Enservco Corporation Announces Management Changes
Enservco Corporation (NYSE American: ENSV) has appointed Mark K. Patterson as Senior Vice President, effective immediately. Patterson brings extensive experience in operations, financial planning, and M&A, having worked with firms like XPO Logistics and others. He aims to capitalize on growth opportunities in the rebounding energy sector. Concurrently, Marjorie Hargrave, President and CFO, will depart on April 22, 2022, after successfully improving the company’s financial standing and operational efficiency.
- Mark K. Patterson's extensive experience is expected to enhance Enservco's strategic direction and growth.
- Patterson's previous success in transformative strategies could lead to improved business execution.
- The departure of Marjorie Hargrave may create a potential gap in leadership continuity.
- Concerns exist regarding the transition period and the potential impact on operational stability.
Mark K. Patterson Appointed Senior Vice President
Marjorie Hargrave, President and CFO, is Departing on April 22, 2022
LONGMONT, Colo., April 05, 2022 (GLOBE NEWSWIRE) -- Enservco Corporation (NYSE American: ENSV), a diversified national provider of specialized well-site services to the domestic onshore conventional and unconventional oil and gas industries, today announced that Mark K. Patterson has joined the Company as Senior Vice President.
Patterson is an accomplished senior executive with extensive experience in financial and strategic planning, operations, logistics, capital markets, and M&A. He is a growth-oriented manager with a track record of leading and executing transformative business and financial strategies with private and public companies ranging from start-ups to multi-billion-dollar enterprises.
Patterson is the former Board Member and CFO of Express-1 Expedited Solutions, which later changed its name to XPO Logistics – a
“I am excited to join Enservco at a time when the energy industry is rebounding and opportunities for organic and acquisitive growth are growing,” said Patterson. “Enservco enjoys a strong industry reputation, a blue-chip customer base and a national footprint, which combine to provide a solid foundation to build upon.”
“We are very pleased to add Mark to our senior management team. He is a highly accomplished executive who has produced excellent results at every company he has been associated with throughout his career,” said Rich Murphy, Executive Chairman of Enservco. “We look forward to benefitting from his energy, skill set and experience as we advance our business strategy.”
Murphy added, “I would also like to thank Marjorie Hargrave for her service to the Company over the past several years. She joined Enservco in 2019 to lead a financial and organizational turnaround as the industry was entering a difficult phase. During her tenure, she was instrumental in reducing operating and overhead expenses and achieved substantial debt reduction and refinancing that strengthened our balance sheet and allowed the Company to weather the downturn. With the successful completion of this process, Marjorie will move on to other opportunities, and we wish her well in her future endeavors. We expect to move quickly to bring on board a new Chief Financial Officer.”
About Enservco
Through its various operating subsidiaries, Enservco provides a range of oilfield services, including hot oiling, acidizing, frac water heating, and related services. The Company has a broad geographic footprint covering seven major domestic oil and gas basins and serves customers in Colorado, Montana, New Mexico, North Dakota, Oklahoma, Pennsylvania, Ohio, Texas, Wyoming, West Virginia, Utah, Michigan, Illinois, Florida, New Mexico and Louisiana. Additional information is available at www.enservco.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains information that is "forward-looking" in that it describes events and conditions Enservco reasonably expects to occur in the future. Expectations for the future performance of Enservco are dependent upon a number of factors, and there can be no assurance that Enservco will achieve the results as contemplated herein. Certain statements contained in this release using the terms "may," “intends,” "expects to," and other terms denoting future possibilities, are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, which are beyond Enservco's ability to predict, or control and which may cause actual results to differ materially from the projections or estimates contained herein. Among these risks are those set forth in Enservco’s annual report on Form 10-K for the year ended December 31, 2020, and subsequently filed documents with the SEC. Forward looking statements in this news release include the ability of the Company to advance its business strategy, achieve its growth objectives and maintain a strong balance sheet. In addition, we believe the higher oil price environment bodes well for the Company in the and the ability raise additional equity. Enservco disclaims any obligation to update any forward-looking statement made herein, except as required by law.
Contact:
Marjorie Hargrave
President and Chief Financial Officer
Enservco Corporation
mhargrave@enservco.com
Pfeiffer High Investor Relations, Inc.
Jay Pfeiffer
Phone: 303-880-9000
Email: jay@pfeifferhigh.com
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