Chaparral Energy Inc. unveiled a new branding as Canvas Energy Inc. on April 20, completing a strategic transformation that emphasizes the company’s ESG principles, according to CEO Chuck Duginski.

“While we have a long history as a trusted operator in Oklahoma, we have made tremendous strides over the past few years in completely transforming our business,” Duginski commented in a company statement. .

“We have clearly articulated our ESG principles and have become leaders in EH&S performance,” he continued.

Founded in 1988, Chaparral focuses on the Anadarko Basin oil window in central Oklahoma. Last October, the Oklahoma shale driller emerged from chapter 11 bankruptcy as a non-SEC private filing company, which also marked the second time Chaparral has filed for bankruptcy protection since 2016.

“Our strategy is now focused on generating sustainable free cash flow through efficient, low-cost field operations, supported by careful reinvestment in high-yield development drilling and accretive acquisitions,” said Duginski, who also noted on April 20 that with new assets and a strong balance sheet, the company now has great flexibility and is able to self-fund its new strategy from operating cash flow.

Chaparral Energy’s April 20 rebranding to Canvas Energy includes the launch of a new name, new logo, new website and updated corporate presentation. (Source: Canvas Energy Inc.)

Duginski has been president and CEO of Chaparral since joining the Oklahoma City-based company in 2019 from Tapstone Energy LLC, where he worked as chief operating officer.

After the rebranding, Canvas Energy will retain its headquarters in Oklahoma City, according to the statement. The updated branding will roll out over the coming months and represents a renewed sense of purpose, enthusiasm and commitment, Duginski explained.

“In art, a blank canvas is a platform on which the artist leaves their creative mark,” he said. “To probe a group or a territory is to examine it attentively, leaving no detail unnoticed. In sailing, a ship’s canvas is the set of sails that propels the ship forward under the skillful control of the crew.

“Our logo also honors Oklahoma’s oil and gas heritage, while leaning into the future,” he added.

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Chaparral Energy completes its strategic transformation and unveils its new brand image as Canvas Energy

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