Fire Sale for GASFRAC Waterless Fracking Co, Interim CEO Resigns

fire saleCanadian oilfield services company GASFRAC continues to be a company in serious trouble. Which is sad. GASFRAC, you may recall, is one of the few companies that has a commercially viable waterless fracking technology using liquefied petroleum gas (liquid propane). GASFRAC was working on their first Utica Shale frack job late last year (see Details on GASFRAC’s Waterless Frack Test in OH Utica). But the company has been in trouble for some time. They fired the CEO and COO back in late 2012 (see Waterless LPG Fracking Company GASFRAC Fires its CEO, COO). The company filed for bankruptcy a few weeks ago (see Waterless Fracking Company GASFRAC Files for Bankruptcy). Since 2012, GASFRAC has had an “acting” CEO. As of yesterday, he’s not acting anymore–he’s now gone along with another board member. In February the company will be de-listed on the Toronto Stock Exchange. The good news is that the bankruptcy court is allowing them to proceed with either a sale of the whole company, or its pieces, post haste…

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