Canada Hibernia Holding Corporation
Historically Reliable & Robust Asset Management
Background
Canada Hibernia Holding Corporation (CHHC) was incorporated in March 1993 and is a wholly owned subsidiary of CDEV. CHHC manages and holds the Government of Canada’s interests in the Hibernia Project, which is an oil development and production project located offshore Newfoundland and Labrador. The Hibernia Project comprises the original Hibernia Development Project area, where CHHC has an 8.5% working interest, and the Hibernia Southern Extension Unit (“HSE Unit”), where CHHC has a 5.67% working interest. Construction of the field facilities was completed in 1997 and first oil from the original Hibernia field occurred in November 1997.
The Corporation is managed by its independent Board of Directors which through its parent company, CDEV, reports to Parliament through the Minister of Finance.
Responsibilities
Located in Calgary, CHHC plays an active role as an owner in the Hibernia Project. CHHC’s responsibilities are to maximize shareholder value through the exploration, development, production and marketing of crude oil from the Hibernia Project.
CHHC’s long term goals are as follows:
- To manage Canada’s ownership in the Hibernia Project. In doing so, CHHC is committed to ensuring that the health and safety of workers and protection of the environment are paramount in all Hibernia decisions; operating in legal and regulatory compliance; protecting Canada’s ownership interests and maximizing value from the assets; and making decisions in a commercially prudent manner.
- To keep the Hibernia asset in a ready state for evaluation and sale should Canada elect to divest of the asset.
CHHC achieves these goals through fulfilling its role as a non-operating working interest owner of the Hibernia Project and its role in managing the marketing and transportation of its share of Hibernia crude oil. CHHC participates regularly in the Hibernia Executive Committee, which is responsible for the management of the project, technical, legal, health, safety, environmental and financial committees that collectively oversee the ongoing business planning and operations of the Hibernia Project. CHHC manages the transportation and marketing of its crude oil through contractual relationships with other owners and service providers to the producing fields offshore Newfoundland and Labrador.
CHHC derives its cash flow solely from the Hibernia assets which include its share of Hibernia crude oil production and a small portion from incidental revenue from the Hibernia drilling and production facilities. Cash flow fluctuates primarily depending on Hibernia production volumes, the price of crude oil, royalty and NPI payments, operating costs, income taxes and major capital expenditures.
Since inception, CHHC has been staffed by a highly skilled group of professionals with extensive industry experience.
*Please be advised that the following link is to a website that is only available in English
Executive Leadership Team
Anita Tonn
President and Chief Financial Officer
Anita Tonn Calgary, Alberta
CPA
President and Chief Financial Officer
Calgary, Alberta
Anita joined CHHC in 2013 and was appointed to the role of President and CFO in 2023. In this role, Ms. Tonn leads the Calgary team responsible for managing Canada’s investment in the Hibernia Project.
Ms. Tonn has over 20 years of experience in the oil and gas industry managing finance, accounting, treasury, tax and mergers and acquisitions. Previously to CHHC, Ms. Tonn held numerous positions with junior and intermediate oil and gas companies including VP Finance and CFO of Emerge Oil & Gas Inc., Financial Controller of Petrobank Energy and Resources Ltd., Controller of Peerless Energy Inc., and Controller of Outlook Energy Corp. Ms. Tonn commenced her career in the audit practice of KPMG LLP, a large public accounting firm.
Ms. Tonn holds a Bachelor of Commerce degree with Great Distinction from the University of Saskatchewan. She is a Chartered Accountant with the Chartered Professional Accountants of Alberta.
Gerry Goobie
Vice President, Marketing and Transportation
Gerry Goobie Calgary, Alberta
MSc, MBA
Vice President, Marketing and Transportation
Calgary, Alberta
Gerry joined CHHC in 2018 to oversee the disposition of CHHC’s crude oil production.
Mr. Goobie is a 40+ year veteran in the petroleum industry specializing in the crude oil, natural gas, and natural gas liquids businesses. Mr. Goobie’s experience includes commercial operations, project management, strategic
planning, acquisitions and divestments and regulatory matters as well as process design and reservoir engineering.
Prior to joining CHHC, Mr. Goobie was a Principal at Goobie Tulk Inc. and Gas Processing Management Inc. (GPMi) and prior to GPMi, he was a Managing
Consultant in the Calgary office of Purvin & Gertz Inc. Both GPMi and Purvin Gertz were internationally renowned, independent energy industry consultancies. Prior to joining Purvin & Gertz, Mr. Goobie worked in various commercial and operational roles with ATCO Midstream Ltd., TransCanada Pipelines Ltd., Murphy Oil, Alberta Natural Gas Ltd, Esso Resources Canada, Texaco Canada Resources and Brown Root Inc.
Mr. Goobie holds a Bachelor of Science in Chemistry, a Master of Science in Chemical Engineering, a Master of Business Administration and is a Life Member of the Association of Professional Engineers and Geoscientists of Alberta.
John Gerlach
Vice President, Operations
John Gerlach Calgary, Alberta
Vice President, Operations
Calgary, Alberta
John Gerlach joined CHHC in 2018 and is responsible for representing CHHC at Hibernia’s Technical and Management committees.
Mr. Gerlach has over 35 years of oil and gas industry experience focusing on asset management, business development and reservoir engineering. Prior to joining CHHC, Mr. Gerlach held multiple leadership and technical positions at Murphy Oil, ConocoPhillips, Rigel Energy, Morgan Hydrocarbons and Mobil Oil.
Mr. Gerlach holds a Bachelor of Science in Mechanical Engineering with distinction from the University of Manitoba and is a Member of the Association of Professional Engineers and Geoscientists of Alberta.
CHHC Board of Directors
Dwight Ball
Chair of the Board
Dwight Ball Deer Lake, Newfoundland and Labrador
Independent Director
Deer Lake, Newfoundland and Labrador
From 2015 to 2020, Mr. Ball was Premier of Newfoundland and Labrador, where he led the provincial government through a major reshaping of its economic and social programs. Prior to becoming Premier he was the leader of the Official Opposition from 2012 to 2015. In addition to his role as the Province of Newfoundland and Labrador’s chief executive, Mr. Ball also held direct responsibility for Indigenous, Intergovernmental and Labrador Affairs.
During his time as Premier, in consultation with Indigenous, industry and community stakeholders, Dwight led the Government of Newfoundland and Labrador through a major reshaping of its economic and social programs.
Drawing from his wealth of leadership experience, Mr. Ball has represented his Province at many international and national meetings, often assuming the role of chair or co-chair on many significant initiatives. As a business leader, Dwight has vast experience in team building, conflict mediation, budget preparation and management, media relations, and conflict resolution. He has successfully negotiated numerous business, trade and union agreements.
Mr. Ball is a graduate of Newfoundland and Labrador’s School of Pharmacy, and a former President of the Canadian Pharmacists Association. He has more than 30 years of business ownership experience in healthcare, real estate development, venture capital and seniors housing developments. He continues to serve on a number of industry and community boards where he provides a senior executive level perspective on the challenges associated with succeeding in today’s environment. He understands the importance of leadership while helping clients navigate complex multidimensional issues.
Dwight has been recognized by many professional and community groups for his involvement with Supportive Employment of Individuals with Disabilities, Employer of the Year, Pharmacist of the Year and a range of business and community awards.
Carole Malo
Carole M. Malo Toronto, Ontario
BCom(Hons), CFA
President, Stratford Ventures Inc
Independent Director
Ontario Energy Board, CDEV, Humber River Hospital Board, U of York
Toronto, Ontario
Ms. Malo is a Senior Finance Executive with over 30 years of experience in infrastructure and energy development and financing, corporate and structured finance, investment management in Canada and internationally. Carole held senior roles in both the private and public sector (SNC Lavalin, RBC, Hydro Quebec, Aecon, Infrastructure Ontario).
Ms. Malo has extensive experience on board of Crowns, For-profit and NFP. She currently sits on the Ontario Energy Board, the boards of the Canada Development Investment Corporation, Humber River Hospital and York University. Previous board experience includes the National Energy Board, the Hamilton Utilities Corporation Board, TOK Transit Advisory Board and the United Way Cabinet/ Women Gaining Ground as Co-Chair.
Carole holds a BCom (Honors in Finance), is a CFA Charterholder, a Diversity 50 Award Recipient and a Fellow in Board Governance of the Canadian Board Diversity Council (CDBC) , earned several certifications in regulatory/administrative tribunals as well as in board governance, enterprise risk oversight, climate change and ESG from the Institute of Corporate Directors (ICD).
Ms. Malo is an active member in her professional community including a member of the ICD’s NFP Chair Peer Group, Women in Infrastructure, Women in Energy and an Honorary Member of International Project Finance Association.
Jennifer Reynolds
Chair of the Human Resources and Compensation Committee
Jennifer Reynolds Toronto, Ontario
MBA, ICD.D
Chief Executive Officer
Women Corporate Directors Foundation
Toronto, Ontario
Ms. Reynolds is a CEO of Women Corporate Directors Foundation – the world’s largest network of women corporate board directors, with more than 2500 members serving on more than 8,500 public and private boards around the globe.
Ms. Reynolds’ 25-year career in the financial services industry has included senior roles in investment banking, venture capital, and global risk management. Prior to joining WCD, Jennifer served as the President & CEO of Toronto Finance International (TFI), a public-private partnership which promotes and develops Canada’s financial services sector and serves as the international representative for the Toronto financial centre. Prior to joining TFI, Jennifer was the President & CEO of Women in Capital Markets (WCM), Canada’s largest industry association and advocacy group for women in the financial sector.
Ms. Reynolds is a Director on the Board of BF&M Insurance Group Ltd, the Board of Agrinam Acquisition Corporation, and the Board of Women’s College Hospital Foundation. Jennifer is the Co-Chair of the UN convened Financial Centres for Sustainability (FC4S) network and also serves on the Advisory Council for the Institute of Sustainable Finance. In 2015 and 2017, she was named a Women's Executive Network (WXN) Canada's Most Powerful Women: Top 100 Award Winner.
Jennifer is a graduate of the Harvard Business School Women's Leadership program, and she received her MBA from McGill University, as well as a Bachelor of Arts with a double major in Economics and Political Science from McGill University. Jennifer also holds the Institute of Corporate Directors Designation, ICD.D.
Elizabeth Wademan
Ex Officio
Elizabeth Wademan Toronto, Ontario
CFA, ICD.D
President and Chief Executive Officer
Toronto, Ontario
Ms. Wademan is the CEO of Canada Development Investment Corporation (CDEV) and is recognized as a mobilizing leader with a strong strategic focus and action-oriented, ambitious vision. Appointed in February 2022 as President and CEO, Ms. Wademan brings deep private sector expertise from an established career in financial services and natural resources. Ms. Wademan is driven to continue to position CDEV as a results-oriented organization that is a key resource supporting Canada's Department of Finance. She is focused on multiple initiatives across CDEV that will enable the organization to increase its impact and contribute to creating value for Canadians from the Government’s most complex commercial interests.
Prior to joining CDEV, Ms. Wademan was a senior investment banker and capital markets executive, including a long career in investment banking, as Managing Director for BMO Capital Markets, one of Canada’s largest investment banks. She was one of the firm's most senior professionals and was Head, Global Metals & Mining Equity Capital Markets, where she advised on many of the most formative and transformational transactions in the resource sector on the continent.
Ms. Wademan is also an experienced corporate director with extensive public company board experience. She has also been deeply involved in her community and with various not-for-profit organizations.
She holds a Bachelor of Commerce (Finance & International Business) from McGill University and CFA & ICD.D designations.