Seitel Appoints Randall D. Stilley as New CEO
18 Fevereiro 2004 - 10:56AM
PR Newswire (US)
Seitel Appoints Randall D. Stilley as New CEO HOUSTON, Feb. 18
/PRNewswire-FirstCall/ -- Seitel, Inc. (BULLETIN BOARD: SEIEQ)
today announced that it has hired Randall D. Stilley as the
Company's new CEO and President, effective immediately. Mr.
Stilley's appointment is made with the support of the official
committee representing Seitel's public shareholders, and is subject
to the Bankruptcy Court's approval. Mr. Stilley brings to Seitel 28
years of operating experience in the oil and gas industry. Most
recently, Mr. Stilley has been a consultant to private equity and
an investor in the oil and gas industry. Previously he served as
President of Weatherford International's Oilfield Services
division, and prior to that spent 22 years at Halliburton Company
in various engineering and management positions, in both the U.S.
and internationally. With Mr. Stilley's appointment, Larry E.
Lenig, Jr., who has served as CEO since December of 2002 is leaving
with the gratitude, full support and appreciation of the Board.
Fred S. Zeidman, Chairman of Seitel, stated, "Seitel has been
extremely well-served by Larry's expertise in helping to structure
and negotiate the reorganization process and we now feel that the
Company is poised to complete thefinal stages of its reorganization
and to successfully emerge after confirmation." Fred S. Zeidman
further stated, "Randy Stilley's extensive experience and knowledge
of the industry, together with his keen strategic intellect, strong
leadership characteristics and unique set of team-building skills
will serve the Company well as we continue to move forward. Randy
was a consensus nominee for this position and was strongly endorsed
by the official equity committee." Randall Stilley added, "I am
excited about the opportunity to work together with the entire
Seitel team and with our customers, suppliers and shareholders and
other constituents toward long-term success. The Company has made
great progress and we look forward to building on this momentum.
Seitel's extensive U.S. and Canadian database of 3D and 2D seismic
coverage, enhanced by an impressive suite of value-added products,
provides an exceptional platform for future growth." This press
release does not constitute an offer to sell or the solicitation of
an offer to buy any securities of the Company. The securities may
not be offered or sold in the United States absent registration
under the Securities Act of 1933, as amended (the "Securities
Act"), or an applicable exemption from such registration. There
shall not be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction. ABOUT SEITEL Seitel markets its proprietary seismic
information/technology to more than 400 petroleum companies,
licensing data from its library and creating new seismic surveys
under multi-client projects. Statements in this release about the
future outlook relatedto Seitel involve known and unknown risks and
uncertainties, which may cause the Company's actual results to
differ materially from expected results. While the Company believes
its forecasting assumptions are reasonable, there are factors that
are hard to predict and influenced by economic and other conditions
that are beyond the Company's control. Among the other important
factors which could cause actual results to differ materially from
those in the forward-looking statements are potential changes in
the terms of the proposed amended plan of reorganization, the
failure of the Bankruptcy Court to confirm the amended plan, or the
failure of the amended plan to otherwise become effective, as well
as other factors detailed in the Disclosure Statement or in
Seitel's filings with the Securities and Exchange Commission,
including its most recent Form 10-K Annual Report, a copy of which
may be obtained from the Company without charge. DATASOURCE:
Seitel, Inc. CONTACT: Seitel, Inc., +1-713-881-8900 Web site:
http://www.seitel-inc.com/
Copyright