Alfred Sorensen

President

Pieridae Energy Ltd
Calgary, Alberta

Career Summary

 My career has primarily been spent in the deregulated energy market.  My experience includes senior management positions in both North America and Europe. I have an extensive knowledge of the issues facing organizations in markets that are both entering the deregulated environment and those that have been operating in a deregulated arena for some time.  I have a hands on management style and take an active interest in the day to day operation of the business without impeding the ability of my direct reports to manage their respective areas.  I feel I encourage innovation within the organization and emphasize team work as an essential element of making the work environment an enjoyable place to spend one’s time.

Professional Experience

 September 2003 to December 2010: President Galveston LNG Inc.

  • Founded Galveston LNG to enter the international trade of liquefied natural gas.  The company developed projects in Canada, Nigeria, Oman and Australia.
  • Raised primary capital in December 2004 from both Canadian and US sources.  Largest shareholder was Denham Capital Partners, a private equity firm funded by the Harvard Endowment Fund.
  • Was responsible for overall company leadership, financing and shareholder relationships.
  • Negotiated the settlement with the Haisla First Nation on which the Kitimat facility was going to be built ensuring the project was permitted in a timely and cost effective manner.
  • Negotiated the sale of the company to two American natural gas producers in 2010, netting am average return to the original investors of over 600%.
  • The successful development of the Kitimat LNG project in Canada represents the single largest natural gas infrastructure project in North America today having a long term impact on the Western Canadian Sedimentary basin and the world LNG markets.

 July 2008 to January 2010: Board Member, Sierra Geothermal Power Corp.

  • Joined the board of Sierra Geothermal, a start up company dedicated to the development of geothermal power in the United States as Chair of the Audit Committee.
  • Was responsible for ensuring that all financial information to be made public met regulatory standards and that company policies were in compliance with both accounting and regulatory standards.
  • Chaired special shareholders meeting held to meet the concerns of the largest shareholder resulting in the sale of the company at a share price 20% above the original offer.

 May, 2000 to June, 2002: President, Duke Energy Europe, a division of Duke Energy International.

  • Responsible for the establishment and development of Duke Energy Corp’s European strategy.
  • Completed the purchase of Mobil Europe Natural Gas and developed the necessary infrastructure to run a full scale energy trading entity in less than one year (sales exceeded one billion pounds with EBIT of $30.0 million)
  • Developed a strategy to enhance Duke’s asset position within the European market.  The strategy was ultimately not implemented due to the changed market conditions in the US.
  • As DEE was a stand alone company, I responsible for all areas of commercial development and administration

 November, 1997 to May 2000:  President, Duke Energy Marketing, a division of Duke Energy North America.

  • Responsible for the development of the Canadian energy trading company which included maintenance of the joint venture relationship with Mobil Canada
  • Established one of the largest energy trading floors in Canada with the highest level of productivity.
  • Managed the development of the energy marketing plan for the Sable Offshore project; the first new gas basin developed in North America in twenty years and the first to be developed in a fully deregulated market.

 September, 1995 to November, 1997:  Vice President, Duke Energy Marketing

  • Responsible for the day to day operation of the company focused on long term origination and trading
  • Developed key relationships with major Eastern Canadian markets (both industrial and local distribution companies)

 August, 1989 to September, 1995: Vice President, Continental Energy Marketing Ltd.

  • Continental Energy was a privately held, energy trading company of which I was a co-founder of the company.  I acted as the Chief Commercial Officer and was responsible for the day to day operations of the business. In 1995, we sold our company to PanEnergy Corp., a predecessor company to Duke Energy Corp.
  • Continental Energy at the time of its sale was one of the largest physical trading entities in Canada.  Volumes moved were ~ 2.2 bcm/year.

 May, 1987 to June, 1989: Operations Representative, Direct Energy Marketing Ltd.

  • One of the original four employees of Direct Energy.  I began my career in the energy trading business as the company accountant and eventually moved to trading as the business expanded.  Direct Energy was one of the first companies formed as Canada liberalized its energy markets.

 August, 1981 to July, 1986: Auditor, Deloitte Haskins and Sells

  • Responsible of the planning and execution of the audit on all types of organizations from public companies to governmental organizations.

 

Education

 Chartered Accountant, 1987

 Bachelor of Commerce, University of Alberta, 1983

 

Professional and Philanthropic Memberships

 Institute of Chartered Accountants of Alberta

Alberta Ballet Foundation

Business Advisory Council, University of Alberta Business School 

Executive in Residence, University of Alberta

 

Contact Information

 Address: 2626 -28 St SW

                Calgary, Alberta

                T3E 2J1

 Phone:  (403) 246 -7528        

 Email: alfredb@telus.net