GlassPoint Welcomes Former Schlumberger President to Board of Directors

  GlassPoint Welcomes Former Schlumberger President to Board of Directors

  Zaki Selim brings decades of Middle East oilfield services and technology
                  integration experience to solar EOR leader

Business Wire

FREMONT, Calif. & MUSCAT, Oman -- January 22, 2013

GlassPoint Solar, the global leader in solar enhanced oil recovery (EOR),
today announced former Schlumberger President Zaki Selim has joined its Board
of Directors. Mr. Selim most recently served as Schlumberger’s President of
Oilfield Services for Middle East & Asia, where he led the company’s largest
and most profitable business unit. As an active board member, Mr. Selim will
apply his extensive experience in developing production enhancement
technologies to help accelerate adoption of GlassPoint’s solar EOR solution
throughout the Gulf region.

Solar Enhanced Oil Recovery (EOR) leader GlassPoint Solar welcomes former
Schlumberger President Zak ...

Solar Enhanced Oil Recovery (EOR) leader GlassPoint Solar welcomes former
Schlumberger President Zaki Selim to its Board of Directors. (Photo: Business
Wire)

“Solar steam generation is a relatively young market with tremendous market
potential in the oil and gas industry,” said Mr. Selim. “GlassPoint’s Enclosed
Trough technology is easy to operate and maintain and takes full advantage of
the Gulf region’s abundant sunshine to economically develop its heavy oil
reserves. It is my pleasure to beassociatedwith suchan
innovativesolar-fueled oil recovery solution."

Throughout his 28-year career with Schlumberger, Mr. Selim served several
roles from field engineer to president of key technology divisions. As the
President of Well Services and Well Completions and Productivity, he developed
and integrated a range of reservoir optimization and production techniques,
including EOR projects across four continents.

Mr. Selim is a member of the Society of Petroleum Engineers (SPE), holds a
bachelor’s degree in mechanical engineering from Cairo University’s Faculty of
Engineering in Egypt and attended the management program at Harvard Business
School.

“Zaki is a seasoned oil and gas industry veteran who has developed and
implemented a range of profitable new technologies for the world’s largest
oilfield services company,” said Rod MacGregor, president and CEO of
GlassPoint. “His experience working with a range of national and international
oil companies throughout the Middle East will provide invaluable insight as we
scale across the region and strengthen our global leadership position in solar
EOR.”

Mr. Selim joins GlassPoint’s board following the close of its US$26 million
Series B financing. The round included the participation of Royal Dutch Shell
plc group, one of the world’s largest oil companies, as well as leading energy
investors RockPort Capital, Nth Power and Chrysalix Energy Venture Capital.
The company and its Enclosed Trough technology, optimized for steam generation
for oil and gas applications, was recently awarded “Innovative Upstream
Technology of The Year” at the Gas Arabia Summit in Muscat organized by The
Energy Exchange and co-hosted by BP, Oman Gas Company, Oman LNG and PDO.

About GlassPoint Solar

GlassPoint is the leading provider of solar steam generators to the oil and
gas industry.When used for Enhanced Oil Recovery (EOR), GlassPoint solar
steam generators reduce natural gas consumption by up to 80%,redirectinggas
resources to higher value applications such as electricity generation and
export. GlassPoint's solar EOR solution delivers steam at costs competitive
with gas-fired steam generation, enabling producers toeconomicallyrecover
more oil. GlassPoint drives lower costsby enclosing
lightweightcomponentswithin a glasshouse to seal the system from sand, dust,
dirt and high humidity typical of oilfield environments throughout the world.
The company is headquartered inFremont, Californiawith offices
inBakersfield, California, Muscat, Oman and Shenzhen, China. For more
information, visit glasspoint.com.

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Contact:

Antenna Group for GlassPoint
Katie Struble, 415-977-1928
glasspoint@antennagroup.com
 
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