New West Energy Services Inc. Announces Its First Quarter Results
27 Septiembre 2013 - 2:11PM
Marketwired Canada
New West Energy Services Inc. (TSX VENTURE:NWE)(the "Corporation") is pleased to
announce the financial results for the Corporation for its first quarter ended
July 31, 2013.
HIGHLIGHTS
Operational and Financial Results for the first quarters ended July 31, 2013 and
2012:
-- Revenue of $3.57 million ($3.2 million for 2012).
-- Gross margin of $1 million ($1.01 million for 2012).
-- Net Income from continuing operations after income tax of $4,000
($112,000 for 2012).
Company Developments:
-- A decrease in drilling activity during the quarter was caused in part by
extremely wet conditions throughout Alberta during the spring break up
period of May and June, exacerbated by major flooding in the province.
-- Capital expenditures during the quarter ended July 31, 2013 amounted to
$394,000 for trucks and equipment.
Subsequent Events:
-- Subsequent to the quarter ended July 31, 2013, the Company entered into
a share purchase agreement to acquire 1770245 Alberta Ltd. (which
includes all the assets of Tippin D Oilfield Services Ltd. and 40 Creek
Oilfield Services Ltd.) for a purchase price of $1.8 million. Tippin D
and 40 Creek operate a combination of hydrovac and boiler trucks in the
Beaverlodge area of Alberta and service the completions and production
sectors of the oil and gas industry in both Northwest Alberta and
Northeast British Columbia.
-- Subsequent to the quarter ended July 31, 2013, the Company began a trial
phase for a period of 60 days on new technology to recover oil, water
and solids from contaminated drill cuttings.
OVERVIEW
The Corporation is a publicly-traded company that is listed on the TSX Venture
Exchange under the trading symbol "NWE.V". The Corporation's business activities
are carried out through two wholly owned Calgary, Alberta subsidiaries -
BearStone Environmental Solutions Inc. ("BearStone") and Porterco Oilfield
Services Inc. ("Porterco").
BearStone is an environmental oilfield services company that provides
environmental services and operates a fleet of specialized vacuum and water
trucks to the upstream oil and gas industry throughout western Canada.
Porterco is a newly formed subsidiary resulting from the acquisition of the
operating assets of Porterco Welding Ltd. which acquisition was completed on
August 24, 2012. Porterco is based in Slave Lake, Alberta and operates a fleet
of trucks and trailers for hauling contaminated drill cuttings. Other services
offered by Porterco include equipment rental, custom fabrication and general
oilfield hauling.
OUTLOOK AND STRATEGY
The Corporation continues to pursue new acquisitions (as mentioned above in
subsequent events) which will compliment and diversify its existing services.
Neither the TSX Venture nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture) accepts responsibility for the
adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
403.984.9799 (FAX)
gkerkhoff@bearstoneenviro.com
New West Energy Services (TSXV:NWE)
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