CALGARY, May 14, 2013 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX-CFW) announced today that Doug Ramsay, Co-Founder and Chief Executive
Officer, intends to retire from the office of Chief Executive at the
end of 2013. As part of a planned leadership succession process, the
Board of Directors intends to appoint Fernando Aguilar, Calfrac's
current President and Chief Operating Officer, to succeed Mr. Ramsay as
President and Chief Executive Officer of the Company, on or about
January 1, 2014. Mr. Ramsay is expected to become the Vice Chairman of
the Company and to remain a member of the Board of Directors. Mr.
Ramsay's continued responsibilities will include support work with
senior executives, shareholder and customer relations, public and
regulatory issues and various corporate initiatives.
Doug began his oil and gas career in 1973 as an equipment operator with
BJ Well Services. He went on to positions of drilling and completions
manager, oilfield consultant and wellsite foreman for Dome Petroleum.
He served as President of Canadian Fracmaster Limited until 1994, where
he spent 12 years enhancing that corporation's worldwide presence. In
1999, Doug went on to co-found Calfrac Well Services Ltd.
Ron Mathison, Chairman of the Board, stated, "The Board of Directors is
truly appreciative of Doug's leadership of Calfrac as one of its
founders and CEO from its inception and through its 14 year history.
Doug has led the development and growth of Calfrac Well Services into
one of the most successful enterprises in the well servicing industry
with a core strategy of building strong local operating capability
supported by a lean, entrepreneurial corporate structure. Doug has
guided the company through an incredible period of change and growth
and has done so with utmost integrity and a sharp focus on creating
value for our customers, shareholders and employees."
Mr. Mathison continued, "The Board takes its responsibilities regarding
CEO succession very seriously and Doug along with Gordon Dibb, another
co-founder of the Company, did a superb job in working closely with the
Board to identify and prepare Fernando Aguilar as Gordon's successor as
COO and now as Doug's successor as CEO. We are delighted to have an
individual of Fernando's calibre and experience to lead Calfrac into
the future. Fernando has been an active partner in achieving our
recent growth and operational success and has the complete endorsement
and support of the Board."
Doug Ramsay added, "Fernando is a proven leader, and has been an
integral part of Calfrac's growth and performance since he joined the
company first as a Director in 2008 and then as COO in 2010. In
addition to an excellent track record as a commercial and operational
executive, Fernando possesses strong industry expertise, market insight
and understanding of our customers' needs. His appointment is the
culmination of a thoughtful and deliberate succession planning process.
During his tenure to date as President and Chief Operating Officer,
Fernando has had a positive impact on the business and the Board looks
forward to working with him to ensure the continued success and growth
of Calfrac Well Services in the years ahead."
Doug went on to say, "I am extremely proud of Calfrac's entire
organization which has allowed us to build the company we have today.
The management team, which I believe is second-to-none in the industry,
allows me to transition to the Vice Chair position with confidence the
Company will continue to thrive in this cyclical and challenging
environment."
Fernando Aguilar said, "Calfrac Well Services is a dynamic service
company dedicated to the success of our customers, employees and
shareholders with its commitment to superior execution in the field. I
have enjoyed being part of this team and the growth achieved over the
last several years. We have an exceptionally strong management team at
the local, regional and corporate levels to continue building on the
footprint and capabilities we've established. I am very excited about
the future of the Company and would like to thank Doug and the entire
Board for their trust and support."
Mr. Aguilar was previously with CGG Veritas from 2004 to 2010, where he
held several leadership positions, most recently serving as President,
Geophysical Services for the Americas. Prior to joining CGG Veritas,
Fernando was with Schlumberger for 22 years, serving in roles with
increasing responsibilities in the technology, business and oilfield
service sectors, predominantly in the Pressure Pumping, Wireline and
Testing groups. Fernando's last position with Schlumberger was Vice
President, Oilfield Services. He holds a degree in Civil Engineering,
specializing in Hydraulic Resources Management, and has completed the
Stanford Executive Program at Stanford University and the Director's
Education Program at the University of Calgary.
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, Russia, Mexico, Colombia and
Argentina.
SOURCE: Calfrac Well Services Ltd.
Douglas R. Ramsay
Chief Executive Officer
Telephone: (403) 266-6000
Fax: (403) 266-7381
Laura A. Cillis
Senior Vice President, Finance and Chief Financial Officer
Telephone: (403) 266-6000
Fax: (403) 266-7381
Tom J. Medvedic
Senior Vice President, Corporate Development
Telephone: (403) 266-6000
Fax: (403) 266-7381