SOURCE: Aveda Transportation and Energy Services

Aveda Transportation and Energy Services

February 25, 2016 09:00 ET

Aveda Transportation and Energy Services Announces New CEO

CALGARY, AB--(Marketwired - February 25, 2016) -  Aveda Transportation and Energy Services Inc. ("Aveda" or the "Company") (TSX VENTURE: AVE), a leading provider of oilfield hauling services and equipment rentals to the energy industry, today announced the appointment of Ronnie Witherspoon as Aveda's President and Chief Executive Officer effective March 3, 2016.

Ronnie brings over 20 years of oilfield industry expertise to Aveda. Most recent positions include President of Superior Well Services, Executive Vice President of Nabors Completion and Production Services and Senior Vice President at C&J Energy Services. Ronnie spent over 14 years at Nabors in a wide variety of operational, business development and leadership positions that included Senior Vice President and General Manager of Northern Division, Senior Vice President of Marketing and Business Development and Vice President of Operations to name only a few. With a varied and dynamic background that includes field and corporate operations, finance and business development roles, Ronnie is an award winning executive that is well positioned to take Aveda to the next level.

A multiple graduate of the University of Oklahoma with a Bachelors of Science, Masters in Science and a Masters in Business Administration coupled with advanced graduate studies from New York University, Ronnie started his career with Schlumberger providing logging services to clients in the Gulf of Mexico and worked in the finance arena while completing his graduate studies. This afforded Ronnie with a unique and varied perspective as he grew his leadership career. Ronnie is also a published author and board member of several associations, both within and outside the energy industry.

"We welcome Ronnie's leadership and experience to the Aveda team," said David Werklund, Executive Chairman, Interim President and CEO of Aveda. "Ronnie will be accountable for delivering a best-in-class, people focused and highly profitable transportation and energy services company in a market environment that continues to be extremely challenging. I am confident his diverse industry background will provide him the foundation for great success."

David Werklund, the Company's Executive Chairman, Interim President and CEO will continue to support Aveda's growth by continuing in his role of Executive Chairman. The board of directors thanks Mr. Werklund for his significant contributions over the interim period.

About Aveda Transportation and Energy Services

Aveda provides specialized transportation services and equipment required for the exploration, development and production of petroleum resources in the Western Canadian Sedimentary Basin and in the United States of America principally in and around the states of Texas, Pennsylvania, Oklahoma and North Dakota. Transportation services include both the equipment necessary to move the load as well as a trained, professional driver capable of securing, moving and manipulating the load at its origin and destination. Aveda's rental operations include the rental of well-sites, tanks, mats, pickers, light towers and other equipment necessary for oilfield operations.

Aveda was incorporated in 1994 as a private company to serve the oil and gas industry. In the spring of 2006 the Company went public on the TSX Venture Exchange. Aveda has major operations in Calgary, AB, Leduc, AB, Sylvan Lake, AB, Edson, AB, Pleasanton, TX, Midland, TX, Marshall, TX, Williamsport, PA, Buckhannon, WV, Williston, ND, and Oklahoma City, OK. Aveda is publicly traded on the TSX Venture Exchange under the symbol AVE. For more information on Aveda please visit www.avedaenergy.com.

This News Release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes.

Various material factors and assumptions are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking statements. Those material factors and assumptions are based on information currently available to Aveda, including information obtained from third party industry analysts and other third party sources. In some instances, material assumptions and material factors are presented elsewhere in this News Release in connection with the forward-looking statements. Readers are cautioned that the following list of material factors and assumptions is not exhaustive. Specific material factors and assumptions include, but are not limited to:

  • the performance of Aveda's businesses, including current business and economic trends;
  • oil and natural gas commodity prices and production levels;
  • the effect of the rebranding on Aveda's businesses;
  • capital expenditure programs and other expenditures by Aveda and its customers:
  • the ability of Aveda to retain and hire qualified personnel;
  • the ability of Aveda to obtain parts, consumables, equipment, technology, and supplies in a timely manner to carry out its activities;
  • the ability of Aveda to maintain good working relationships with key suppliers;
  • the ability of Aveda to market its services successfully to existing and new customers;
  • the ability of Aveda to obtain timely financing on acceptable terms;
  • currency exchange and interest rates;
  • risks associated with foreign operations;
  • changes under governmental regulatory regimes and tax, environmental and other laws in Canada and the United States; and
  • a stable competitive environment.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Aveda's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the risks identified in Aveda's annual information form and management discussion and analysis for the year ended December 31, 2014 (the "MD&A"), which are available for viewing on SEDAR at www.sedar.com. Any forward-looking statements are made as of the date hereof and, except as required by law, Aveda assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • For more information, please contact:
    Bharat Mahajan, CA
    Vice President, Finance and Chief Financial Officer
    (403) 264-5769
    bharat.mahajan@avedaenergy.com