Enservco Announces Management Promotions Following Refinancing
October 07 2020 - 8:30AM
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 Chief Financial Officer Marjorie Hargrave has been
elected to the additional role of President.
Hargrave, who joined Enservco in mid-2019, is credited with
guiding the Company through its recent debt refinancing that
resulted in a substantially stronger balance sheet and operation.
Under her direction, Enservco reduced its total debt by more than
50%, significantly reduced interest expense and increased
stockholders’ equity by approximately $17.5 million. Additionally
under her direction, Enservco has reduced annual operating expenses
by approximately $4 million, refocused operations on more
profitable markets and expanded market penetration.
Hargrave joined Enservco after serving as Chief Financial
Officer for two energy companies – CTAP, LLC and High Sierra
Energy, LP – both of which enjoyed growth during her tenure.
Hargrave holds a Bachelor’s degree in economics from Boston
University and a Master’s degree in economics from New York
University.
Enservco also announced that Amanda Dalbey has been promoted to
Vice President of Operations from her former position as Director
of Operations. Dalbey has been with Enservco for nearly 13 years
and held positions of increasing responsibility in the finance
department before transitioning into operations as a project
manager, Director of Operations and now VP of Operations. Dalbey is
largely responsible for the improvement in operations and reduction
in operating expenses during the year to date.
“We are delighted to announce these two promotions that are well
deserved and come at an exciting time for the Company as we
approach our upcoming heating season when the Company generates the
bulk of its revenue and profitability,” said Executive Chairman
Rich Murphy. “Marjorie worked tirelessly on our refinancing effort,
with the end result being a much stronger balance sheet and what we
believe is a meaningful boost in value for our stockholders. Having
begun her professional career with Enservco out of college, Amanda
has forged strong working relationships with our field teams across
the United States and brings a wealth of institutional knowledge
and energy to bear in her new role as VP of Operations.”
About Enservco
Through its various operating subsidiaries, Enservco provides a
wide 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 and West
Virginia. 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, 2019, and subsequently
filed documents with the SEC. Forward looking statements in this
news release that are subject to risk include the potential the
ability of Enservco to generate the bulk of its revenue and
profitability in the upcoming heating season, the potential for the
refinancing to result in a boost in value for shareholders, and the
ability to raise additional equity as needed. It is important that
each person reviewing this release understand the significant risks
attendant to the operations of Enservco. Enservco
disclaims any obligation to update any forward-looking statement
made herein, except as required by law.
Contacts:
Jay PfeifferPfeiffer High Investor Relations,
Inc.Phone: 303-880-9000Email: jay@pfeifferhigh.com
Marjorie HargraveChief Financial OfficerEnservco
Corporationmhargrave@enservco.com
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