HOUSTON, TX, Dec. 18, 2017 (GLOBE NEWSWIRE) -- Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) ("EcoStim" or the "Company") announced today that the Company’s Board of Directors has appointed Brian Stewart as Chairman of the Board. Mr. Stewart replaces Andrew Teno who will remain a Director of the Company. The Board believes that Mr. Stewart is uniquely qualified for this position based on his extensive industry experience and can work closely with the management team to continue building the Company into a premier service provider. Mr. Stewart has deep relationships on the E&P side, including spending 35 years with Devon Energy Corporation. During his tenure at Devon, Mr. Stewart served in a variety of leadership capacities, including as Devon’s Chief Engineer responsible for the development and integration of company-wide best practices for horizontal drilling, hydraulic fracturing, and well control, and as Devon’s Vice President of Well Engineering for the Offshore Division. Following his retirement from Devon, Mr. Stewart served as President and Chief Executive Officer of U.S. Well Services (USWS) a provider of fracturing services until 2016. In this capacity, Brian helped to grow USWS to nine fleets, including pioneering two fully electric “Clean Fleets” powered by natural gas fueled turbine generators.
J. Chris Boswell, the Company’s President and Chief Executive Officer stated, "We are very pleased to have Brian increase his involvement with the Company as our new Chairman. Brian has excellent experience and relationships and will contribute greatly to the growth, optimization and continued success of EcoStim." Andrew Teno, the Company’s former Chairman, who will remain a Director, stated, “Fir Tree remains fully committed to the growth of the Company and believes in engaging the most qualified individuals to contribute relevant experience. We are excited to continue working side by side with Brian in growing the business.”
About the Company
Eco-Stim Energy Solutions is an environmentally focused oilfield service and technology Company providing well stimulation and completion services and field management technologies to oil and gas producers drilling in the US and international unconventional shale markets. In addition to conventional pumping equipment, EcoStim offers its clients completion techniques that can dramatically reduce horsepower requirements, emissions and surface footprint.
Forward-Looking Statements
Certain statements and information in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” “offer to” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company is preparing for, plans, expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections.
For additional information regarding known material factors that could cause our actual results to differ materially from our projected results, please see our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Investors should carefully consider the risk factors included in our filings, and should keep in mind the cautionary statements in this press release and in our filings.
Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. The Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.