OKLAHOMA CITY, May 8, 2014 /PRNewswire/ -- Compressco
Partners, L.P. (NASDAQ: GSJK) announced today that Geoffrey M. Hertel has retired as a member of
the board of directors of its general partner, Compressco Partners
GP Inc. (the General Partner), and will no longer serve as the
board's Chairman, effective May 6,
2014. Also on May 6, 2014, the
sole shareholder of the General Partner appointed Stuart M. Brightman, a currently-serving
director, as Chairman of the board of directors, and appointed
Paul D. Coombs as an independent
member of the board of directors to fill the vacancy created by Mr.
Hertel's retirement.
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Ronald J. Foster, President and a
director of the General Partner, stated, "We are extremely pleased
to be adding Paul Coombs to our
board of directors. Paul's many years of service with TETRA
Technologies, Inc. and his in-depth knowledge of the oil and gas
services industry overall, will be a valuable resource for our
board. Paul also currently serves as a director and a member of the
audit and corporate governance committees of the board of directors
of Balchem Corporation, a developer and manufacturer of specialty
performance ingredients and products for the food, pharmaceutical,
and medical sterilization industries in the United States and internationally."
"I would also like to extend our heartfelt thanks to
Geoff Hertel for his many years of
service to Compressco and TETRA. Compressco Partners exists today
in its current form largely due to Geoff's determination and
entrepreneurial vision. His pragmatic management of our board and
his tireless efforts as an advocate for the Partnership were
sincerely appreciated. On behalf of the board and all of
Compressco's employees, I wish him all the best in his well-earned
retirement."
Compressco Partners is a provider of compression-based
production enhancement services, which are used in both
conventional wellhead compression applications and unconventional
compression applications, and in certain circumstances, well
monitoring and sand separation services. Compressco Partners
provides services to a broad base of natural gas and oil
exploration and production companies operating throughout many of
the onshore producing regions of the
United States. Internationally, Compressco Partners has
significant operations in Mexico
and Canada and a growing presence
in certain countries in South
America, 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," "expect," "intend," "estimate," "projects," "anticipate,"
"believe," "assume," "could," "should," "plans," "targets," or
similar expressions that convey the uncertainty of future events,
activities, expectations, or outcomes identify forward-looking
statements. These forward-looking statements include statements
concerning expected results of operations for 2014, anticipated
activities by our customers, 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 Compressco Partners' Annual
Report on Form 10-K for the year ended December 31, 2013, as well as other risks
identified from time to time in its reports on Form 10-Q and Form
8-K filed with the U.S. Securities and Exchange Commission.
Compressco Partners undertakes no obligation to update or revise
any forward-looking statement to reflect new information or
events.
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SOURCE Compressco Partners, L.P.