Natural Resources >> CEO Interviews >> October 23, 2000
JACK C. LEE is President and Chief Executive Officer of Danoil Energy
Ltd. Danoil is a junior oil and gas exploration and development company
with its head office in Calgary, Alberta, Canada. The company produces
approximately 16 million cubic feet per day and 3,400 barrels of oil per
day, which will generate approximately $62 million in revenue, $31
million of cash flow and $11 million of net income in 2000. Mr. Lee's
other experience includes the founding of Independent Energy Inc. (in
early 1993). In less than three years, Independent increased production
from zero to 1,800 boepd when it was acquired by Stampeder Exploration
in 1996 for approximately $27 million. Independent's annual return on
equity was more than 44%. Mr. Lee has 26 years of oil and gas industry
experience, starting in 1973 in the land department of Amoco Canada
Petroleum Company Ltd. He was a Vice President of Sceptre Resources
Limited from 1976 to 1979, responsible for all of that company's joint
venture activities in Canada and abroad. He was also a founding
shareholder and ex-President and CEO of Gane Energy Corporation
(predecessor company to Northstar Energy Corporation, now Devon Energy)
from 1979 to 1986. From 1988 to 1990, he accepted a posting to Hong Kong
representing the Alberta government in areas of trade, investment and
immigration for all of Asia/Pacific. Mr. Lee returned to Canada to
manage his oil and gas interests from 1990 to 1993. He spent one year in
corporate finance with Sprott Securities Limited prior to returning to
the oil and gas industry to manage Independent Energy. The majority of
Mr. Lee's experience is in the structuring and financing of oil and gas
transactions, from the drilling of single wells to public share issues.
Mr. Lee has been involved in the start up of a number of non oil and gas
companies, most notably, Ag Growth Industries Inc., an Alberta Stock
Exchange company, where he was non-executive Chairman and a director. Profile
Energy Ltd.?
Mr. Lee: In June 1993 I formed a company called Independent Energy. In a
two and one half period of time, we
