HOUSTON, TX, Dec. 24 /PRNewswire-FirstCall/ -- Production Enhancement Group, Inc. ("PEG" or the "Company") (TSX: WIS) announced today that it has concluded its search for a new Chief Executive Officer. Don Cobb, currently President and COO of Wise Well Intervention Services, Inc., the Company's principal operating subsidiary, has been appointed as CEO and a Director of PEG. Mr. Cobb's role will encompass setting the strategic direction of PEG as well as managing and executing this strategy.
Mr. Cobb's previous roles included serving as Executive Vice President of Boots and Coots Services. In addition, he spent 22 years with Baker Hughes Incorporated in various capacities within well servicing where he had annual revenue responsibilities ranging from US$20 million to US$300 million.
Clifford McFarland, Chairman of the Special Committee formed to identify a new CEO for the Company, said PEG is excited to have Mr. Cobb rise to the role of CEO. "In a short time, Don has implemented significant improvements within WISE's core operations, focusing on operating efficiency and organizational effectiveness," Mr. McFarland said. "As we enter 2008, we expect Don to provide the leadership necessary to accelerate our growth plan."
In addition, the Board of Directors has appointed a new Canadian director, Dean Zipse of Calgary, Alberta. Mr. Zipse has extensive oilfield services experience in both in the United States and Canada, and has been actively involved in the development and marketing of new technologies for the Energy Industry. Mr. Zipse currently serves as VP Sales and Marketing of Flexpipe Systems and has held key roles at Tesco Corporation. He was also a founding partner in what is now Wellco Energy Services Trust.
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 multifunction coiled tubing technologies and markets a full range of coiled tubing, pressure pumping, nitrogen, and wireline services.
WISE(R) is a registered trademark of Production Enhancement Group, Inc. Disclaimers 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.
