OKLAHOMA CITY, April 25, 2012 /PRNewswire/ -- Compressco
Partners, L.P. (NASDAQ: GSJK) announced today that Gary L. McBride has notified the board of
directors of its general partner, Compressco Partners GP Inc. (the
General Partner) that he has resigned from his positions as Chief
Financial Officer, Treasurer and Secretary of the General Partner,
effective April 24, 2012. The
Partnership also announced that effective April 25, 2012, the board of directors of the
General Partner has promoted James P.
Rounsavall from his position as Controller of the General
Partner to the positions of Chief Financial Officer, Treasurer and
Secretary of the General Partner. In order to facilitate an orderly
transition, Mr. McBride has agreed to continue his employment with
the General Partner through October 2012.
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Ronald J. Foster, President and a
director of the General Partner, stated, "I am very appreciative of
Gary's contributions to Compressco Partners and its predecessor,
Compressco, Inc., over the past eleven years, and we wish him well
in his future endeavors. I would also like to thank Gary for his
continuing assistance as we accomplish this transition."
James Rounsavall joined
Compressco as the Controller of the General Partner in July 2011. Prior to that time, Mr. Rounsavall
served as controller, and in various other roles, for Mustang
Engineering, a global provider of engineering and construction
services supporting the oilfield, chemical, process and industrial
industries. "We are very pleased that JR has agreed to accept this
promotion, and we are confident in his ability to excel as our
Chief Financial Officer," said Mr. Foster, Compressco Partners'
President.
Compressco Partners is a provider of wellhead compression-based
production enhancement services to a broad base of natural gas and
oil exploration and production companies operating throughout most
of the onshore producing regions of the
United States, and has significant operations in
Mexico and Canada and a growing presence in certain
countries in South America,
Eastern Europe and the
Asia-Pacific region. Compressco
Partners is managed by Compressco Partners GP Inc., which is an
indirect, wholly owned subsidiary of TETRA Technologies, Inc.
(NYSE: TTI).
Forward Looking Statements
This press release includes certain statements that are deemed
to be forward-looking statements. Generally, the use of words such
as "may," "will," "expect," "intend," "estimate," "projects,"
"anticipate," "believe," "assume," "could," "should," "plans,"
"seeks," "goal," "targets" or similar expressions that convey the
uncertainty of future events, activities, expectations or outcomes
identify forward-looking statements that Compressco Partners
intends to be included within the safe harbor protections provided
by the federal securities laws. These forward-looking statements
include statements concerning expected results of operations for
2012, financial guidance, estimated distributable cash, estimated
earnings, earnings per unit, and statements regarding Compressco
Partners' beliefs, expectations, plans, goals, future events and
performance, and other statements that are not purely historical.
These forward-looking statements are based on certain assumptions
and analyses made by Compressco Partners in light of its experience
and its perception of historical trends, current conditions,
expected future developments and other factors it believes are
appropriate in the circumstances. Such statements are subject to a
number of risks and uncertainties, many of which are beyond the
control of Compressco Partners. Investors are cautioned that any
such statements are not guarantees of future performances or
results and that actual results or developments may differ
materially from those projected in the forward-looking statements.
Some of the factors that could affect actual results are described
in the section titled "Item 1A. Risk Factors" contained in
Compressco Partners' Annual Report on Form 10-K for the year ended
December 31, 2011, as well as other
risks identified from time to time in its reports on Form 10-Q and
Form 8-K filed with the Securities and Exchange Commission.
Compressco Partners undertakes no obligation to update or revise
any forward-looking statement to reflect new information or
events.
www.compressco.com
SOURCE Compressco Partners, L.P.