HOUSTON--(BUSINESS WIRE)--Feb. 24, 2006--The Board of Directors of
Hanover Compressor Company (NYSE:HC), a global market leader in full
service natural gas compression and a leading provider of service,
fabrication and equipment for oil and natural gas production,
processing and treating applications, today announced the acceptance
of Director Alvin V. Shoemaker's retirement from the Board and the
election of L. Ali Sheikh to the Board of Directors.
Mr. Shoemaker, retired Chairman of the Board of First Boston
Corporation and First Boston, Inc., was initially elected to the Board
in 1991, and has served on the Company's Audit Committee and as
co-Chair of the Finance Committee. He had previously advised the Board
of his intention to retire and not stand for re-election at the
Company's 2006 Annual Meeting of Stockholders. Mr. Shoemaker's
retirement will be effective May 11, 2006.
"It is with reluctance that the Board has accepted Mr. Shoemaker's
retirement. We are grateful for his service to the Board, the
shareholders and the employees of Hanover for the past 15 years," said
Gordon T. Hall, Chairman of the Board. "During his tenure, he provided
invaluable guidance in connection with Hanover's capital structure,
served on the Audit Committee during a critical period in the
Company's history, and co-chaired the Finance Committee. His
stewardship has left an indelible stamp of excellence, and we wish him
well upon his retirement from the Board and his pursuit of other
interests."
In anticipation of Mr. Shoemaker's retirement, Mr. L. Ali Sheikh
has been elected to the Board effective March 20, 2006. During the
period of March 20 until Mr. Shoemaker's retirement on May 11, the
Board has determined to increase the size of the Board to ten
directors; upon Mr. Shoemaker's retirement, the size of the Board will
return to nine members.
Mr. Sheikh is the Co-Founder, President, and Chief Executive
Officer of SND Energy Company, Inc. and SND Operating, LLC, Dallas,
which taken together rank among the top 100 oil producers in Texas and
is one of the largest minority-owned oil producers in the state. Prior
to founding SND Energy Company, Inc., from 1979 to 1989, Mr. Sheikh
served in various positions with Sun Exploration and Production
Company, Dallas, and its affiliates, including Vice President and
General Manager of Sun Malaysia Oil Company; Vice President and
General Manager of Sun Sudan Oil Company; Resident Operations Manager
of Sun Tanzania Oil Company; Manager of Planning and International
Exploration Ventures for Sun Exploration; and Area Manager for
Southeast Asia and South America for Sun Exploration.
Mr. Sheikh holds a Bachelor's Degree with Honors and a Master's
Degree in Geology from University of the Panjab, Lahore, Pakistan. He
is a life member of the American Association of Petroleum Geologists,
an active member of the Dallas Committee on Foreign Relations, and
serves on the Board of Directors of the East Texas Salt Water Disposal
Company, Inc. Mr. Sheikh resides in Dallas.
"We are excited to have Mr. Sheikh join Hanover's Board,
particularly with our focus on expanding operations in the Eastern
Hemisphere and improving margins in the U.S.," Mr. Hall said. "His
international experience, coupled with a thorough understanding of the
domestic oil and gas market, will be an excellent compliment to
Hanover's Board of Directors."
About Hanover Compressor Company
Hanover Compressor Company (NYSE:HC) is a global market leader in
full service natural gas compression and a leading provider of
service, fabrication and equipment for oil and natural gas production,
processing and transportation applications. Hanover sells and rents
this equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment. Founded in 1990 and a
public company since 1997, Hanover's customers include both major and
independent oil and gas producers and distributors as well as national
oil and gas companies. More information can be found on the Internet
(www.hanover-co.com).
CONTACT: Hanover Compressor Company, Houston
Stephen York, 832-554-4856
syork@hanover-co.com
SOURCE: Hanover Compressor Company