GASFRAC Commences Management Restructuring and Operational Review
CALGARY, ALBERTA--(Marketwire - Sept. 11, 2012) - The board of directors of GASFRAC Energy Services Inc. ("GASFRAC") (GFS.TO) today announced that they have commenced an operational review and restructuring of the management team at GASFRAC. More Specifically:
Management Restructuring:
As part of the management restructuring, the current management group comprising of Zeke Zeringue, Chief Executive Officer and Steve Batchelor, Chief Operating Officer, will be leaving the company effective immediately. Jim Hill, currently the Chief Financial Officer of GASFRAC, will assume the role of acting President and Chief Executive Officer until a replacement can be found. The duties of the Chief Operating Officer will in the interim be assumed by current operations personnel within GASFRAC. The board of directors of GASFRAC will be conducting a formal CEO search process working through a search firm and other key advisors to the board of directors. The board of directors would like to thank Zeke Zeringue and Steve Batchelor for their contributions to GASFRAC and wish them all the best in their future.
Operational Review:
GASFRAC will be undertaking an operational review to ensure that its current infrastructure is appropriate to support operational efficiency while ensuring long term profitability, sustainably and the continued growth of the Company's proprietary LPG Fracturing technology. In conjunction with this operational review, the board of directors will consider augmenting the current board with additional experience and expertise as GASFRAC continues to grow.
GASFRAC Energy Services, Inc is an oil and gas technology and service company headquartered in Calgary, Alberta and the sole provider of waterless gelled NGL 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.
