HOUSTON, Oct. 20 /PRNewswire-FirstCall/ -- Key Energy Services, Inc. (OTC Pink Sheets: KEGS) today announced the hiring of Don Weinheimer as Senior Vice President, Business Development, Technology and Strategic Planning and the promotion of D. Bryan Norwood to Vice President and Treasurer. The Company also released its September rig and trucking hours.
Mr. Weinheimer joins the Company from Halliburton, where he served most recently as Vice President, Technology Globalization, within Halliburton's Energy Services Group. Prior to that, Mr. Weinheimer served as Vice President, Innovation and Marketing and Director, Strategic Marketing and Business Development within the Production Optimization Division. Mr. Weinheimer has over 25 years industry experience, including international experience in both the Middle East and Algeria. Mr. Weinheimer is a graduate of Texas A&M University.
Mr. Norwood has been named Vice President and Treasurer. Mr. Norwood has 28 years of experience, most recently as Eastern Region Controller for the Company. Prior to joining Key he served as Vice President Finance-Americas for Bredero Shaw Company. Prior to his association with Bredero Shaw, he held financial positions with Electronic Data Systems and Dresser Industries. Mr. Norwood is a Certified Public Accountant and is a graduate of the University of Texas at Austin.
Dick Alario, Chairman and CEO, stated, "We are very excited that Don has joined our executive management team. He has tremendous industry experience and a record of performance. We intend to leverage that experience to help drive Key's next phase of growth and process improvement. In his position, Don will be responsible for global sales and marketing, strategy development and deployment, as well as technology and operations support."
Mr. Alario continued, "I am also pleased to announce that Bryan has accepted the position of Vice President and Treasurer. Bryan has significant financial experience and has been a valuable asset to the Company since he joined in September 2005. Bryan's knowledge of our internal procedures and operations will be valuable as we seek to improve our treasury functions, including our invoice to cash cycle, and enhance our customer, vendor and banking relationships."
Operations Update
Activity levels and demand for the Company's services continue to remain strong.
OPERATING DATA
For the month ending
Sept. 30, Aug. 31, Sept. 30,
2006 2006 2005
Working Days 20 23 21
Rig Hours 218,574 243,416 218,973
Trucking Hours 184,449 208,882 199,489
The Company calculates working days as total weekdays for the month
less any company holidays that occur that month. For the month of
October 2006, there are 22 working days.
Key Energy Services, Inc. is the world's largest rig-based well service company. The Company provides oilfield services including well servicing, pressure pumping, fishing and rental tools, electric wireline and other oilfield services. The Company has operations in all major onshore oil and gas producing regions of the continental United States and internationally in Argentina.
Certain statements contained in this news release constitute "forward- looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about the Company, the Company's industry, management's beliefs and certain assumptions made by management. Whenever possible, the Company has identified these "forward-looking statements" by words such as "expects," "believes," "anticipates" and similar phrases. Readers are cautioned that any such forward-looking statements are not guarantees of future performance or the results of the ongoing review and restatements and are subject to certain risks, uncertainties and assumptions that are difficult to predict, including, but not limited to: the risk of possible changes in the scope and nature of, and the time required to complete, the Company's prior year financial statements and the audit of these financial statements; the impact of governmental investigations; risks that the Company's inability to complete the late filings of its financial statements will impact operations; risks affecting the ability of the Company to maintain or improve operations, including the ability to maintain price increases; possible over supply of new rigs coming into the market and weather risks; risks that the Company will be unable to achieve budgeted financial targets; risks affecting activity levels for rig hours, including the risk that commodity prices decline or the risk that capital budgets from the Company's customers decrease; and risks and uncertainties attendant to litigation with former executive officers. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward- looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here; however, readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.
Contact: John Daniel
(713) 651-4300
