CALGARY, ALBERTA -- (Marketwired) -- 06/04/13 -- The board of directors of GASFRAC Energy Services Inc. ("GASFRAC") (TSX: GFS) today announced that Jim Hill has been appointed as Chief Executive Officer and Tim O'Rourke has been appointed as Chief Operating Officer.
Mr. Hill joined the Company in 2010 as its Chief Financial Officer and has served as Acting CEO since September 2012. Mr. Hill is a chartered accountant with over 30 years' experience as a CFO and in executive management roles with global oilfield services businesses including Nowsco Well Services and Complete Production Services, both fracturing companies. As Acting CEO Jim has provided the leadership resulting in stability both for operations and employees and in successful execution of the operational review outlined in September 2012. This provides a continuing platform for growth.
Mr. O'Rourke has an engineering degree with over 20 years of experience in the oilfield services industry working with Nowsco, BJ Services, and Nabors Industries in various operational, technical and sales management roles in Canada and the US. Since joining GASFRAC in 2010, Tim has been instrumental in facilitating many operational and HSE improvements and has served most recently as Vice President of Operations. Tim has the leadership and experience to successfully work with both the operations and sales teams to broaden GASFRAC's customer base and ensure the highest level of excellence in job execution.
We also welcome Brad Gabel to our board of directors. Brad is a successful oilfield executive who brings a strong knowledge of the industry and customer base in North America and the experience of building successful public and private energy service companies.
The board of directors has established an advisory committee that will consist of Brad Gabel, Robert Roberts, and Robert Maitland to provide assistance to Management to review, develop and execute GASFRAC's strategic initiatives.
GASFRAC Chairman, Mr. Gerry Roe noted "The Company has developed a strong executive team over the last several months which has delivered on cost reductions, service delivery execution and technology development to enhance value for our customers and shareholders. With these achievements in place our goal is to now grow our revenue base. We believe that these management appointments, together with the addition of Brad Gabel to our board, position the Company to grow from a solid foundation."
Mr. Hill stated "As with the introduction of any alternative technology such as GASFRAC's, there is an adoption cycle. Success requires customer involvement, rapid cycle experimentation, learning and development. Since introduction of our proprietary technology in 2009 which uses a system to pump pure gelled propane we have adapted to market demand and client requests. As a result we have been able to increase our daily pumping capacity, provide customized fluids, allow fluid recovery and better integrate our operations into our customers' processes. Today we have the benefits of our original technology and enhancements resulting from our alignment with customer requirements to meet the needs of today's industry. Now our team is focused on enhancing our sales and marketing initiatives to introduce and provide our unique technology and better solution to more customers."
GASFRAC Energy Services, Inc. is an oil and gas technology and service company headquartered in Calgary, Alberta and the sole provider of waterless gelled LPG fracturing technology in North America.
This press release contains certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These statements are only as of the date of this document and we do not undertake to publicly update these forward looking statements except in accordance with applicable securities laws. Forward-looking statements are based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services. Forward-looking statements are subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. In addition, actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth under the section entitled "Business Risks" in the Company's MD&A.
Requests for shareholder information should be directed to James M Hill.
Contacts:
GASFRAC Energy Services Inc.
James M Hill
Chief Executive Officer
403-515-3387
jhill@gasfrac.com
