Jason Bednar and Ravi Sharma stepped into their new roles as interim co-CEOs of Canacol Energy effective immediately, the company said in a statement. Bednar, who remains CFO, and Sharma, who stays COO, will jointly manage operations during the firm’s Companies’ Creditors Arrangement Act proceedings.

The board views the shift as key to the next stage of restructuring. It adds deep experience in turnarounds, according to the announcement. Canacol did not name the outgoing CEO or provide a timeline for a permanent replacement.

Bednar and Sharma will push forward strategic goals while handling day-to-day leadership. The CCAA process, underway in Canada, lets the company rework its debts under court supervision. Canacol, focused on natural gas in Colombia, has faced financial strain from falling energy prices and operational hurdles.

The board also appointed an independent director, though specifics on the individual’s identity and background were not disclosed in the release. Directors believe this hire bolsters oversight as Canacol handles creditor talks and asset management.

Shares in Canacol traded over the counter in the U.S. and on the Toronto Stock Exchange under the ticker CNE. The leadership switch comes as the company eyes emergence from CCAA protection, a process that could reshape its capital structure and operations.

Bednar joined Canacol in 2020 after stints in finance at oil and gas firms. Sharma, with engineering expertise, has led operations since 2019, overseeing fields in Colombia’s Middle Magdalena Valley. Their dual roles aim to ensure continuity amid uncertainty.

Creditors and the court monitor progress in CCAA cases. Canacol’s filing last year sought protection from more than $700 million in debt. Recent moves include asset sales and cost cuts to stabilize cash flow.

Analysts watching the sector note that swift leadership decisions can signal stability to investors. Canacol produces around 180,000 barrels of oil equivalent daily, mostly gas, supplying Colombia’s power grid and industry.

The board statement emphasized unity in the co-CEO setup. ‘These changes position Canacol for success,’ it read. Further details on the independent director appointment are expected soon.