Festival stated that his immediate priority remains maintaining operational continuity while the board conducts a formal search for a permanent successor. He noted that the company’s current business trajectory remains robust, with the firm entering a phase of significant free cash flow generation driven by the completion of the Progress gas plant.

Michael Belenkie, who leaves the top post after serving as president and CEO since January 2022, first joined the company in 2018 as chief operating officer. He ascended to the president role a year later, guiding the firm through its recent expansion phase. Advantage Energy expects production levels to hit new peaks throughout the second half of this year under the new interim leadership.