The board of directors of GASFRAC Energy Services Inc. (GFS.TO) today announced that they have commenced an operational review and restructuring of the management team at GASFRAC. More Specifically:
Management Restructuring:
As part of the management restructuring, the current management group comprising of Zeke Zeringue, Chief Executive Officer and Steve Batchelor, Chief Operating Officer, will be leaving the company effective immediately. Jim Hill, currently the Chief Financial Officer of GASFRAC, will assume the role of acting President and Chief Executive Officer until a replacement can be found. The duties of the Chief Operating Officer will in the interim be assumed by current operations personnel within GASFRAC. The board of directors of GASFRAC will be conducting a formal CEO search process working through a search firm and other key advisors to the board of directors. The board of directors would like to thank Zeke Zeringue and Steve Batchelor for their contributions to GASFRAC and wish them all the best in their future.
Operational Review:
GASFRAC will be undertaking an operational review to ensure that its current infrastructure is appropriate to support operational efficiency while ensuring long term profitability, sustainably and the continued growth of the Company's proprietary LPG Fracturing technology. In conjunction with this operational review, the board of directors will consider augmenting the current board with additional experience and expertise as GASFRAC continues to grow.
GASFRAC Energy Services, Inc. is an oil and gas technology and service company headquartered in Calgary, Alberta and the sole provider of waterless gelled NGL fracturing technology in North America.
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