Secretary Steven Chu announces departure services in a letter to Department of energy employees

USA -- Energy Secretary Steven Chu announced his departure from Department of Energy (DOE) today in a letter addressed to DOE employees. He highlights the many DOE accomplishments over the past four years, with a heavy emphasis on renewable energy developments, energy efficiency and addressing climate change. Read the entire letter below:

Dear Colleagues:

Serving the country as Secretary of Energy, and working alongside such an extraordinary team of people at the Department, has been the greatest privilege of my life. While the job has had many challenges, it has been an exciting time for the Department, the country, and for me personally.

I’ve always been inspired by Dr. Martin Luther King, who articulated his Dream of an America where people are judged not by skin color but “by the content of their character.” In the scientific world, people are judged by the content of their ideas. Advances are made with new insights, but the final arbitrator of any point of view are experiments that seek the unbiased truth, not information cherry picked to support a particular point of view. The power of our work is derived from this foundation.

This is the approach I’ve brought to the Department of Energy, where I believe we should be judged not by the money we direct to a particular State or district, company, university or national lab, but by the character of our decisions. The Department of Energy serves the country as a Department of Science, a Department of Innovation, and a Department of Nuclear Security.

I have worked each day to move the Department in a direction where the political leadership and highest levels of career managers have the intellectual curiosity and wisdom to learn from the people who reported to them and where the subject matter experts – which should include managers at the highest levels – as well as employees at our national laboratories welcome their counsel and help. I grew up and matured in organizations where a graduate student or staff scientist could have a discussion with a company department head, a professor, a national lab director and be heard, not because of their rank in the organization, but because of the quality of their ideas.

I came with dreams, and am leaving with a set of accomplishments that we should all be proud of. Those accomplishments are because of all your dedication and hard work.

Four years ago, ARPA-E was a vision described in the report, Rising Above the Gathering Storm. I was a member of that committee, but never dreamed that I would be asked to take the concept to reality. ARPA-E was designed to support high-risk, high reward technology development; to swing for game-changing home runs that can fundamentally transform energy technologies. The program has earned the respect of industry and academia for its outstanding funding choices, and active, thoughtful program management.

Its success was the result of the assembly of an extraordinarily talented group of individuals. This team would engage in active discussions that spilled into the evenings. They challenged each other with honest and frank discussions over their competing programs, and created an ARPA-E fellows program that was able to recruit some of the best recent graduates.

What have been the early results? ARPA-E was described by Fred Smith of Fed Ex in his ARPA-E Summit Keynote address that in his opinion, ARPA-E was best government funding program he has ever seen. In the first few years, 11 of the companies funded with $40 million dollars have attracted more than $200 million in combined private investment. While it is too early to tell if we have home runs like ARPA-net, there are a number of investments that have certainly rounded second base.

The spirit of ARPA-E is now being disseminated in other parts of the Department. The first transplant was a completely revitalized solar photovoltaic program that was dubbed SunShot. A small cadre of enthusiastic individuals led a transformation. Unsolicited feedback from industry and academia alike noted the dramatic increase in the quality of the program with essentially no increase in budget. One of the founding members of ARPA-E is now the Assistant Secretary of Energy Efficiency and Renewable Energy (EERE). Remarkably, arecent Forbes article described the changes now in progress with the lead, “quiet clean energy innovation revolution at the Department of Energy,” and noted “a leap in the right direction and absolutely critical to creating a more flexible, innovation-focused DOE mission.”

I would love to describe what has been happening in many other specific areas of the Department, but my message would fill many more pages. In the last two years, we have issued two Grand Challenges to innovators in industry. The SunShot Challenge called for reducing the full cost of utility scale solar energy to $1/watt, which roughly equates to a levelized cost of electricity (LOCE) of 6 cents/kWh without additional subsidies created for the solar industry. This is close to the projected EIA cost of natural gas and the anticipated LOCE on a new natural gas electricity generator a decade from now. When we first discussed this goal, industry did not take it seriously. Today, they tell me that our input challenged them to rethink their road maps and now agree that it is an achievable goal.

The President announced an EV Everywhere Challenge, with the goal to achieve plug-in hybrids or EVs with a 100 mile range at the same cost of owning and operating a comparable sized internal combustion engine car with 40 miles/gallon for 5 years.

The batteries developed for plug-in EVs will also revolutionize the electrical distribution system and the use of renewable energy. Wind energy is already expected to reach grid parity in less than a decade. Unless we develop new business models with utility companies and other stake holders, we will not be able to take full advantage of the accelerating pace of technology.

We’re also forging stronger partnerships with industry to give America’s innovators and entrepreneurs a competitive edge in the global marketplace. We have held workshops with industry in materials, computation, solar PV, plug-in electric vehicles, and many other areas to actively engage companies to take better advantage of the Department’s capabilities -- from our extraordinary user facilities to our scientists and engineers. In addition, numerous industry leaders have told me of a new found appreciation of our “convening” role in many areas of energy innovation, including innovations in energy finance. Going forward, this convening role and intellectual brainstorming sessions with industry will be increasingly valuable.

Flint Announces Completion of Carson Energy Services Acquisition

CALGARY, Oct. 3, 2011 /PRNewswire/ - Flint Energy Services Ltd. ("Flint" or the "Company") announced that it completed the previously announced agreement to acquire (the "Acquisition") all of the issued shares of Carson Energy Services Ltd. ("Carson"), a privately held energy services company based in Saskatchewan.

The transaction was subject to regulatory approvals which were obtained at the end of September, 2011 and closed effective October 1, 2011.  The purchase price is comprised of $112 million in cash and 2,121,212 Flint common shares, plus up to an additional $30 million earn-out spread over the next three years, subject to closing adjustments.  Payment of the earn-out portion of the purchase price is dependent on the Carson operations meeting the EBITDA target of $40 million per year.

Carson, established in 1974 and based in Lampman, Saskatchewan, is one of Saskatchewan's largest private companies engaged in energy services, with over 900 employees and operations in 17 locations covering major energy plays in Saskatchewan, Manitoba and eastern Alberta.  Carson offers pipeline construction, fabrication, civil and facility construction, oilfield maintenance, pipeline integrity, horizontal directional drilling, trucking and tubular management, environmental and safety sales and services.  Carson's well respected safety performance, outstanding employees, strategic services and operations, and strong customer service provides Flint with a firm platform to expand its energy services reach in Saskatchewan and Manitoba.

Ron Carson, President of Carson Energy Services Ltd., will continue as President of Carson's operations within Flint.  Carson will continue to operate under the Carson Energy Services brand while Flint and Carson adopt the best practices of each organization, ensuring uninterrupted and seamless services to their customers.  The Carson operating results will be consolidated in the Company's Production Services segment, and will be reported in the fourth quarter and year end statements.

Flint Energy Services Ltd. is a market leader providing an expanding range of integrated products and services for the oil and gas industry including: production services; field construction; oilfield transportation; process equipment design and manufacturing; and tubular management services.  With more than 9,500 employees, Flint provides this unique breadth of products and services through over 82 strategic locations in the oil and gas producing areas of western North America, from Inuvik in the Northwest Territories to Mission, Texas on the Mexican border.  Flint is a preferred provider of infrastructure construction management, module fabrication, maintenance services for upgrading, and production facilities in Alberta's oil sands sector. www.flintenergy.com

NON-GAAP FINANCIAL MEASURES

In this news release, reference is made to EBITDA of Carson, which is a non-GAAP measure. The EBITDA of Carson is defined to mean earnings before interest, taxation, depreciation and amortization, stock based compensation, joint venture results and impairment, and has been calculated in a manner that is consistent with the manner in which Flint calculates EBITDA.  Flint regularly provides information concerning Flint's EBITDA for various periods, because EBITDA is commonly referred to by lenders and other interested parties in evaluating Flint's financial position.  Accordingly, the anticipated EBIDTA of Carson is a financial measure that has been included in this new release together with the anticipated revenues of Carson to enable investors to assess, at a high-level, the financial effect of the Acquisition.  Investors are cautioned, however, that EBIDTA should not be construed as an alternative to net earning determined in accordance with GAAP as an indicator of financial performance.  Moreover, the method of calculating EBIDTA may differ from other organizations and, accordingly, the calculations of EBITDA contained in this new release may not be comparable to other organizations.

FORWARD LOOKING STATEMENTS

Certain statements in this news release are "forward-looking statements".  All statements other than statements of historical fact contained in this news release may be forward-looking statements.  Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting" "intend", "could", "might", "should", "believe" and similar expressions. In particular, this news release contains forward-looking statements pertaining to the payment of the purchase price and adjustments thereto, the payment of the earn-out portion of the purchase price, the expected outcome of the Acquisition including, without limitation, the impact of the Acquisition on annual revenues and EBITDA.  These forward-looking statements are based upon Flint's current expectations of the management of Flint regarding future events and future performance of Flint and Carson, financial performance of Carson and synergies associated with the Acquisition.  Flint believes that the expectations reflected in such forward-looking statements, and the assumptions on which such forward-looking statements are based, are reasonable; however, no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.  Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements.  These factors include, but are not limited to, the inability to integrate the business, assets and employees of Carson into Flint, fluctuations in oil and gas prices, fluctuations in the level of oil and gas industry capital expenditures and expenditures on production and remedial work and other factors that affect demand for the Company's services, industry competition, uncertainties as to the Company's ability to implement its business strategy effectively in Canada and the United States, political and economic conditions, the Company's ability to attract and retain key personnel, and other risks and uncertainties described under the heading "Risk Factors" and elsewhere in the Company's Annual Information Form for the year ended December 31, 2010 and other documents filed with Canadian provincial securities authorities and are available to the public at www.sedar.com.  The forward-looking statements are expressly qualified in their entirety by this cautionary statement.  The forward-looking statements are made as of the date of this news release and Flint assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law.  Further information regarding risks and uncertainties relating to Flint and its securities can be found in the disclosure documents filed by Flint with the securities regulatory authorities, available at www.sedar.com.

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