Chris Seasons will work with ARC’s investment committee and board of directors on searching for new deals, as well as contributing to overall strategy and operations.Fernando Morales/The Globe and Mail
The former head of Devon Energy Corp.'s Canadian operation has signed on with ARC Financial Corp., the Calgary-based private-equity firm, as a senior adviser.
Chris Seasons will work with ARC's investment committee and board of directors on searching for new deals, as well as contributing to overall strategy and operations, the firm said.
The prominent oil man will also sit on boards of some of the energy companies in ARC's portfolio of holdings.
Mr. Seasons stepped down as president of Devon Canada last June after 10 years at the post. Months earlier, the company, based in Oklahoma City, had sold its conventional oil and gas business to Canadian Natural Resources Ltd. for $3.1-billion, shifting its attentions to heavy oil and oil sands.
When he announced he was stepping down, Mr. Seasons said that he did not expect to retire from the energy sector.
He joins ARC as private-equity firms expand their presence in the Canadian energy sector during the industry downturn that's been triggered by the steep drop in crude oil prices.
Among ARC's investments are such companies as Seven Generations Energy Ltd., Modern Resources Inc., Kanata Energy Group Ltd. and Citidel Drilling Ltd.
Jeffrey Jones