Toscana Energy, an oil and gas company based in Calgary, said that Anand Ramnath has been named as chief financial officer with effect from March 18, 2016. Ramnath, with more than 19 years of experience in financing and accounting, has been the acting chief financial officer of Toscana from July 31, 2015.
Before his tenure as interim CFO, Ramnath was Toscana's manager of corporate reporting since 2013. Ramnath succeeded Shawna Chicilo, who was Toscana's CFO from 2011. Toscana is an oil and gas manufacturer controlled by Sprott Toscana, a member of Sprott Group.
Francesca's Holdings, a Boutique retailer in Houston, appointed Kelly Dilts as chief financial officer. Currently, Kelly is the senior vice president of investor relations and finance at Tailored Brands. Kelly replaced Mark Vendetti, who left the company in December to become the CFO of Performance Sports Group. In 2014, Vendetti earned a net compensation of $493,997, which included stock awards worth at $99,991, the base pay of $358,846 and other related reimbursements of $35,160.
Similarly, Jamie Donadio has been appointed as the chief financial officer of Mirati Therapeutics, a creator of therapies for cancer treatment. Previously, Jamie worked as vice president of finance at Mirati. Before joining Mirati Jamie worked at Amylin Pharmaceuticals, where he was the senior director of finance, as reported by THE WALL STREET JOURNAL.
Meanwhile, Sprott boosted its shareholdings in MKS Instruments by 10.6% during the final three-month period of 2015. Sprott currently poses 260K shares in MKS worth at $9.4 million after purchasing extra 25K shares in the company during the final quarter, Financial Market News said.
Recently, on March 17, 2016, Toscana reported an increase in net reserves by 9% during the year ended December 31, 2015. The company's sales from petroleum and natural gas segment totalled $6.08 million in the fourth quarter of 2015, a decrease of 25% from $8.12 million in the previous year quarter. Quarterly netback was $4.9 million, down 11% from $5.6 million in the same period in 2014.
For the year 2015, Toscana reported revenue from petroleum and natural gas of $22.7 million, a decrease of 43% from $39.6 million in 2014. Annual netback declined 25% to $16.4 million from $22.0 million in the previous year.
Energy stocks on Wednesday were hurt by Brussels attack and holy holidays, putting more pressure on Wall Street. Oil prices dropped over 2% amid worries circling a global glut. Energy firms were the key losers among the 10 S&P sectors.
Many oil and gas firms like Toscana Energy are facing serious challenges with regard to the wavering oil prices. Oil prices were hurt by an oversupply of the commodity from major producers like Iran, Saudi Arabia, Russia and Venezuela, which in turn impacted energy firms and pushed them into a critical financial condition.
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