SOURCE: ENSERVCO

ENSERVCO

August 23, 2010 08:00 ET

ENSERVCO Names Oilfield Services Veteran Bob Maughmer as President and Chief Operating Officer

COLORADO SPRINGS, CO--(Marketwire - August 23, 2010) -  ENSERVCO Corporation (OTCBB: ASPN), a provider of well-site services to the domestic onshore oil and gas industry, today announced Bob Maughmer has been appointed president and chief operating officer. Maughmer joins ENSERVCO with nearly two decades of diverse management, engineering and business development experience in the oilfield services industry.

Maughmer was previously with Superior Well Services where he was sales and technology manager. He joined Superior in connection with its 2008 acquisition of Diamondback Energy Services, where Maughmer had been vice president of technology and business development. At Diamondback, Maughmer created and managed a fracture stimulation division that in less than three years grew from 12 to more than 450 employees, broadly expanded its service territory and was responsible for approximately 80 percent of Diamondback's total revenue when Superior acquired the company for approximately $285 million. Superior recently announced it will be acquired by Nabors Industries in a transaction valued at approximately $900 million.

Mike Herman, chairman and CEO of ENSERVCO, said, "Bob joins us with a deep knowledge of our industry and strong relationships throughout our roster of current and prospective customers. Importantly, he also has a proven ability to grow companies in the oilfield services business. A key component of our growth plan is to expand within regions outside our core service territory, and Bob's experience and professional connections in many of the country's most active oil and gas basins will provide us with important leverage as we execute our expansion strategy."

Maughmer said, "ENSERVCO has been built on a solid foundation and has established a valuable combination of services, advanced equipment and talented operating personnel. I believe the company is well positioned for long-term growth, and look forward to working with the entire ENSERVCO team to capitalize on a broad range of opportunities to advance our expansion objectives and enhance shareholder value."

Maughmer also held the positions of technology manager and senior district engineer with international divisions of BJ Services Company. He started his career in the oilfield services industry with Halliburton Energy Services, where he held positions as account manager, technical advisor and operations engineer.

About ENSERVCO
Through its two operating subsidiaries, Heat Waves Hot Oil Service and Dillco Fluid Service, ENSERVCO has emerged as one of the energy service industry's leading providers of hot oiling, acidizing and frac heating services. The Company owns and operates a fleet of more than 200 specialized trucks, trailers, frac tanks and related well-site equipment. ENSERVCO operates facilities in Colorado, Kansas, New Mexico, Oklahoma, Pennsylvania, Texas, Utah and Wyoming. ENSERVCO became a public company in July 2010 when it merged with Aspen Exploration Corporation, which is now doing business under the trade name ENSERVCO Corporation. Additional information about the Company is available at www.enservco.com.

Cautionary Note Regarding Forward-Looking Statements
This news release contains information that is "forward-looking" in that it describes events and conditions ENSERVCO reasonably expects to occur in the future. Expectations for the future performance of ENSERVCO are dependent upon a number of factors, and there can be no assurance that ENSERVCO will achieve the results as contemplated herein. Certain statements contained in this release using the terms "may," "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond ENSERVCO's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. Among these risks are those set forth in a Form 8K filed on July 28, 2010. It is important that each person reviewing this release understand the significant risks attendant to the operations of ENSERVCO. ENSERVCO disclaims any obligation to update any forward-looking statement made herein.

Contact Information

  • CONTACT:
    Geoff High
    Pfeiffer High Investor Relations, Inc.
    303-393-7044