HE Hanwei Energy Services Corp

Hanwei Energy Services Corp. (TSX:HE) ("Hanwei" or the "Company"), today
announced its initial production results from its operating oil and gas wells in
its Leduc Lands.


On June 30, 2014 the Company completed its work over and commenced gas
production for sales following the perforation of its existing 14-32-49-26W4 gas
well. This existing well was perforated over a three meter interval at a depth
of approximately 1,300 meters into the Ellerslie formation at a total work over
cost of approximately $100,000. This well is currently producing gas at a daily
average rate of 1,000 thousand cubic feet per day (mcfd) on a restricted choke
of 12/64th of an inch. The Company is monitoring the production rates for
optimization of production from the currently producing interval and considers
the initial improved gas production from this well a significant success. The
Company is currently receiving a gross gas purchase price at an average price of
$4.26 per mcf.


In addition to the 14-32-49-26W4M well the Company has a 100% working interest
in the wells 15-19-49-26W4M, 10-29-49-26W4M, 8-32-49-26W4M, and 13-33-49-26W4M
and 60% in 11-33-49-26W4M well. Previous production from these wells prior to
Hanwei's acquisition of its Leduc Lands has been minimal. Immediately following
the completion of the acquisition and the transfer of the oil and gas rights to
Hanwei the Company undertook minor chemical enhancements. Hanwei has invested
approximately $2,400,000 on this acquisition and workover activities to date and
has received net revenues for its April and May production of some $130,000.


Hanwei's oil and gas production business is focused on enhancing its Leduc Lands
asset base and growing its cash flow from operations through development
drilling within its core project area. The Company intends to generate
production opportunities possessing low to medium risk from multi-zone
potential.


About Hanwei Energy Services Corp.

Hanwei Energy Services Corp. is a leading manufacturer of high pressure,
fiberglass reinforced plastic ("FRP") pipe products and associated technologies
and services for the international oil and gas and infrastructure industries.
Hanwei serves major energy customers in the Chinese and global energy markets.
The Company owns producing oil and gas mineral rights located near Edmonton,
Alberta.


Neither the TSX nor its Regulation Services Provider (as that term is defined in
the policies of the TSX) accepts responsibility for the adequacy or accuracy of
this release.


FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURES

Certain information in this press release is forward-looking within the meaning
of certain securities laws, and is subject to important risks, uncertainties and
assumptions a description of which is set out in the risk factors section of the
Company's Annual Information Form dated June 18, 2013 and Management Discussion
and Analysis for the year ended March 31, 2013 both of which are filed with
Canadian securities regulators and available on SEDAR at www.sedar.com. The
forward-looking information in this press release describes the Company's
expectations as of the date of this press release.


THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE
EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND,
ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE
UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS
INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY
DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS
REQUIRED BY APPLICABLE SECURITIES LEGISLATION.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Hanwei Energy Services Corp.
Graham Kwan, Executive Vice President,
Strategic Development and Corporate Affairs
604-685-2239
gkwan@hanweienergy.com


Hanwei Energy Services Corp.
Yucai (Rick) Huang
Chief Financial Officer
604-685-2239
yhuang@hanweienergy.com
www.hanweienergy.com

Hanwei Energy Services (TSX:HE)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

Hanwei Energy Services (TSX:HE)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024