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.