital and Goldman Sachs, also joins the board. Both appointees will serve on Advantage’s Special Committee, reconstituted to include Norman MacDonald (Chair), David Smith, Massaro, and Farb.

Under the agreement, Kimmeridge will support Advantage’s full slate of directors at the upcoming 2025 Annual General Meeting and will nominate a third independent director, who will also be included in Advantage’s management proxy circular. The move is intended to enhance shareholder value and aligns with Advantage’s ongoing board refreshment strategy.

In parallel, Janine McArdle has retired from the Board but will remain as an advisory consultant through September 30, 2025, contributing her expertise in engineering and business development during the transition.

Legal advisors for the Agreement included Burnet, Duckworth & Palmer LLP for Advantage and Norton Rose Fulbright Canada LLP for Kimmeridge.
No transaction value was disclosed, as the announcement pertains to governance and board composition rather than a financial transaction.