September 16, 2018 8:06 pm
Updated: September 17, 2018 7:13 pm

Calgary Flames co-owner, oil tycoon Clay Riddell dies at 81

Clay Riddell owned stakes in at least 10 publicly traded energy companies, with Paramount remaining one of his largest holdings. He was also an owner of the National Hockey League's Calgary Flames.

Global News

Calgary Flames co-owner, energy sector executive and philanthropist Clay Riddell died on Saturday at 81 after a short illness, Paramount Resources confirmed on Sunday.

“He was an incredible man with so many accomplishments,” said Jim, Riddell’s son and the CEO of Paramount Resources. “He will be dearly missed.”

The company released a statement celebrating Riddell’s storied, six-decade career.

“An icon of the Canadian oil patch, Clay was a fervent advocate for the responsible development of Canada’s natural resources and he epitomized the entrepreneurial spirit,” read a news release from Paramount Resources.

“He was also a committed philanthropist, his contributions to worthy causes too many to name individually.”

The Calgary Sports and Entertainment Corporation said Riddell joined the Flames Ownership Group for the 2003-2004 season. The corporation added that he joined during a “critical time for the Flames,” with a passion for the team and for the love of sport.

“We mourn the passing of a great man of industry, sports, philanthropy and human decency along with our city, province and country,” said Ken King, Calgary Flames CEO. “His legacies to all of us are immeasurable.”

“To his family our gratitude, respect and deepest sympathy.”

Calgary Mayor Naheed Nenshi posted condolences via social media Sunday, saying, “Clay was a titan of our community — in industry, philanthropy, sport, and education. Calgarians feel his legacy now and we will feel it for many years to come.”

According to the Patron Group with the Shaw Charity Classic, Riddell graduated with honours from the University of Manitoba with a Bachelor of Science degree in Geology, later receiving an Honorary Doctor of Science degree as well.

In 1978, Riddell launched Paramount Resources — a publicly traded oil and gas company — and served in both CEO and president roles. He was also a chair on the boards of Perpetual Energy Inc. and the Energy Corp.

In 2008, Riddell received the Order of Canada.

© 2018 Global News, a division of Corus Entertainment Inc.

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