HOUSTON, TX, Dec. 24 /CNW/ - Production Enhancement Group, Inc. ("PEG" or
the "Company") (TSX: WIS) announced today that it has concluded its search for
a new Chief Executive Officer. Don Cobb, currently President and COO of Wise
Well Intervention Services, Inc., the Company's principal operating
subsidiary, has been appointed as CEO and a Director of PEG. Mr. Cobb's role
will encompass setting the strategic direction of PEG as well as managing and
executing this strategy.
Mr. Cobb's previous roles included serving as Executive Vice President of
Boots and Coots Services. In addition, he spent 22 years with Baker Hughes
Incorporated in various capacities within well servicing where he had annual
revenue responsibilities ranging from US$20 million to US$300 million.
Clifford McFarland, Chairman of the Special Committee formed to identify
a new CEO for the Company, said PEG is excited to have Mr. Cobb rise to the
role of CEO. "In a short time, Don has implemented significant improvements
within WISE's core operations, focusing on operating efficiency and
organizational effectiveness," Mr. McFarland said. "As we enter 2008, we
expect Don to provide the leadership necessary to accelerate our growth plan."
In addition, the Board of Directors has appointed a new Canadian
director, Dean Zipse of Calgary, Alberta. Mr. Zipse has extensive oilfield
services experience in both in the United States and Canada, and has been
actively involved in the development and marketing of new technologies for the
Energy Industry. Mr. Zipse currently serves as VP Sales and Marketing of
Flexpipe Systems and has held key roles at Tesco Corporation. He was also a
founding partner in what is now Wellco Energy Services Trust.
About Production Enhancement Group, Inc.
Production Enhancement Group, Inc., a Houston-based energy services
company incorporated in Alberta, Canada, trades on the TSX under the symbol
WIS. PEG's wholly owned subsidiary, WISE(R) Well Intervention Services, Inc.,
has developed patented WISE multifunction coiled tubing technologies and
markets a full range of coiled tubing, pressure pumping, nitrogen, and
WISE(R) is a registered trademark of Production Enhancement Group, Inc.
The TSX does not accept responsibility for the adequacy or accuracy of
This release and PEG's website referenced in this release may contain
forward-looking statements, including expectations of future components of
cash flow and earnings. Investors are cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of PEG. These risks
include, but are not limited to, the risks associated with the oil and gas
industry, commodity prices, and exchange rate changes. Industry related risks
could include, but are not limited to, operational risks in exploration,
development, and production, delays or changes in plans, and health and safety
risks, including, without limitation, costs and expenses. The risks outlined
above should not be construed as exhaustive. Investors are cautioned not to
place undue reliance on any forward-looking information. PEG undertakes no
obligation to update or revise any forward-looking statements.
For further information:
For further information: visit www.productionenhancement.com or contact:
Douglas Parker, Chief Financial Officer, Production Enhancement Group, Inc.,
(281) 282-1851, email@example.com; Ken Wetherell, Investor
Relations, Bryan Mills Iradesso, (403) 503-0144 x224, firstname.lastname@example.org