CALGARY, Nov. 9 /CNW/ - Mr. John Geddes, Chairman of the Board of Flint Energy Services Ltd. (Flint, the Company), announced his retirement from the Board of Directors of the Company at the end of this year. At the same time, Mr. Geddes was pleased to announce the Board's appointment of Mr. Stuart O'Connor as the new Chairman of the Board effective January 1, 2010.
Mr. O'Connor has been a member of Flint's Board of Directors since 1998 and is currently Chairman of the Company's Audit Committee. Mr. O'Connor is currently the President of Timber Ridge Capital Ltd., a holding and advisory firm. Prior to this, Mr. O'Connor was the President and Chief Executive Officer of Merak Projects Ltd., a software developer focused on the oil and gas industry. Before joining Merak, Mr. O'Connor was a Partner with Bennett Jones LLP, a national law firm where he practiced corporate and securities law. Mr. O'Connor is also a director or officer of various other companies. He holds a Bachelor of Science (Chemical Engineering) degree from the University of Calgary and a Bachelor of Laws degree from Queen's University in Kingston, Ontario.
Mr. O'Connor said, "It has been my pleasure to work with John on the Board and participate in the direction of this dynamic and successful company. John has provided a clear vision for Flint and has assembled a strong team of directors to continue to guide Flint into the future. I am looking forward to continued development of our growth strategy and seeing to its successful execution."
Mr. Geddes, who has been Chairman of the Board of the Company since its inception, was instrumental in forming Flint Energy Services in 1998 as a private company, through acquisition of a number of energy services companies including Flint Canada and Flint Energy Construction.
Mr. Geddes has also been instrumental in the growth of Flint from a group of small regional energy services companies into a respected North American wide services provider with over $2.3 billion in revenue in 2008. From 1998 to 2006, Flint concluded acquisitions and joint venture agreements which helped to triple its revenues over the last five years. Notably, over the past three years, Flint added two new service divisions: Oilfield Services and Maintenance Services. These new divisions are complementary to Flint's two existing divisions of Production Services and Facility Infrastructure and broaden Flint's service offerings as a full cycle energy services company.
While announcing his retirement today, Mr. Geddes will remain Chairman of the Board through the end of 2009.
Mr. Geddes said, "I have participated in Flint's development and watched it prosper over the past eleven years. I am very proud of our accomplishments, the great company we have created, the talented people we have engaged, and the exceptional customers we work with. I am confident that in retiring at this time, I am leaving an organization which will continue to grow and create exceptional value for its shareholders, customers and its employees. The timing is right for me and the Company."
Earlier today, Flint released its interim financial results for the third quarter and first nine months of 2009. Copies of the interim release are available on SEDAR (www.sedar.com) and the Company's website www.flintenergy.com.
Flint Energy Services Ltd. is a market leader providing an expanding range of integrated products and services for the oil and gas industry including: production services; field construction; oilfield transportation; process equipment design and manufacturing; and tubular management services. Flint provides this unique breadth of products and services through over 60 strategic locations in the oil and gas producing areas of western North America, from Inuvik in the Northwest Territories to Mission, Texas on the Mexican border. Flint is a preferred provider of infrastructure construction management, module fabrication, maintenance services for upgrading, and production facilities in Alberta's oil sands sector. http://www.flintenergy.com
FORWARD LOOKING STATEMENTS
Certain statements in this news release are "forward-looking statements", which reflect current expectations of the management of Flint regarding future events or Flint's future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. Flint believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Flint assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding risks and uncertainties relating to Flint and its securities can be found in the disclosure documents filed by Flint with the securities regulatory authorities, available at www.sedar.com.
SOURCE FLINT ENERGY SERVICES LTD.
For further information: For further information: Guy Cocquyt, Director of Investor Relations, Telephone: (403) 218-7195, Fax: (403) 215-5481, Email: email@example.com