CALGARY, ALBERTA--(Marketwire - Nov. 15, 2012) - Wenzel Downhole Tools Ltd. (WZL.TO) (the "Company") announces that Mr. Wayne Lam, CA, has been appointed as Chief Financial Officer of the Company, replacing Mr. William Spence who is retiring from the Company after 5 1/2 years of exemplary service as CFO, including leading the Company's accounting transition to International Financial Reporting Standards. Mr. Spence will remain with the Company as Sr. Financial Advisor for the next several months until the completion of the 2012 audit to assist Mr. Lam in the transition.
Mr. Lam brings over 24 years of oil and gas financial leadership and operational experience to the Company. Prior to joining the Company, Mr. Lam was most recently the VP, Finance of Ryan Energy Technologies, a subsidiary of Nabors Industries Ltd. (2004 to 2012). He possesses extensive knowledge of the unconventional oil and gas industry. Prior to that, Mr. Lam held senior financial positions with companies in the oil and gas producing and services sectors since 1992. Those positions have included the role of Treasurer and Controller with a publicly traded oil and gas company listed on the TSX and Chief Financial Officer of a marine seismic acquisition and processing company. Mr. Lam obtained his Chartered Accountant designation in 1991 while articling at Arthur Andersen & Co.'s Calgary office. His main areas of expertise are operations, strategic planning, cash flow management and expense control, all focused on optimizing shareholder value
"All of us at Wenzel Downhole Tools wish to express our appreciation to Bill for all his contributions to the company over the last 5 1/2 years. We hope he enjoys his well-earned retirement", said Ron Patterson, President and CEO of WZL. "We are also excited that Wayne Lam has chosen to join our company. His knowledge of our industry, specifically with regards to directional drilling services, will most certainly add even greater depth to our understanding what drives our customer's requirements and our business."
About Wenzel Downhole Tools Ltd.
WZL is a manufacturer, seller and renter of drilling tools used in oil and gas exploration that operates in Canada, the United States and internationally. The Company's shares trade on the Toronto Stock Exchange under the symbol "WZL". The Company's Canadian sales, manufacturing and servicing facilities are located in Edmonton, Alberta and its US servicing facilities are located in Conroe, Texas, Morgantown, West Virginia and Casper, Wyoming. The Company's main corporate office is located in Calgary, Alberta, and it has a sales and service facility in Celle, Germany.