Wenzel Downhole Tools Ltd.
TSX : WZL

Wenzel Downhole Tools Ltd.

November 07, 2011 19:07 ET

Wenzel Downhole Tools Ltd. Announces Retirement of CEO and Resignation and Appointment of Directors

CALGARY, ALBERTA--(Marketwire - Nov. 7, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Wenzel Downhole Tools Ltd. ("Wenzel") (TSX:WZL) announces today the retirement of Mr. Harvie Andre, President and Chief Executive Officer of Wenzel for personal reasons. Wenzel will be seeking a new individual to assume the role of the President and Chief Executive Officer of Wenzel. In the interim, Mr. Ken Hughes, current Chair of the Board of Directors of Wenzel (the "Board") will assume the role as the Interim Chief Executive Officer.

Wenzel also announces changes to the members constituting its Board. Mr. Andre and Mr. Scott Clements have tendered their resignations from the Board for personal reasons. Mr. Andre and Mr. Clements will continue to assist Wenzel as consultants. The Board would like to thank Mr. Andre for his exceptional leadership and commitment to Wenzel since his appointment as the Wenzel's President and Chief Executive Officer. The Board also thanks Mr. Clements for his outstanding service as a member of the Board. The Board looks forward to the continued assistance that Mr. Andre and Mr. Clements will provide as consultants.

The Board has appointed Mr. Charles Laurey and Mr. John Fitzgibbons to serve as new directors of Wenzel, effective immediately. The appointment of Mr. Laurey and Mr. Fitzgibbons as Board members is pursuant to the shareholder rights agreement with Basin Holdings US LLC, referred to in Wenzel's press release dated November 4, 2011. The Board is excited to have the expertise and knowledge that Mr. Laurey and Mr. Fitzgibbons will provide.

About Wenzel Downhole Tools Ltd.

Wenzel Downhole Tools Ltd. is a manufacturer, seller and renter of drilling tools used in oil and gas exploration. Wenzel's Canadian sales, manufacturing and servicing facilities are located in Edmonton, Alberta and its U.S. servicing facilities are located in Conroe, Texas, Morgantown, West Virginia and Casper, Wyoming. Wenzel's main corporate office is located in Calgary, Alberta and it has U.S. sales offices in Conroe, Casper and Oklahoma City, Oklahoma. Wenzel also has a sales and service facility in Celle, Germany

Contact Information

  • Wenzel Downhole Tools Ltd.
    Suite 1000, Elveden House 717 - 7th Avenue S.W.
    Calgary, Alberta T2P 0Z3

    Wenzel Downhole Tools Ltd.
    Ken Hughes
    Chair and Interim CEO
    (403) 262-3050
    (403) 265-8154 (FAX)

    Wenzel Downhole Tools Ltd.
    William Spence
    CFO
    (403) 262-3050
    (403) 265-8154 (FAX)
    www.downhole.com