Coil Tubing Technology, Inc. announced that Jason Swinford resigned as Chief Executive Officer and director of the company and Jerry Swinford resigned as Executive Vice President, Secretary, Treasurer and director of the company. As a result of such resignations, Richard R. Royall, Chief Financial Officer, is the sole officer of the company. On January 1, 2016, the company engaged Jeff Chestnut as a consultant and independent contractor to provide services to the company on a consulting basis similar to those which would be provided by a Chief Operating Officer of a public company.

Mr. Chestnut has over 40 years of industry experience ranging from field operations, exploration, production, and management. Recently Mr. Chestnut has been a consultant to industry in completions design, analysis, and field implementation.