Particle Drilling Technologies Announces New
President and Chief Executive Officer
HOUSTON, January 23, 2006 -- The Board of Directors of
Particle Drilling Technologies, Inc. (“PDTI” or “Company”)
(NASDAQ: PDRT) today announced that it has hired Jim B. Terry
as PDTI’s new President and Chief Executive Officer effective
January 23, 2006. The Company’s current interim CEO, J. Chris
Boswell, will continue to serve in his capacity as Senior Vice
President and Chief Financial Officer of the Company.
Mr. Terry has vast experience relevant to PDTI in the
drilling and oilfield services industry. Most recently, he
held the position of Vice President, Drilling Services for
Weatherford International, where he led the effort to
consolidate, develop and improve performance of well
construction products and services. While at Weatherford, he
also was responsible for commercial product development,
including the negotiation of customer funding for such
development. Prior to Weatherford, Mr. Terry spent nine years
with Halliburton Company, including three years as a Director
of Advanced Well Construction Systems. While in this position,
he was the lead inventor of a step change advanced well
construction system and led the research effort through
prototyping, field trials and commercialization. He also
served in various management capacities, including new product
introduction, business unit management and the consolidation
of Halliburton and Smith International’s Drilling Services
Division. Prior to Halliburton, Mr. Terry spent three years
with Smith International in Singapore where he led all of
Smith’s activities in the Asia Pacific, Middle East and East
Africa regions. Mr. Terry began his career at Eastman
Whipstock which was acquired by Baker Hughes where he worked
for 11 years in various management positions.
“We are very excited to secure the services of an
industry veteran such as Jim,” stated Mr. Boswell. “While we
have continued to make progress and move forward the
development of PDTI’s technology, we believe Jim’s experience
will be a tremendous asset to the Company as we transition
from R&D to the commercial introduction and application of
this product. Jim has a proven track record of developing and
introducing new oilfield tools and is well connected in the
industry.”
Ken R. LeSuer, the Company’s Chairman of the Board, added
“The Board conducted a thorough search, and while several
qualified candidates were identified, we believe Jim is the
ideal person to take the Company to the next level. We look
forward to working with Jim in the years ahead.”
Certain statements in this press release that are not
historical but are forward-looking are subject to known and
unknown risks and uncertainties, which may cause PDTI’s actual
results in future periods to be materially different from any
future performance that may be suggested in this press
release. Such risks and uncertainties may include, but are not
limited to, PDTI’s ability to raise equity capital, if
necessary, and its ability to obtain equity financing on
acceptable terms, if at all, a severe worldwide slowdown in
the energy services sector and working capital constraints.
Further, PDTI is a development stage company that operates in
an industry sector where securities values are highly volatile
and may be influenced by economic and other factors beyond
PDTI’s control such as announcements by competitors and
service providers.
Contacts:
J. Chris
Boswell, SVP & CFO Particle Drilling Technologies,
Inc. 713-223-3031 ext. 204
Ken Dennard, Managing Partner
Jack Lascar, Partner
DRG&E / 713-529-6600 | 
