IROC Energy Services Corp. on Friday announced that Newton (Trey) Wilson III has resigned from the board of directors of the Company.
Wilson, the Executive Vice President and Chief Operating Officer of Key Energy Services, Inc., was Key Energy's representative on the IROC board pursuant to an agreement entered into between the companies in 2005. Pursuant to the agreement if, at any time, Key Energy's ownership position in IROC exceeded a certain percentage of the total issued and outstanding shares of IROC, Key was entitled to nominate up to two members for the IROC board of directors.
Prior to April 11, 2011, Key's ownership in IROC had exceeded the threshold under the agreement and Wilson had served as one of Key Energy's nominee's on the IROC board since 2005. On April 11, 2011, Key divested all of its interest in IROC and, accordingly, the agreement with respect Key Energy's right to board seats terminated.
Tom Alford, President and Chief Executive Officer of IROC stated, "We would like to thank Trey for his many years of service and contribution to our Company. He has provided a valued perspective to our board over the past six years."
IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a diverse range of products, services and equipment to the oil and gas industry that are among the newest and most innovative in the Western Canadian Sedimentary Basin and international markets. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in the following core areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, Rental Services and Coiled Tubing Services.
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