Payzone Directional Announces Appointment of Sean Chapman as President and Chief Executive Officer, Closing of Strategic Growth Investment, Additions to Board of Directors
DENVER, July 16, 2018 /PRNewswire/ -- Payzone Directional Services, Inc. ("Payzone" or the "Company") announced today the appointment of Sean Chapman, a former executive at Weatherford International, as the Company's new President and Chief Executive Officer and as a member of the Board of Directors, effective immediately.
Mr. Chad Hathaway, Chairman of the Board of Directors, stated, "After completing a comprehensive search, the Board is pleased to welcome Sean to the Payzone team. Sean brings considerable experience in the directional drilling services industry, having formerly served in numerous leadership and technology roles globally with Weatherford as well as other leading oilfield services companies. We believe Sean's experience, leadership, and vision will be tremendous assets to Payzone as we work together to continue the growth the Company has enjoyed in the 12 years since its founding."
Mr. Chapman previously served in numerous global leadership positions at Weatherford International during his 14-year tenure, including Global Product Line Director and Drilling Services Manager for the U.S. and the Asia Pacific region. Prior to his time with Weatherford, Mr. Chapman served in various global roles of increasing responsibility with Precision Drilling and Schlumbeger.
Mr. Chapman said, "I'm honored and excited to join the Payzone Directional team during this time of tremendous opportunity in the industry. Payzone has a strong foundation with a history of delivering safe and reliable service to its clients. Additionally, the strength of Payzone's balance sheet will allow us to invest in people, equipment, and technology to support our growth initiatives. I look forward to working with the Payzone team to leverage Payzone's strengths to provide our clients with industry leading solutions and to build value for our team members, suppliers, and the communities where we operate."
In conjunction with the addition of Mr. Chapman, Payzone today also announced the closing of a significant growth investment and the addition of three independent directors to the Board of Directors, including Gene Voiland, Pritesh Patel, and James Evans. As a result of the transaction, Payzone will be operating with a debt-free balance sheet and have access to a significant amount of capital directed to fund growth initiatives.
Mr. Hathaway stated, "We are very excited to announce the closing of this significant growth investment. This further strengthens Payzone's balance sheet and will provide Sean and the Payzone team the opportunity to invest in the best people, technology, and equipment for the benefit of our clients. Additionally, we are excited about the additions of Gene, Pritesh, and James to the Payzone Board. They bring a tremendous about of insight, experience, and vision to Payzone that will be invaluable as we enter this new phase of growth."
Mr. Voiland is a principal of Voiland Enterprises, LLC. He previously was President and Chief Executive Officer of Aera Energy, LLC, one of California's largest producers of oil and gas, until retiring in January 2008. He held that position from June 1997 when Aera was formed following the merger of the California exploration and production operations of Shell and Mobil. Mr. Voiland is a member of the board of directors of the California Chamber of Commerce, the R.M. Pyles Boys Camp, the Cal State Bakersfield Foundation, the Bakersfield College Foundation, Saltchuk, Berry Petroleum Company, and the Kern Community Foundation as well as the chairman of the board of Valley Republic Bank in Bakersfield. Mr. Voiland previously served on the board of the United Way of Kern County. He also is past chairman of the board of directors of the Western States Petroleum Association. Mr. Voiland was named a Distinguished Chemical Engineering Alumnus of Washington State University in 1991 and serves on the advisory board of the University's College of Engineering and Architecture. He also is a member of the Governing Board and the Investment Committee of the WSU Foundation.
Mr. Patel is the Director of Finance & Investments at Comprehensive Blood & Cancer Center. Prior to joining CBCC, Pritesh worked in commercial banking for 13 years where he was responsible for developing and managing deposit and loan relationships comprised of small to medium sized businesses across various industries. Mr. Patel is a graduate of California Polytechnic State University, San Luis Obispo. He holds a B.S. in Business Administration with a concentration in finance and a minor in economics.
Mr. Evans is a principal of 29 South. Previously, Mr. Evans was co-founder, President, and CFO of RockPile Energy Services, a leading provider of technologically advanced completions services to the oil and gas industries. Prior to RockPile, Mr. Evans was an investment professional at Harren Equity Partners, a premier provider of equity capital to middle market businesses. He was also a member of the Media and Communications Corporate Finance Group at Wachovia Securities and General Electric's Financial Management Program. Mr. Evans earned a MBA from the Wharton School at the University of Pennsylvania, and a B.S. in Information Systems and a M.S. in Accountancy from the Calloway School of Business at Wake Forest University. Mr. Evans serves on the Board of Trustees for ACE Scholarships.
About Payzone
Payzone Directional is a growth oriented energy services company providing engineered directional drilling solutions to oil and gas exploration and production companies globally. Payzone's capabilities and technologies aim to deliver improved well economics to clients operating in the most challenging basins in North America and beyond. The Company's service offerings include well planning, directional drilling, and advanced Measurement While Drilling (MWD) / Logging While Drilling (LWD) services.
SOURCE Payzone Directional Services, Inc.
Related Links
http://www.payzonedirectional.com
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