Following the March 1997 takeover of Cube Energy Corp. (hereinafter referred to as "Cube") by Barrington Petroleum Ltd., some members of Cube's management team and certain joint venture investors of Cube formed a private joint venture management company, Sphere Energy Corp., to facilitate investment in oil and natural gas exploration, development and production.
Sphere was incorporated under the laws of the Province of Alberta by Articles of Incorporation dated December 9, 1996. Sphere's principle office is located at Suite 750, 815 - 8th Avenue S.W., Calgary, Alberta T2P 3P2 which is also Sphere's registered office.
Future Corporate Direction
Sphere explores for, develops, acquires and produces oil and natural gas in Western Canada. At present, the principle asset which Sphere manages is a multi-zone heavy oil property in Cactus Lake, Saskatchewan. The Company also holds interests in and operates oil and natural gas properties in southeastern Alberta. Sphere is focused on developing longer term oil and natural gas properties through drilling in core areas along with acquiring complementary assets in these same areas.
The advent of the shale gas industry caused significant restructuring to occur in the oil and natural gas business in Western Canada. To position itself for the future, in 2009 Sphere began acquiring lands within one of the most prospective liquids rich shale gas basins in Canada. The Company now holds both working interests and royalty interests in sizeable blocks of lands in the Kaybob Duvernay shale gas basin. It is these assets that will underpin Sphere's long term growth.
Sphere's long term assets, in conjunction with its debt free status, allow the Company to provide distributions to its joint venture participants while maintaining an active exploration and development program on their behalf.
Employees and Principals of the Company
Sphere presently has nine employees, two of whom were former employees of Cube. These employees are supplemented by outside consulting services where required.
The management and directors of Sphere are as follows:
(former President of Cube)
- Steven Dobrowolski, President, CEO and Director
(former Vice President of Cube)
- Gerry Donaldson, Vice President, COO, and Director
- Harry Verlaan, Vice President Operations
- Jack Hatcher, Vice President, CFO