VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / August 5, 2014 / Intercept Energy Services Inc. ("Intercept") (TSX Venture: IES, OTCBB: IESCF) has appointed Keith Morlock President and Chief Operating Officer effective August 1, 2014. Mr. Morlock replaces Randy Hayward as President. Mr. Hayward will continue to serve the Company as its CEO and as the Chairman of the Board. Mr. Morlock will assist Mr. Hayward in strategic planning for the company's growth, as well as be responsible for the day-to-day management and operations of Intercept in Canada and the USA.
Mr. Morlock has a successful track record of fostering rapid corporate growth for oil and gas services companies. Most recently he has been the president of 640energy, LLC, where he established 640energy as a leading oil field services firm serving the Bakken Shale in North Dakota, Utah and other areas in North America. Previously, he was in executive management for public and private oil field services companies where he oversaw their turnaround from a loss to a net profit of more than $2 million within one year and secured contracts with major oil and gas OEMs and production companies.
"As we enter new and emerging markets in North Dakota and the U.S., we believe Keith's knowledge and experience will be a tremendous asset to our management team," stated Mr. Hayward. "His ability to effect major change in the short term due to his long-term relationships with industry leaders and producers and his strategic planning capabilities will assist Intercept in reaching its goals."
Mr. Morlock noted, "Intercept's exclusive proprietary "HE Heat(TM)" high efficiency water heating technology will provide a significant and much-needed competitive advantage to oil and gas production companies throughout Canada and key areas of the U.S. I am looking forward to developing and executing the plan that will grow Intercept's business, maximize utilization of assets and firmly establish them as the go-to company for the most cost-effective, environmentally friendly, high efficiency frack water heating service in North America."
Pursuant to the appointment, Intercept is issuing 2 million stock options to Mr. Morlock. The options will be set at an exercise price of $0.05 per common share with vesting restrictions. The Company is issuing an additional 4.4 million stock options at an exercise price of $0.05 per common share to certain directors, officers, consultants and employees. As per the Company's Stock Option Plan, the options granted will be exercisable until August 5, 2019. Grant of the options is subject to the approval of the TSX Venture Exchange.
About Intercept Energy Services Inc.
Intercept Energy Services Inc. employs innovative and proprietary technology to provide the highest efficiency heated water used by oil and gas exploration and production companies in the fracturing process in Canada and the United States. It's HE Heat(TM) technology reduces fuel consumption and emissions, enhances safety and productivity, enables extreme cold weather operation and results in significantly lower costs resulting in a competitive advantage for its customers. For more information, visit http://interceptenergy.ca
The Company's disclosure documents can be found on the SEDAR website at www.sedar.com.
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