A proposed reorganization by DeeThree Exploration Ltd. that would spin out its Belly River and Alberta Bakken projects into two new companies provides shareholders with potential reserve growth in both assets as well as the upside of a future rebound in oil prices, says a market analyst. DeeThrees board of directors has unanimously approved the reorganization of the company to create two focused and independent publicly traded entities. The first is a sustainable growth-focused light-oil company focused on DeeThree's Belly River development in the Pembina-Brazeau area of Alberta to be named Boulder Energy Ltd. Martin Cheyne, currently DeeThree chief executive officer, will serve as CEO and Michael Kabanuk, DeeThrees executive chair, will be chairman of the board of directors.

The second is a sustainable dividend-and-growth focused oil company centred on DeeThree's Alberta Bakken enhanced oil recovery (EOR) project in southern Alberta. To be named Granite Oil Corp., itwill have Kabanuk as president and CEO with the board chaired by Brendan Carrigy. Boulder and Granite will each have its own independent management and technical teams and a separate board of directors.

In addition to Cheyne, Boulder management will include Clayton Thatcher president; Casey Paulhus vice-president finance and CFO; Trevor Murray vice-president, land; Robin Bieraugle COO; Hayden Knorr vice-president, production; and Mel Chambers vice-president, exploration. In addition to Kabanuk, Boulder's board of directors will include Cheyne, Carrigy, Kevin Andrus; Dennis Nerland; Brad Porter and Henry Hamm. Along with Kabanuk, Granite's management team will consist of Gail Hannon vice-president finance and CFO; Jonathan Fleming - executive vice-president; and Tyler Klatt vice-president exploration.

In addition to Carrigy, Granite's board of directors will include Kabanuk, Cheyne, Andrus, Nerland; Porter and Hamm.