Yangarra Mourns Chairman Gordon Bowerman, Faces Leadership Transition

CALGARY, AB – April 10, 2026 – Yangarra Resources Ltd. is navigating the end of an era following the passing of its long-serving Chairman of the Board, Gordon Bowerman. The Calgary-based energy company announced the news today, marking a significant moment of transition for a firm guided by Bowerman’s leadership for more than two decades.

Mr. Bowerman had been Chairman of the Board since 2001, a tenure during which he was credited as a pivotal force in shaping the company's strategic direction, growth, and governance. His death leaves a profound void at the head of the company's board as it navigates a complex energy market.

In a statement, Yangarra’s Chief Executive Officer, James Evaskevich, paid tribute to his long-time colleague. "On behalf of the Board of Directors, management, and employees of Yangarra, we extend our deepest condolences to Gord's family and loved ones," Evaskevich commented. "He was a highly respected leader whose insight, integrity, and commitment had a lasting impact on our Company. He will be greatly missed."

The company confirmed that its Board of Directors has initiated a transition process to address the leadership gap. Further updates on the succession plan for the chairman role are expected in due course, leaving investors and industry observers to watch closely as Yangarra prepares for its next chapter.

A Legacy of Strategic Guidance

Gordon Bowerman's influence extended far beyond his title at Yangarra. A stalwart of the Canadian energy sector, he served as the Independent Chairman of the company's board from 2012 until his passing. His deep involvement was evident through his active participation on key board committees, where he served as a member of the Audit Committee and, critically, as the Chair of the Nominating, Compensation and Corporate Governance Committee—the very body responsible for board succession.

His career was a testament to his deep roots in Calgary's oil and gas industry. Since 1987, Bowerman was the President of Cove Resources Ltd., a private oil and gas firm. He was also a founding member, President, and CEO of Kaymus Resources Inc., where he was instrumental in guiding corporate strategy. His experience also included a directorship at Colonia Energy Corp. from 2004 to 2010. This extensive background provided him with a panoramic view of the industry, which he leveraged to guide Yangarra through periods of both boom and bust.

At Yangarra, he was known for championing a long-term vision, focusing on sustainable growth and robust governance frameworks. His steady hand helped the company develop its key assets in the Western Canadian Sedimentary Basin, from Willesden Green to the emerging Belly River play.

Navigating a Leadership Crossroads

The task of filling Bowerman's role now falls to the remaining members of Yangarra's board. The board has an average tenure of 12.2 years, suggesting a deep well of institutional knowledge and stability that will be crucial during this transition. Comprising seven members, six of whom are independent, the board's structure is designed to ensure objective oversight.

The succession process will be a key test of the corporate governance policies Bowerman himself helped to fortify. The Nominating, Compensation and Corporate Governance Committee, which he chaired, will be central to identifying and recommending a new leader for the board. Dale Miller, an independent director and President of Dark Horse Energy Consultants, now sits as chair of that committee and will likely play a pivotal role in the selection process.

Other key figures include CEO James Evaskevich, who has been with the company since 2001 and holds a significant 4.98% stake, and Penny Payne, the Audit Committee Chair and a former CFO of Yangarra. Their long-standing experience with the company's operations and financial strategy will be invaluable in ensuring a smooth transition. The board's deep experience is expected to provide a steadying influence as it deliberates on whether to look internally for a successor or to seek an external candidate to lead the board.

A Transition Amidst Strategic Shifts

This leadership change comes as Yangarra is navigating a challenging but potentially promising period. The company's most recent financial results for the year ended December 31, 2025, showed a 5% decrease in average production to 10,003 barrels of oil equivalent per day (boe/d) and a 14% drop in oil and gas sales to $115.3 million. Despite these declines, the company maintained healthy operating margins and netbacks, demonstrating operational resilience.

Strategically, Yangarra has been investing for the future. In 2025, it deployed $8.5 million in strategic capital to connect new core areas to existing infrastructure and made land purchases totaling $6.1 million, targeting the Cardium and the emerging Belly River play. This focus on leveraging existing infrastructure across multi-zonal prospects is central to its long-term value creation strategy.

Looking ahead, the board has approved a $60 million capital budget for 2026, aimed at maintaining production levels around 10,000 boe/d. The company is optimistic about 2026, citing a more positive outlook for natural gas prices driven by increasing LNG egress capacity. The new chairman will take the helm as the company executes this plan, which involves a significant drilling and completions program across its extensive acreage.

Market Response and Investor Outlook

The immediate market reaction to the news was measured. Yangarra’s stock (TSX: YGR) saw a modest gain of 0.69% on the day of the announcement, suggesting investors are taking a wait-and-see approach rather than reacting with alarm. However, underlying analyst sentiment remains mixed, reflecting the company's current financial landscape.

One AI-driven analysis rated the stock as "Neutral," highlighting that solid profitability and a healthy balance sheet are being offset by recent declines in revenue and earnings. While the company's low price-to-earnings ratio is seen as a positive, the overall picture points to a company at an inflection point. The leadership transition adds another layer of uncertainty for investors, who will be looking for clear signals of stability and strategic continuity from the board in the coming weeks.

The new chairman will inherit not only Gordon Bowerman’s legacy but also the responsibility of guiding Yangarra through its current strategic initiatives, ensuring that the company can capitalize on its long-term assets while navigating short-term market pressures.