CALGARY,
AB, June 3, 2022 /CNW/ - Calfrac Well Services
Ltd. ("Calfrac" or the "Company") (TSX: CFW)
announces the appointment of Pat
Powell as Chief Executive Officer of the Company effective
today. Mr. Powell takes over executive leadership of the Company
from George Armoyan who had been
serving as Interim Chief Executive Officer since December 17, 2021 and who will continue as an
active director of the Company.
Mr. Powell, who was elected as a director of Calfrac on
May 3, 2022, has over 40 years of
operational and executive experience in the Canadian oilfield
service industry, including prior roles as Chairman of the Board
and President of Producers Oilfield Inc., Co-Chief Executive
Officer and a director of Mullen Transportation Inc., and Chairman
and Chief Executive Officer of Bonnett's Energy Corporation. Mr.
Powell has also served as a director of a number of other private
and public-companies, including Canyon Technical Services Ltd. and
Clarke Inc.
Mr. Armoyan commented, "We are excited by today's appointment. I
have known Pat for more than 15 years and have worked closely with
him on a number of different investments. Pat's business acumen is
backed by first-hand knowledge of all aspects of the oilfield
services industry and he will be instrumental to Calfrac executing
on its business plan and strategy."
Mr. Powell added, "I look forward to working
collaboratively with Calfrac's management, employees, customers and
suppliers, and will be focused on leveraging the tightening market
fundamentals to improve returns for the benefit of all of Calfrac's
stakeholders."
Calfrac's common shares and warrants are publicly traded on the
Toronto Stock Exchange under the trading symbols "CFW" and
"CFW.WT", respectively.
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 and Argentina.
SOURCE Calfrac Well Services Ltd.