Production Enhancement Group announces executive changes

    HOUSTON, TX, Oct. 9 /CNW/ - Production Enhancement Group, Inc. ("PEG" or
the "Company") (TSX: WIS) today announced that the Board of Directors of the
Company has terminated the employment of Philip J. Crawford as Chief Executive
Officer of PEG. Mr. Crawford will retain his position as Chairman of the
Board. The Board has appointed a committee of independent directors to oversee
the search for a new CEO. Jaime B. Crawford, President of PEG, will assume
responsibility for leadership of the Company, and he and the existing
management team will ensure continuity of operations.
    "We thank Philip for his dedicated leadership since taking the Company
public in April of 2006," said Board member Clifford E. McFarland.
"Unfortunately, the Company has not performed up to the Board's expectations,
so we felt the need to take action at this time. The Board is confident that
Jaime Crawford, with the support of the current executive team, will provide
very capable leadership for the Company until such time as a successor CEO is

    Key members of PEG's current executive team are as follows:

    Jaime B. Crawford, President and Director:
    -  A fourth-generation oilfield professional, well-known throughout the
       energy services industry
    -  30 years experience in coiled tubing, nitrogen and pressure pumping,
       developing and implementing unique technological advances in both
       equipment and services
    -  Developed and brought to market PEG's unique multifunctional WISE
    -  Holds eight U.S. patents, with two pending, and several international
       patents pending in coiled tubing service technology

    Chester J. Jachimiec, Executive Vice President and Director:
    -  28 years senior executive, financial and entrepreneurial experience
       in various segments of the energy industry
    -  Former President, co-founder and Director of SPI Petroleum LLC. a
       US nationwide fuel and lubricants distributor with annual revenue in
       excess of US$1 billion
    -  Former Executive Vice President, co-founder and Director of Group
       Maintenance America Corp. (NYSE:  MAK) (and successor Encompass
       Services Corp.), a US nationwide mechanical, electrical and
       facilities services company with revenue in excess of US$4 billion
    -  Former Director of Acquisitions and Investments of Tenneco Energy,
       the integrated natural gas and pipeline division of Tenneco Inc.
       (NYSE:  TEN)

    R. Douglas Parker, CPA, Senior Vice President, Chief Financial Officer:
    -  30 years of senior executive, financial and operational positions in
       a broad range of industries
    -  Extensive experience in all aspects of financial reporting and
       corporate governance
    -  Oil and gas industry experience with Mobil, Superior, Washington
       Energy and Cabot in domestic, offshore and international operations
       in such capacities as Controller, SEC reporting, finance, treasury
       and operations

    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(R) multifunction coiled tubing technologies and
markets a full range of coiled tubing, pressure pumping and wireline services.

    WISE(R) is a trademark of Production Enhancement Group, Inc.


    The TSX does not accept responsibility for the adequacy or accuracy of
    this release.

    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.

    %SEDAR: 00023366E

For further information:

For further information: visit or contact:
Douglas Parker, Chief Financial Officer, Production Enhancement Group, Inc.,
(281) 282-1851,; Ken Wetherell, Investor
Relations, Bryan Mills Iradesso, (403) 503-0144 x224,

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890