Rod and Don represent a new chapter in the Company's development. We are confident that they are the right team to build on DynaPump's accomplishments to take the Company to the next level.
Past News ReleasesRSS
The Woodlands, TX (PRWEB) January 29, 2008
DynaPump, Inc. has named veteran industry executives Rod Pittman and Don Kyle to take the helm of the Company. DynaPump is a leading manufacturer of surface-mounted artificial lift systems for the oil and gas industry. The Company's customer base includes large independent oil and gas producers and a number of the integrated majors. DynaPump provides maintenance and repair services to support its units in the field.
DynaPump announced that Rod Pittman has joined the Company as the Chairman of the Board. Having retired as an executive officer from a distinguished 40 year career at Lufkin Industries Inc., Mr. Pittman has an extensive wealth of artificial lift experience and knowledge. A well respected leader within oil and gas and the broader energy sector, Mr. Pittman currently serves as a Director of the Greater Texas Foundation and recently served as Chairman of the Texas Water Development Board, a position to which he was appointed by Texas Governor, Rick Perry.
DynaPump also announced that it is pleased to welcome industry veteran Don Kyle as Chief Executive Officer and a member of the Board of Directors. Mr. Kyle has 28 years of industry leadership experience including Senior Vice President of Stewart & Stevenson LLC and President of the Power Products Division of Stewart & Stevenson Services, Inc.
DynaPump simultaneously announced the relocation of its headquarters from Northridge, California to The Woodlands, Texas, effective immediately. Mr. Kyle noted that the move is part of an overall strategic plan that will further position DynaPump to become a dominant force in the artificial lift industry. "We believe the move to the Greater Houston area benefits our customers and organization in many different ways as we continue to expand our production and service operations around the world."
In July of 2007, DynaPump closed $12 million in Series C Convertible Preferred equity financing from new and existing investors. DFJ Element, L.P. led the investment round and was joined by NGP Energy Technology Partners, L.P. and return investor, CTTV Investments LLC (Chevron Technology Ventures). These investors represent three of the premier energy technology funds in the United States.
David Lincoln, Managing Partner of DFJ Element, stated, "Rod and Don represent a new chapter in the Company's development. We are confident that they are the right team to build on DynaPump's accomplishments to take the Company to the next level."
Philip Deutch, Managing Partner of NGP Energy Technology Partners, added, "Rod's industry stature and experience combined with Don's leadership and management team form a powerful combination."
About DynaPump, Inc.
Originally founded in 1992, the Company has developed a new, innovative technology for enhancing oil and natural gas well production. DynaPump manufactures, sells and services surface mounted artificial lift systems for the oil and gas industry that are lighter in weight, lower in cost, more energy efficient and have a greater lifting capacity when compared to conventional rod lift systems. Headquartered in The Woodlands, TX, the Company is privately held and backed by major private equity investors who are focused on the energy and cleantech sectors.