Natural Gas Services Merges Wholly Owned Subsidiary Screw Compression Systems, Inc. into Natural Gas Services Group, Inc.
MIDLAND, Texas, July 2 -- Natural Gas Services (AMEX:NGS), a leading equipment and services provider to the oil and natural gas industry, announces that on June 19, 2007, the Board of Directors of Natural Gas Services Group, Inc. (NGS) voted to merge Screw Compression Systems, Inc., a Texas corporation and wholly-owned subsidiary of NGS, with and into NGS. On June 25, 2007, NGS entered into Articles of Merger setting forth the plan and terms of the merger. The merger became effective on June 30, 2007, at which time all of the issued and outstanding shares of common stock of Screw Compression Systems, Inc., all of which are held by NGS, will be cancelled without consideration and NGS will continue as the surviving entity of the merger. In connection with their vote to merge Screw Compression Systems, Inc. with and into NGS, the Board of Directors of NGS elected Paul D. Hensley to the office of Senior Vice President-Technology of NGS. Mr. Hensley served as President of Screw Compression Systems, Inc. immediately prior to the merger. Mr. Hensley is currently a member of NGS's Board of Directors and will continue in that capacity.
Steve Taylor, President and CEO of Natural Gas Services Group, Inc. said, "This transaction is designed to consolidate and simplify our internal accounting and tax reporting functions. The single corporate structure that results will also facilitate greater interaction and utilization of Paul and our Tulsa, Oklahoma staff across the company."
About Natural Gas Services Group, Inc. (NGS)
NGS is a leading provider of small to medium horsepower, wellhead compression equipment to the natural gas industry with a primary focus on the non-conventional gas industry, i.e., coalbed methane, gas shales and tight gas. The Company manufactures, fabricates, rents and maintains natural gas compressors that enhance the production of natural gas wells. The Company also designs and sells custom fabricated natural gas compressors to particular customer specifications and sells flare systems for gas plant and production facilities. NGS is headquartered in Midland, Texas with manufacturing facilities located in Tulsa, Oklahoma, Lewiston, Michigan and Midland, Texas and service facilities located in major gas producing basins in the U.S.
Source: Natural Gas Services
Web site: http://www.ngsgi.com/
