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SERVICES OR DISSEMINATION IN THE U.S./
CALGARY,
AB, July 20, 2023 /CNW/ - Source Rock
Royalties Ltd. ("Source Rock") (TSXV: SRR) (TSXV: SRR.WT), a
pure-play oil and gas royalty company with an established portfolio
of light oil focused royalties, announces that effective
July 19, 2023, it has appointed Ms.
June-Marie Innes to its board of
directors and Audit Committee. Ms. Innes is replacing Source Rock's
President & CEO on the Audit Committee.
Ms. Innes is currently Director, Finance &
Sustainability with Tamarack Valley Energy Ltd., and has held
progressively senior roles since she joined the company in 2012.
Ms. Innes is a Certified Professional Accountant with 17 years of
finance, accounting, corporate strategy/planning and administration
experience with various Calgary-based oil and gas exploration and
production companies. Ms. Innes holds a Bachelor of Science from
Mount Royal University and an MBA
from Yale School of Management.
Equity Compensation
Grants
Source Rock further announces that pursuant to
its Restricted Share Unit and Deferred Share Unit Compensation
Plan, it has granted 665,000 restricted share units (each an "RSU")
and 292,500 deferred share units (each a "DSU") to officers and
directors.
Each RSU entitles the holder to acquire one
common share of Source Rock, or a cash payment equal to the
equivalent value of one common share of Source Rock at the time of
vesting, or a combination of both. The RSU's granted shall vest
one-third on each of the first, second and third anniversaries of
the grant date. Each DSU represents the right to receive one common
share of Source Rock, or a cash payment equal to the equivalent
value of one common share of Source Rock, upon the holder of such
DSU ceasing to be an officer or director of Source Rock.
About Source Rock Royalties
Ltd.
Source Rock is a pure-play oil and gas royalty
company with an existing, light oil focused portfolio of royalty
interests concentrated in southeast Saskatchewan, east-central Alberta, west-central Alberta and west-central Saskatchewan. Source Rock targets a balanced
growth and yield business model, using funds from operations to
pursue accretive royalty acquisitions and to pay dividends. By
leveraging its niche industry relationships, Source Rock identifies
and acquires both existing royalty interests and newly created
royalties through collaboration with industry partners. Source
Rock's strategy is premised on maintaining a low-cost corporate
structure and achieving a sustainable and scalable business,
measured by growing funds from operations per share and maintaining
a strong netback on its royalty production.
For more information about Source Rock, visit
www.sourcerockroyalties.com.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy of this release.
SOURCE Source Rock Royalties Ltd.