Flotek Industries Announces Election of Ted D. Brown to Board of Directors
HOUSTON, Nov. 13, 2013 /PRNewswire/ -- Flotek Industries, Inc. (NYSE: FTK - News) ("Flotek") announced today that Ted D. Brown has been elected as a Director of the Company. He will serve as elected by the Board until the next Annual Meeting when he will stand for election by the Company's shareholders.
Mr. Brown is Senior Vice President and Advisor to the CEO and President of Noble Energy, Inc. (NYSE: NBL). Mr. Brown joined Noble Energy in 2005 in Noble Energy's merger with Patina Oil and Gas. A lifelong oilman, he joined Amoco Production Company upon completion of his degree in mechanical engineering from the University of Wyoming. He has also worked in various capacities for Union Pacific Resources, Barrett Resources and Williams Companies.
Under Mr. Brown's leadership, Noble Energy has nearly tripled its production in Northern Colorado in the past nine years while drilling more than 3,300 new wells. During Mr. Brown's tenure, Noble Energy now has the distinction of being the largest oil producer in Colorado.
Mr. Brown participates in numerous industry activities including serving on the Executive Committee of the Colorado Oil & Gas Association and the Board of the Western Energy Alliance where he has served as the organization's Colorado Vice President.
In recognition of Mr. Brown's service to both the industry and his community, he was recently named the Western Energy Alliance 2013 Wildcatter of the Year, one of the highest honors available to oil and gas professionals.
"We are privileged to have an energy professional with the credentials and ethos of Ted Brown join the Flotek Board of Directors," said John Chisholm Flotek's Chairman, President and Chief Executive Officer. "Ted brings a wealth of knowledge of the industry, public policy – including environmental issues – and what it takes to create shareholder value in a public energy company. Moreover, he understands Flotek and its mission as a long-time supporter of our company. Ted adds a unique sense of perspective, additional depth and expertise to the Flotek Board which will stand in support of our quest to create a world-class energy technology company focused on creating value for all our stakeholders."
"I am delighted to have an opportunity to become a Flotek Director and am honored to have been asked to serve," said Mr. Brown. "I am a strong believer in the Flotek vision that emerging oilfield technologies can have a profound impact on production economics and, at the same time, promote better environmental outcomes for oil and gas companies as well as the communities in which we operate. I look forward to working with the Flotek Board and leadership in promoting this important message."
Mr. Brown's appointment is effective immediately.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. Flotek Industries, Inc. is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol "FTK."
For additional information, please visit Flotek's web site at www.flotekind.com.
Certain statements set forth in this Press Release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
Although forward-looking statements in this Press Release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Factors that could cause or contribute to such differences in results and outcomes include, but are not limited to, demand for oil and natural gas drilling services in the areas and markets in which the Company operates, competition, obsolescence of products and services, the Company's ability to obtain financing to support its operations, environmental and other casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may impact the Company are set forth in the Company's most recent filings on Form 10-K (including without limitation in the "Risk Factors" Section), and in the Company's other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this Press Release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this Press Release.
SOURCE Flotek Industries, Inc.