E Lothian

E. Craig Lothian is a Regina-based energy entrepreneur and investor who built his career first in law and then in the upstream oil and gas business. He earned a B.A. (1986) and an LL.B. (1988) from the University of Saskatchewan and rose to partnership at a Regina-based law firm before leaving the legal profession to enter the energy industry.

Over the following decades, Lothian founded and led a series of private oil companies in Saskatchewan under the Keystone and Villanova names — reported to be roughly 11 oil companies in total. He served as CEO of several of these, including Flatland Exploration Ltd., Keystone Energy Inc., Keystone Energy Corp. and Villanova Energy Corp., before moving to an Executive Chair role on later ventures. Collectively these companies sold for proceeds in excess of $300 million and generated a reported 3.7X gross multiple for initial investors.

In 2009 Lothian co-founded Lex Capital Management Inc. (he was one of three founders and the original CEO, and is now majority shareholder and Executive Chair), a Regina private equity firm that raises energy funds and invests in early-stage oil and gas companies in Saskatchewan and Alberta. Since inception the Lex Funds have raised in excess of $645 million. He separately leads Lex Capital Corp., a multi-family office with investments spanning oil and gas, real estate, technology and renewable sectors, where he serves as President & CEO.

In May 2026, Lothian was named an inductee into the Saskatchewan Oil and Gas Hall of Fame, recognizing his combined legal and industry impact on the province's energy sector.

• Invests through Lex Capital's energy private equity funds in early-stage, high-growth upstream oil & gas companies in Western Canada.
• Provides seed, growth, and acquisition capital across the company lifecycle, not just first-money-in.
• Portfolios are weighted toward oil and liquids-rich natural gas opportunities in the Canadian energy sector.
• Typically seeks a minimum 20–25% ownership position, indicating a hands-on, concentrated, control-oriented approach rather than passive minority angel checks.
• Track record built on a buy/build-and-sell model — capitalizing a focused operating company, scaling it, and exiting to a strategic acquirer (e.g., Legacy Oil + Gas, TORC Oil & Gas, Topaz Energy).