Brian Zinchuk is editor and owner of Pipeline Online
When you look at current drilling activity in southeast Saskatchewan, a certain name pops out – Cache Island.
And that name is significant because of its president and CEO, Scott Saxberg.
Cache Island Corp. is drilling with Precision Drilling Rig 275 at 04-18-011-05 W2, near Hazelwood. That’s kind of in the middle of nowhere, due north of Kisbey. If that rig number seems familiar, it’s usual stomping grounds is the Weyburn Unit.
Saxberg was the CEO and co-founder of Crescent Point Energy, having built the company from nothing to 180,000 barrels per day, the majority of which was in Saskatchewan. It was briefly Saskatchewan’s largest oil producer, even surpassing Husky. Crescent Point led and eventually dominated development of both the Viewfield Bakken and Torquay plays.
During the oil downturn, Crescent Point under Saxberg led drilling in Canada by a wide margin, often employing around 25 rigs in Canada, all but one in Saskatchewan, and frequently running more rigs than the number 2 and 3 oil companies combined.
But the company’s pattern under Saxberg of spending nearly all of its free funds on new development or acquisitions became out of vogue in recent years, with rewarding shareholders now the order of the day. He left the company in 2018, just weeks after an unsuccessful attempt by an activist investor to unseat much of Crescent Point Energy Corp.’s board.
Saxberg is now president and CEO of Cache Island, according to the Calgary-based company’s website. And an August 2021 Financial Post story noted the company is using oil and gas revenue to fund solar power development. His LinkedIn profile notes he’s been CEO of Cache Island since August, 2019. That profile point out that as Crescent Point CEO, he “completed 34 corporate transactions and 500 acquisitions, ranging from $2 million to over $1 billion.”
Cache Island’s website says, “Our strategy is to combine two distinct asset bases that will diversify Cache Island and will establish a new energy model. The synergy of renewable assets alongside oil and gas resources will lower emissions and act as a catalyst for Cache Island to achieve net-zero emissions while maximizing profits. Cache Island plans to transition and grow to a majority renewable energy producer by 2050 to ensure a sustainable future.”
He was also part-owner and a director the Arizona Coyotes from 2013-2017.
In 2011, Saxberg was Saskatchewan Oilman of the Year.
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