Packers Plus Energy Services Inc., the Alberta-based company that created revolutionary drilling technology to change the way oil and gas is extracted, has been named Canada's Ernst & Young Entrepreneur Of The Year 2009.
"By challenging traditional thinking, Packers Plus has developed and proven brilliant new technology that is profoundly changing Canada's energy sector," said Colleen McMorrow, national director of the Entrepreneur Of The Year Awards. "As this year's winners, they showed a remarkable level of entrepreneurial spirit and have established what's sure to be a lasting impact on their industry."
“This award is a true testament to the hard work of all of our employees and our relationships with our customers,” said Packers Plus president Dan Themig. “We have a high performance team of employees at Packers Plus who have helped us build this organization. From that small start, to a global company, Packers Plus has remained true to its roots, a company that builds both customer and employee relationships while delivering innovation and operational excellence.”
“This is an honour to be recognized for the work that we have done,” said CFO Jim Simpson. “For Packers Plus, we feel that this award is one that is shared by all of our employees and customers for their commitment and loyalty over the past 10 years.”
Formed in 2000 by Themig, Ken Paltzat and Peter Krabben, Packers Plus Energy Services introduced the StackFRAC system, technology that has ultimately resulted in a dramatic increase in the amount of recoverable oil and natural gas. Packers Plus has made reserves, previously thought to be uneconomic, both highly productive and profitable.
The trio's invention has simplified pressure-pumping operations and improved completion time. The system also reaches large natural gas and oil resources that can't be tapped through conventional drilling and completion methods.
A recent Ernst & Young survey, Lessons from change - Future market leaders, revealed that leading entrepreneurs, like Packers Plus, have successfully made pursuing growth opportunities their number one priority despite a tough economy. The survey also found that entrepreneurs are placing a renewed focus on the customer - ensuring their loyalty while expanding into new markets.
"Entrepreneurs see the world differently from most people, and Packers Plus is no exception," said McMorrow. "They seek out opportunity in the unlikeliest of economic conditions and take calculated risks to grow despite the challenging environment."
Before joining Packers Plus, Themig, Paltzat and Krabben all worked at multinational oil services companies. Their company was initiated on the foundations of a common belief that innovative completion technologies would fundamentally change the economics and business practices of the oil and gas industry. Now, with almost 400 employees, the company is expanding rapidly on a global basis - with offices and operations in Canada, the United States, Mexico, China, the Middle East, Chile and Argentina.
"Trailblazers like Packers Plus are vital to the world's economic recovery. They see how the world is changing and adapt to new circumstances," said McMorrow. "The economic climate is challenging all businesses, but the future market leaders are responding in their own unique way: by drawing on their extraordinary ability to innovate."
In October, Themig, Paltzat and Krabben were named Ernst & Young Entrepreneur Of The Year 2009 in the Prairies region. They were awarded the national distinction at a gala held in Vancouver Nov. 24.
Packers Plus is a pioneer of open hole multi-stage fracture stimulation systems and is an industry leader in designing and manufacturing innovative solutions for a variety of completion challenges. Packers Plus has run over 3,700 systems accounting for over 25,000 fracture stages since the technology was invented in 2001. Today, Packers Plus has employees in 27 offices in Canada, the United States and across the globe. The company is working in numerous rock formations in Canada such as the Bakken, Shaunavon, Cadomin, Muskwa Shale, Cardium and Montney.
The Entrepreneur Of The Year Awards recognize the spirit and contribution of entrepreneurs here and around the world. In June 2010, Themig, Paltzat and Krabben will travel to Monaco and compete with more than 50 country recipients for the title of Ernst & Young World Entrepreneur Of The Year. Ernst & Young is a global leader in assurance, tax, transaction and advisory services.