Central Alberta Well Services Corp. (TSXV:CWC) has named a new management team.
The well-servicing company, which has its operational headquarters in Red Deer, announced on Wednesday that Duncan Au has become its president and chief executive officer. Kevin Howell is now chief financial officer, Layne Wilk is vice-president operations (central), Darwin McIntyre is vice-president operations (eastern) and Rick Dawson is vice-president business development.
Au, who is a chartered accountant and chartered financial analyst, had been serving as Central Alberta Well Services’ interim president and CEO since October 2010. Prior to that, he was president and CEO of private equity firm JAFETICA Capital Inc. He also served as vice-president business development and CFO of Essential Energy Services Trust and as president and CEO of Richmound Energy Services LP.
Howell previously served as chief financial officer with Brews Supply Ltd. and IROC Energy Services Corp, Wilk was the senior vice-president and chief operating officer at Winalta Inc., McIntyre was one of Central Alberta Well Services’ founders in 2005 and Dawson has been with the company since 2008.
Central Alberta Well Services announced in October that Darryl Wilson, its president and CEO prior to that time, had resigned and relinquished his position on the board of directors. Darcy Campbell, the company’s vice-president finance and chief financial officer, subsequently resigned as well.
A release issued by Central Alberta Well Services said the management team plans to focus on crude oil, which currently accounts for 60 per cent of the company’s service rig activity. It also expects to expand Central Alberta Well Services’ range of services to emerging resource plays in the Western Canadian sedimentary basin.
Acquisitions and internal growth that increase the company’s well-servicing asset base are also planned, with the board of directors approving a $4.4-million capital expenditure program in 2011 to build equipment.
Central Alberta Well Services Corp. provides service rigs, coil tubing, snubbing, nitrogen and well testing.