Logan International Inc.

March 24, 2011 19:16 ET

Logan International Announces Management Changes

CALGARY, ALBERTA--(Marketwire - March 24, 2011) - Logan International Inc. (TSX:LII) ("Logan International" or "Logan") is pleased to announce senior management changes involving Gerald Hage, currently Chief Executive Officer and President, and David Barr, currently Chairman of the Board. Effective May 12, 2011, Mr. Hage will assume the role of Chairman of the Board of Logan and Mr. Barr will become Logan's Chief Executive Officer and President.

Mr. Hage plans to focus his time and efforts on identifying and pursuing complementary acquisition opportunities. In 2010, Logan International completed three acquisitions and currently has discussions underway on several other opportunities.

Mr. Barr brings a wealth of operations experience with specific skills in the global completions and services area. Mr. Barr retired from his position at Baker Hughes in 2009 (after 35 years with the company) where he was Group President for the Eastern Hemisphere as well as Group President for all Completion and Production services and products. In that position Mr. Barr was responsible for divisions generating approximately $5 billion in revenue, about half of Baker Hughes' total revenues at that time.

Mr. Hage noted "Logan has a strong current product offering and we will continue to broaden our product lines through internal development and synergistic acquisitions. Active corporate development requires a dedicated focus and is something I enjoy doing. We have created significant value through our recent business combination and we are currently in an opportunity rich environment. Internally, our major growth area will be in downhole tools and horizontal completions. We believe that David Barr brings the experience and talent to successfully grow our businesses, both domestically and internationally."

Mr. Barr stated "I have enjoyed an active career in the oilfield services industry in North America and internationally. I am very excited about my return to the industry as CEO of Logan International and am looking forward to working with Logan International's Board, management team, employees and customers as we go forward."

Logan International is a growth-oriented oilfield manufacturing and services company focused on the downhole tool and completion technology markets. Logan manufactures and sells a complete line of downhole products - retrieving tools, stroking tools, surface tools, remedial tools (Logan Oil Tools) and high performance polycrystalline diamond compact cutters and bearings (Dennis Tool Company) for a variety of well work-over, intervention, drilling and completion activities. Based in Houston, Texas, Logan Oil Tools is recognized as a leading source of superior products for many of the largest fishing and rental tool companies around the world. Logan International is also a provider of equipment and services for completion, workover fishing activities and drilling motor systems and has a proprietary multi-fracturing completion system ("MultiStim Fracture Isolation™") which is fully retrievable post-fracturing (Completion systems). In addition, Logan International is a leading provider of front-end services to energy explorers and producers and to seismic acquisition companies in North America (Destiny Resource Services).

Forward-Looking Statements

This press release contains forward-looking statements. These statements relate to future events or future performance of Logan International including but not limited to the change in management described in this press release. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan International's current views with respect to certain events, and are subject to certain risks, uncertainties and assumptions. Although Logan International believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Many factors could cause Logan International's actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan International's Annual Information Form filed on http://www.sedar.com which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan International does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.

For more information about Logan International Inc. please visit our website at www.loganinternationalinc.com.

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

Contact Information

  • Logan International Inc.
    Gerald Hage
    Chief Executive Officer
    403-692-1375 Calgary
    281-617-5300 Houston
    Logan International Inc.
    David Jones
    Chief Operating Officer, Downhole Tools
    403-237-6437 Calgary
    281-617-5322 Houston