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PE-backed Cimarron Energy taps Foster as CEO

Turnbridge Capital-backed Cimarron Energy Inc has hired Jeffrey L. Foster as CEO. Previously, Foster worked at MicroSeismic Inc where he served as president and CEO.

PRESS RELEASE

NORMAN, Okla. and HOUSTON, July 11, 2016 /PRNewswire/ — Cimarron Energy Inc., a Norman, Oklahoma based provider of production, processing and environmental equipment for sale or lease, as well as aftermarket parts sales and field services, announced today that Jeffrey L. Foster has joined the Company as Chief Executive Officer.

John U. Clarke, Chairman of the Board of Cimarron and a Partner with Turnbridge Capital LLC, the Company’s equity sponsor, said, “On behalf of the board of directors, we are delighted that Jeff has accepted our offer to become the Company’s new CEO. Jeff brings a wealth of relevant experience to the Company which greatly complements the strengths of the existing senior leadership team. In addition, he shares the Company’s vision of establishing a premier equipment and services supplier focused on providing solutions to upstream and midstream customers in the U.S. and select global markets.”

Jeff Foster, CEO, said, “I look forward to working alongside Cimarron’s highly regarded management team and helping make our strategic vision a reality. The Company is well positioned, with a dedicated employee team, a solid balance sheet, a strong reputation for quality and safe operations and a broad array of product and service offerings. As the market begins to recover, we expect our customers to demand more from suppliers in the way of technical solutions and increased scope of supply. We will be ready.”

Todd Tomlin, a Partner with Turnbridge added, “Since our purchase of Cimarron in December of 2014, we have approached the challenging market by choosing to invest in product line and geographic expansion, organization and infrastructure enhancements and field service. Jeff’s arrival will provide even greater momentum to position Cimarron as the leader in production and process equipment sales, rental and service in the markets we serve, as well as expanded focus on our environmental solutions.”

Mr. Foster joins the Company from MicroSeismic Inc., a leading reservoir analytics company where he was President and CEO since 2014. He began his career at Exxon as a senior production and completions engineer; was a global operations manager for Halliburton; and was a senior executive serving in a number of operations, sales and marketing, product development and management positions with Tesco Corporation. Mr. Foster earned a Bachelor of Science degree in Mechanical Engineering from the University of Oklahoma and a Master’s of Business Administration degree from Tulane University.

About Cimarron
Cimarron Energy (www.cimarronenergy.com) is a Norman, OK based manufacturer of engineered oil and natural gas production, process and environmental equipment for the upstream and midstream industries in the U.S. and select global markets. The company manufactures high quality equipment safely and efficiently from facilities in Newcastle, OK, Marlow, OK, Katy, TX, Evans, CO, and Grafton, ND and provides aftermarket parts sales and service to its customers. Cimarron was purchased in 2014 by Turnbridge Capital LLC.

About Turnbridge Capital
Turnbridge Capital LLC (www.turnbridgecapital.com) is an energy-focused private equity firm with offices in Dallas and Houston, TX. Turnbridge seeks to invest alongside experienced management teams in companies that provide services, equipment and products for upstream, midstream and downstream market segments.