CALGARY, Aug. 15, 2017 /CNW/ - MATRRIX Energy Technologies Inc. ("MATRRIX" or the "Corporation") (TSX-V: MXX) announces that Elson McDougald has rejoined the Board of Directors of the Corporation following the expiry of a Non-Competition Agreement entered into at the time of the sale of CanElson Drilling Inc. that restricted him from any involvement in the land-based contract drilling rig business.
MATRRIX also announces that Lyle Whitmarsh has joined the Corporation as President - Rig Division. Mr. Whitmarsh's primary responsibilities will involve execution of the Corporation's strategic plan to investigate entering the land-based contract drilling business to complement its business of supplying sub-surface horizontal and directional drilling services, solutions, and technology to oil and gas clients in Canada.
Mr. Whitmarsh has 33 years of energy industry experience. Mr. Whitmarsh previously held the position of President with Trinidad Drilling from 2002 to 2008, and Chief Executive Officer and a member of the Trinidad board of directors until March 2017. Mr. Whitmarsh has many years of practical hands-on experience, starting as a rig floor hand in the early 1980's and evolving through various operational positions, advancing into supervisory roles, manufacturing, well servicing and later into prominent senior management positions. Mr. Whitmarsh played a vital role in a wide scope of endeavors including drilling depth ranges to 30,000 feet globally, including 3,000 foot wells in Southern Alberta. He has been responsible for the overall operation of 150 rigs and is proud to have been part of a team earning a Total Recordable Incident Rate (TRIR) of under one. Recently, Mr. Whitmarsh served as an intermediary board member in the Total Energy and Savanna Energy Services merger, then acted as President of Savanna Energy Services until July 2017. Mr. Whitmarsh has served in various capacities with the Canadian Association of Oilwell Drilling Contractors (CAODC) during 2005 to 2017, in Calgary, Alberta.
The Corporation commenced operations in 2011. MATRRIX has grown its concurrent capacity of horizontal and directional drilling systems ("Systems") organically with the acquisition and assembly of 25 Systems as at the date of this press release. MATRRIX has developed and implemented a proprietary system called D2ROXTM (pronounced DEE-ROCKS) to aid the Corporation and its oil and gas clients to drive predictable, repeatable, cost effective, safe field operations at the rig site. Since inception, the Corporation has maintained a balance sheet with zero debt and a strong working capital position.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE MATRRIX Energy Technologies Inc.
For further information: Richard Ryan, President & Chief Executive Officer, MATRRIX Energy Technologies Inc., Tel: (403) 984-5062