CALGARY, June 10, 2019 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX-CFW) announced today that Fernando Aguilar, Calfrac's President and Chief Executive Officer, will be retiring from the Company.
Ronald P. Mathison, one of Calfrac's founders and the Chairman of Calfrac's Board of Directors, has been appointed Executive Chairman. In this role, Mr. Mathison will take on additional responsibilities, and will continue to work closely with Calfrac's leadership team. In light of this expanded role, Greg Fletcher has been appointed to serve as Calfrac's independent Lead Director.
In addition, Lindsay Link, Calfrac's Chief Operating Officer, has been promoted to President and Chief Operating Officer, and was appointed to Calfrac's Board of Directors. Mr. Link has been with Calfrac since February of 2013 and, among other things, he has been instrumental in the growth of Calfrac's U.S. business. Mr. Link has more than 30 years of experience in the North American and International oil and gas services industry. He holds a B.Sc. in Mechanical Engineering and an MBA in Finance from the University of Calgary. Prior to joining Calfrac, Mr. Link previously held senior management positions at Baker Hughes and BJ Services.
"On behalf of the Board and all Calfrac employees, I would like to thank Fernando for his significant contributions to Calfrac over the past 11 years, and wish him all the best in the future", commented Mr. Mathison. He continued: "I look forward to working more closely with Lindsay and the entire Calfrac team".
Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW". Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Argentina and Russia.
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information relating to the go-forward responsibilities of the Executive Chairman.
These forward-looking statements and information are based on certain key expectations and assumptions made by Calfrac in light of its experience and perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances, including, but not limited to, the following: the economic and political environment in which Calfrac operates; Calfrac's expectations for its customers' capital budgets and geographical areas of focus; the effect unconventional oil and gas projects have had on supply and demand fundamentals for oil and natural gas; Calfrac's existing contracts and the status of current negotiations with key customers and suppliers; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.
Although Calfrac believes that the expectations and assumptions on which such forward looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as Calfrac cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with: global economic conditions; the level of exploration, development and production for oil and natural gas in Canada, the United States, Argentina and Russia; the demand for fracturing and other stimulation services during drilling and completion of oil and natural gas wells; volatility in market prices for oil and natural gas and the effect of this volatility on the demand for oilfield services generally; the availability of capital on satisfactory terms; restrictions resulting from compliance with debt covenants and risk of acceleration of indebtedness; direct and indirect exposure to volatile credit markets, including credit rating risk; sourcing, pricing and availability of raw materials, component parts, equipment, suppliers, facilities and skilled personnel; excess oilfield equipment levels; regional competition; currency exchange rate risk; risks associated with foreign operations; dependence on, and concentration of, major customers; liabilities and risks, including environmental liabilities and risks, inherent in oil and natural gas operations; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; liabilities relating to legal and/or administrative proceedings; operating restrictions and compliance costs associated with legislative and regulatory initiatives relating to hydraulic fracturing and the protection of workers and the environment; changes in legislation and the regulatory environment; failure to maintain Calfrac's safety standards and record; liabilities and risks associated with prior operations; the ability to integrate technological advances and match advances from competitors; intellectual property risks; third party credit risk; failure to realize anticipated benefits of acquisitions and dispositions; and the effect of accounting pronouncements issued periodically. The forward-looking statements and information contained in this press release are made as of the date hereof and Calfrac does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Calfrac Well Services Ltd.
For further information: Lindsay Link, President and Chief Operating Officer, Telephone: (403) 266-6000; Mike Olinek, Chief Financial Officer, Telephone: (403) 266-6000; Scott Treadwell, Vice President, Capital Markets and Strategy, Telephone: (403) 266-6000