Tuktu's de Freitas ceases to act as president, CEO

Executive Summary

• Tim de Freitas (President & CEO), Gregory Feltham (VP Exploration) and Kent Busby (VP Production) have all stepped down effective immediately.
• Ms. Kathleen Dixon, Chair of the Board, has been appointed interim President & CEO while a search for a permanent replacement begins.
• The incremental capital budget increase announced on Aug. 20 2025 is suspended to reduce G&A expenses and preserve financial flexibility.

Key Details

• Leadership departures:
• Tim de Freitas – ceases as President & Chief Executive Officer.
• Gregory Feltham – ceases as Vice‑President, Exploration.
• Kent Busby – ceases as Vice‑President, Production.
• Interim appointment: Ms. Kathleen Dixon, Chair of the Board, assumes interim President & CEO duties.
• Strategic review: The board has initiated a strategic review of Tuktu’s operations in response to ongoing market challenges.
• Cost‑saving measures: Suspension of the incremental capital budget increase announced on Aug. 20 2025, effective immediately, to reduce general and administrative expenses and maintain financial flexibility.
• Consultant engagement: The company will seek a qualified consultant to provide day‑to‑day technical management services until a permanent CEO is appointed.

Notable Quotes

“Tuktu's board would like to thank Tim, Gregory and Kent for their vision and leadership. Their efforts during their tenure have been instrumental in shaping the company's strategic direction,” said Kathleen Dixon, Chairperson of the Board.
“We appreciate their dedication and wish them continued success as they move forward.”