Awards
2008 summit award® recipients
THE CENTENNIAL
LEADERSHIP AWARD
Mr. Clayton H. Riddell, P.Geol.
This award is presented to a Member of APEGGA who has attained the highest distinction relating to the science of engineering, geology or geophysics as an executive or director of an outstanding project or continuing enterprise in which the Member has conducted, guided or directed or was responsible for the practice of the specific profession. The recipient may have also attained the highest distinction because of invention, research or original work, or an outstanding or exemplary career in teaching the professions.
Mr. Clay Riddell, P.Geol., has been involved in the oil and gas industry for 48 years. A graduate of the University of Manitoba with a B.Sc. in geology, he began his career as an exploration geologist with the Standard Oil Company in 1959. He spent many summers mapping surface geology in the Northwest and Yukon Territories, gaining valuable field experience. By 1969 he started his own business, C.H. Riddell Geological Consultants Ltd.
In 1971 he incorporated Paramount Oil & Gas Ltd. In 1978, the assets accumulated by Paramount Oil & Gas Ltd. were put into a new public company, Paramount Resources Ltd., which concurrently raised $5 million on the Alberta Stock Exchange. That same $5 million is estimated to now exceed half a billion dollars in value.
Mr. Riddell believed that there was economically recoverable natural gas in northeastern Alberta. When Paramount drilled its first well there in 1976, there were no pipelines and conventional drilling practices had proved inadequate to provide conclusive evidence of the gas potential in the area. Mr. Riddell and Paramount staff fine-tuned the application of air-drilling technology in low-pressure gas reservoirs, a technology that is now used extensively throughout the industry in shallow gas drilling. With Paramount's specially developed drilling, the company made several large discoveries and Mr. Riddell parlayed this proprietary technology into value for Paramount shareholders and acquired large tracts of undeveloped land in the area.
Using unconventional drilling technology was a significant risk and Mr. Riddell also took significant personal financial risk to bring the gas reserves into production. Paramount made commitments which allowed NOVA to extend its transportation system to the area in 1982. This major lateral extension, the Liege Lateral, became known as the line that Clay built. In 2003, after more than 20 years of successful exploration and development on the Northeast Alberta shallow gas trends, Mr. Riddell and Paramount Resources successfully created a new public entity, Paramount Energy Trust. This was followed by the creation of Trilogy Energy Trust in 2005. Mr. Riddell’s most recent venture is MGM Energy Corp., a public company created to develop energy resources in the Mackenzie Delta.
Mr. Riddell has also made significant contributions to many charitable causes including the University of Manitoba. In 2005 the university named the Clayton H. Riddell Faculty of Environment, Earth and Resources in recognition of his $10-million gift. Mr. Riddell is one of the owners of the Calgary Flames hockey franchise.
Honours, Awards and Distinctions
-
Inductee, Calgary Business Hall of Fame (2006)
-
Outstanding Explorer, American Association of Petroleum Geologists (2004)
-
Honorary Doctor of Science, University of Manitoba (2004)
-
Stanley Slipper Gold Medal, Canadian Society of Petroleum Geologists (1999)
-
J.C. Sproule Memorial Plaque, Canadian Institute of Mining, Metallurgy and Petroleum (1994)
Professional Affiliations and Activities
-
Governor, Chair, Canadian Association of Petroleum Producers (1998-2001; 1992-1995; Chair 1993)
-
Director, Independent Petroleum Association of Canada (1988-1992)
-
President, Canadian Society of Petroleum Geologists (1987)
-
Member, APEGGA (1969-present)