The Trevor Rose Podcast

This episode we are joined by Mr. Chris Kalnin - CEO of BKV - a NYSE listed energy company with a market cap of ~$2 billion. 

Christopher (Chris) Kalnin is the Chief Executive Officer and Founder of BKV Corporation. He also serves as a Board Member for the company. Chris started BKV in June 2015 with the vision to create a one-of-a-kind, highly successful natural gas E&P company. Since then, he has grown BKV to over 350 employees with multiple assets across Pennsylvania and Texas.

Prior to BKV, Chris was Vice President of Strategic Business Operations and Planning at Level 3 Communications (now Lumen). He has also served as a strategic advisor to the CEO at Thailand’s national oil and gas company PTT Exploration and Production (PTTEP) and as a consultant with McKinsey & Company. He started his career as a Financial Analyst with Credit Suisse First Boston.

Chris received an HBA with distinction from The University of Western Ontario and an MBA from Northwestern University at the Kellogg School of Management, where he graduated summa cum laude.

In his free time, Chris enjoys spending time with his wife and six kids and watching Southlake Carroll Dragon football. 

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Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp
Bunch Projects
STEP, Sanjel and Wayfinder

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*This podcast is for informational and educational purposes only, and is not intended as investment advice. Guests may make forward-looking statements, which are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to each company’s public disclosure documents for important risk factors. Please do your own research, and consult professionals directly before making any investment decisions.

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This episode we are joined by Mr. Alex Verge - CEO of Journey Energy - a TSX listed energy company with a market cap of ~$400 million. 

Mr. Verge is the President and CEO at Journey and has more than 40 years of experience in the oil and natural gas industry. 

He has served as Director, CEO and President of NuVista Energy Ltd., and is a Member of the Association of Professional Engineers, Geoscientists of Alberta. 

He received a Bachelor of Science degree in Chemical Engineering from the University of Toronto, and a Masters of Engineering degree in Chemical and Petroleum Engineering from the University of Calgary. 

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Thank you to our sponsors.

Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp
Bunch Projects
STEP, Sanjel and Wayfinder

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*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.

TIMECODES:

00:00 Journey Energy Today
02:43 A $31M Power Plant for $5M
06:35 Alex's Stake and the IPO
08:44 Early Career and Education
23:16 Sword Energy Origins
28:20 Redwater and Bank Line Cuts
32:01 Spotting the Duvernay
36:58 2020: Shares Hit 6 Cents
43:14 Enerplus Deal and Recovery
48:06 Forming the Spartan JV
1:02:54 2027 Drilling Outlook
1:11:39 Medicine Hat and Power Plants

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This episode we are joined by Mr. Will Ulrich - CEO of Presidio Production Company - a NYSE listed energy company with a market cap of ~$300 million. 

Will is co-CEO of Presidio since co-founding the company in 2017. He has over 18 years of energy experience and is focused on using technology and best practices to drive behavior change in the oilpatch.

His mission is to create the industry's best return on capital employed by delivering the industry's lowest operating expenses, highest profitability and best emissions profile.

He graduated from Harvard College with a degree in Economics and began his career as an investment banker at UBS.

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Thank you to our sponsors.

Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp
Bunch Projects
STEP, Sanjel and Wayfinder

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*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.

TIMECODES:

00:00 Intro: What is Presidio Production?
01:21 Why buy wells instead of drilling them
05:59 From Harvard to Wall Street
08:19 Atlas Energy and the Cohen family
14:07 First deals: Midstates, Apache and Templar
20:08 How asset-backed bonds (ABS) work
26:50 Going public through a SPAC
32:11 Getting more oil out of existing wells
39:46 Using A.I. in the field
46:23 Oil and gas prices, M&A and Canada
51:47 Message to shareholders 2026

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This episode we are joined by Mr. Chris Carter - Managing Partner of NGP Energy Capital - a Dallas-based energy private equity firm that has invested since 1988 and raised over $25 billion in cumulative capital commitments.

As Managing Partner, Chris oversees NGP's efforts in sourcing, structuring, executing and monitoring investments. He chairs the Investment, Investment Process and Monitoring Committees and is a member of NGP's Executive Committee.

Chris joined NGP as an Associate in 2004. Previously, he was a summer Associate at McKinsey & Company and an Analyst with Deutsche Bank's Energy Investment Banking Group, where he focused on financing and merger and acquisition transactions.

Chris received a B.B.A. and an M.P.A. in Accounting from the University of Texas at Austin in 2002, where he was a member of the Canfield Business Honors Program. He also received an M.B.A. from Stanford University Graduate School of Business in 2008, graduating as an Arjay Miller Scholar.

Enjoy.

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Thank you to our sponsors.

Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp
STEP, Sanjel and Wayfinder

-

*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.

TIMECODES:

00:00 Intro: What is NGP?
02:31 Fund 14's first close
11:23 Stanford, McKinsey and returning in 2008
20:15 Ken Hersh's lessons: management first
23:44 Skin in the game
26:02 Barclays, Carlyle and the 2025 restructure
30:08 The shale hangover and NGP's new model
36:20 The case for energy private equity
45:20 How NGP backs management teams
48:32 Why not PDP, and the Permian math
51:59 Finding good rock: Hibernia and Tap Rock
1:01:19 Underwriting, fund life and continuation vehicles
1:07:53 Investing in Canada
1:12:05 Listener question: ABS and private credit

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Greetings & welcome back to the podcast. 

This episode we are joined by Terry Etam - energy executive, best-selling author of the The End of Fossil Fuel Insanity & contributor to the boereport.com

Terry’s wide range of energy experience includes executive level positions , writing best selling novels & hands on experience in the field.

You can find Terry's writing on the boereport.com as well as his personal website publicenergynumberone.com

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Thank you to our sponsors.

Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp
Bunch Projects

-

*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.

TIMECODES:

00:00 Intro
00:40 Pacific Link: the $40B West Coast pipeline
04:05 Why Ottawa has to be involved
07:52 Northern Shield and the Prairie Connector
11:19 Pipeline announcements and the Alberta referendum
14:45 The Mackenzie Valley Highway problem
20:37 Wilkinson's 180 on peak oil
24:19 Gas prices, rail, and the carbon tax
32:27 Investors are coming back to Canada
36:54 Hormuz and the new oil price floor
47:06 Oil demand, supply, and listener questions

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This episode we are joined by Mr. Adam Waterous - Executive Chairman of Strathcona Resources & Greenfire Resources - two TSX listed energy companies with market caps of ~$8 billion & ~$2 billion respectively.

Mr. Waterous is also CEO of Waterous Energy Fund - a Calgary-based private equity firm with ~$3 billion under management.

Prior to founding Waterous Energy Fund in January, 2017, Adam served as Global Head of Investment Banking and Head of Energy and Power, North America at Scotiabank, where he was responsible for all of Scotiabank's global Equity and Advisory activities and Scotia Waterous.

Under Adam’s leadership from 2005 to 2016, Scotia Waterous was among the most active advisors in the oil and gas acquisition and divestiture market with transactions roughly evenly split between Canada, the United States and other countries.

Adam co-founded Waterous & Co., a predecessor firm to Scotia Waterous, in September 1991 where he was a member of the firm's Executive Committee and the head of the firm. Scotia Capital acquired Waterous & Co. in 2005.

Before co-founding Waterous & Co., Adam worked in the Mergers and Acquisitions department with First Boston Corporation in New York and in management consulting with McKinsey & Company in Toronto.

Adam has been active in many industry, community, health, arts, and education organizations. In 2013, Adam was awarded the Queen Elizabeth II Diamond Jubilee Medal for his contributions to the community and, along with his wife Jan, the Queen Elizabeth II Platinum Jubilee Medal in 2022 for their work in advancing sustainable transportation solutions in their hometown of Banff. In 2017, Adam received the Lifetime Achievement Award from the Oil and Gas Council. Adam received the 2019 Lefaivre Award, presented to an individual each year by the United Way of Calgary for exceptional volunteer service and community involvement. 

Adam is a Member and serves on the Board of the Horatio Alger Society of Canada. Adam serves on the Advisory Board of the Fairfax Centre for Free Enterprise at Huron University.

Adam is Executive Chairman of Waterous Energy Fund portfolio companies Strathcona Resources and Greenfire Resources.

Adam holds an Honours Business Administration degree from the University of Western Ontario and a MBA from Harvard Business School. Being in the top five percent of his class at Harvard, he was designated a Baker Scholar.

Enjoy.

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Thank you to our sponsors.

Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp
Bunch Projects

-

*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.

TIMECODES:

00:00 — Intro
01:24 — Why Adam bought Mt. Norquay
03:23 — Founding Waterous & Co. in 1991
07:35 — The first client: 1000 letters
13:11 — "Relationships will break your heart"
14:34 — What makes a deal work
20:07 — Access to capital and the returns record
23:47 — Three things the industry gets wrong
34:07 — Meota Central: modular SAGD build
39:01 — How Canada can 2x oil production
47:44 — The MOU: Who pays for the pipeline?
53:34 — Where does sidelined capital go?
58:33 — Questions from X

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This episode we are joined by Mr. Travis Pace - CEO of Fortuna Operating - a private company that manages a non-op energy portfolio of ~30,000 boe/d on behalf of North Hudson Resource Partners - a private equity firm with ~$2 billion under management.

Travis Pace serves as CEO of Fortuna Operating, which manages all non-op funds on behalf of Fortuna and North Hudson. 

Prior to Fortuna, Mr. Pace founded Corbin Development Group, LLC, a privately held non-op company where he built and led the successful exit of a non-op oil and gas portfolio in the Delaware Basin. 

Prior to that, Pace founded a financial and commercial advisory firm for large-scale natural gas infrastructure projects around the world. 

Mr. Pace holds an MBA and BA in English from Texas Tech University, and an MA in International Relations from the Fletcher School of Law and Diplomacy at Tufts University.

Enjoy.

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Thank you to our sponsors.

Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp

-

*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.

TIMECODES:

00:00 Intro
00:09 Fortuna value proposition
02:54 Meeting Mark Bisso in 2017: How the North Hudson partnership works
08:04 Oil vs. gas mix
11:37 Fort Worth, Texas Tech, and buying Barnett leases at $200 a day
17:54 Selling Corbin Development Group
19:59 The non-op thesis
21:52 AFEs, drilling JVs & joint acquisitions
26:37 Fund mechanics: distributions & exits
41:52 The knock on non-op: paying for decisions you don't make
46:38 Why not just back operating teams directly?
49:12 Cygnet, Hawthorne and how Fund V rolled into HWN
1:00:31 Which basin excites Travis the most

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This episode we are joined by Mr.Bobby Tudor - CEO of Artemis Energy Partners - and board member of Murphy Oil - a NYSE listed energy company with a market cap of ~$5.5 billion. 

Mr. Bobby Tudor is the founder and CEO of Artemis Energy Partners, an Investing and Advisory platform focused on companies involved in the Global Energy Markets.

Mr. Tudor is also a Retired Founder and CEO of Tudor, Pickering, Holt & Co.

Prior to forming TPH, Mr. Tudor was a Partner at Goldman Sachs and a leader of its worldwide Energy practice. Over his 30-plus year career in Investment Banking, he has worked on many of the defining transactions of the period, across most energy subsectors and geographies.

Mr. Tudor lives in Houston with his wife, Phoebe. They have three children, Caroline, Margaret, and Harry. The Tudors are passionate supporters of the Arts, Public Education, Social Services, and Public Parks.

Mr.Tudor chairs Greentown Labs and the Houston Energy Transition Initiative, and is past chair of the Greater Houston Partnership and Rice University's Board of Trustees.

Mr. Tudor holds a BA in English and Legal Studies from Rice University, and a JD from Tulane.

Enjoy.

Newsletter: Subscribe Here

Thank you to our sponsors.

Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp
Bunch Projects

-

*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.

TIMECODES:

00:00 Intro
01:11 Basketball to Goldman Sachs
08:31 Becoming a Goldman Partner
17:16 Leaving Goldman to Build TPH
24:21 Winning the First Client
29:40 Breaking Into Calgary
34:39 Competing With Banks That Lend
39:36 Consolidation Over Growth
43:10 The SPR Is Running Dry
46:15 Canada Vs. Venezuela
49:57 Questions from X
53:25 Artemis & Energy Tech

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This episode we are joined by Mr. Darcy Reding - CEO of Cavvy Energy - a TSX listed energy company with a market cap of ~$700 million. 

Mr. Reding previously served as the Vice President of Operations & Geoscience at NAL Resources Management until the acquisition by Whitecap Resources in Q1 2021. 

Mr. Reding has 35 years of energy technical and leadership experience that spans across the upstream and midstream segments at NAL and previously with Norcen Energy, Northrock Resources, Samson Exploration and Enterra Energy Trust. 

Mr. Reding graduated from the University of Calgary with a Bachelor of Science in Chemical Engineering and is a Professional Member of the Association of Professional Engineers and Geoscientists of Alberta (APEGA).

Among other things we learned about Building North America's #1 Independent Gas Storage Company.

Enjoy.

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Thank you to our sponsors.

Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp
Bunch Projects

-

*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.

TIMECODES:

00:00 Intro
00:12 What Cavvy Energy Is & the $1,000–$1,100/Ton Sulphur Story
02:56 The Cavvy Rebrand: From Pieridae to Working Horses
04:36 The Goldboro LNG Story & Why It Died
07:09 Darcy's Path to CEO
10:04 Phase One to Phase Two: Debt Paydown & Growth Strategy
17:48 Sulphur 101: Why Cavvy Has So Much of It
35:53 Sulphur Pricing History & the 2026 Windfall
43:05 Locking In 2027: The $525/Ton Deal & What's Next for Sulphur
52:18 Natural Gas Properties: Waterton, Caroline & Jumping Pound
1:02:09 Wellbore Liability & the AER's New LCA Standard
1:04:37 Third-Party Processing: Three Deep-Cut Sour Gas Plants
1:11:45 Capital Allocation & the 2027 Drilling Program
1:18:40 The AIMCo Story: From 20 Cents to 44% Ownership
1:23:54 Questions From X

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This episode we are joined by Mr. Toby McKenna - CEO of Rockpoint Gas Storage - a TSX listed gas storage company with a total equity value of ~$3.4 billion. 

Mr. McKenna is the Chief Executive Officer at Rockpoint responsible for the management and performance of the corporation’s storage and retail distribution assets. He brings to Rockpoint Gas Storage over 30 years of experience in the energy industry with leadership roles across a wide spectrum of disciplines including gas storage and marketing, midstream operations, energy trading, business development and Acquisitions and Divestitures. 

From 2014 to 2020 he was cofounder of Tidewater Midstream Ltd. where he served in multiple roles including Director, President and CEO, Vice President of Business Development & Commercial and most recently as President, Midstream. 

From 2010 to 2014, he was Vice President, Natural Gas Trading for Castleton Commodities Canada and prior thereto was cofounder of its predecessor, Louis Dreyfus Energy Canada in 2003.

Mr. McKenna obtained his Bachelor of Business Administration from Saint Francis Xavier University, Nova Scotia (1994). 

Among other things we learned about Building North America's #1 Independent Gas Storage Company.

Enjoy.

Newsletter: Subscribe Here

Thank you to our sponsors.

Without their support this episode would not be possible:

Connate Water Solutions
ATB Capital Markets
Remote Power Corp

-

*This podcast is for informational and educational purposes only, and is not intended as investment advice. Please do your own research, and consult professionals directly before making any investment decisions.

TIMECODES:

00:00 Intro
00:29 What Rockpoint Is: ~280 BCF & Six Facilities
03:12 The Put Option That Didn't Exist for 30 Years
04:08 Going Public: $700 Million, 10x Oversubscribed
07:13 New Brunswick to St. FX: Early Days
10:41 Learning the Business: Trading, Losses & Lessons
16:29 Building an NGL Business Plan
25:11 Trading Storage at AECO, Then Running Rockpoint
30:58 The Oversupply Story & What Changed
33:54 New Demand: 20 BCF Gulf Exports, LNG, Data Centers
37:03 The Gulf of Mexico Analogue: Storage Values Up 300%
40:03 Depleted Reservoirs vs. Salt Caverns
43:34 Why You Can't Just Build Your Own: The White Space Problem
58:12 Leverage, Dividends & Capital Allocation
1:08:39 Brookfield, the Lockup & the CPUC Application
1:15:09 Access Gas, Questions From X & Why He's Bullish on Canada

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