September 11, 2012 / 5:33 PM / 6 years ago

Gasfrac CEO steps down, co starts operational review

(Reuters) - Gasfrac Energy Services Inc GFS.TO said Chief Executive Zeke Zeringue has stepped down, and the company named Chief Financial Officer Jim Hill as acting CEO as it starts an operational review.

Chief Operating Officer Steve Batchelor will also leave the company, effective immediately, Gasfrac said.

The company, which developed a technology to fracture oil wells safely with LPG, said it will begin an operational review to ensure its current infrastructure is appropriate to support operational efficiency.

Gasfrac said it will also consider appointing new members to the board.

The Calgary, Alberta-based company’s shares, which have lost about a fifth of their value over the past three months, were down 16 percent at C$2.40 on the Toronto Stock Exchange on Tuesday.

Reporting by Maneesha Tiwari in Bangalore; Editing by Joyjeet Das

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