New West Energy Services Inc. Announces Purchase of Oilfield Services Company
01 Octubre 2013 - 8:12PM
Marketwired Canada
New West Energy Services Inc. ("New West" or the "Corporation") (TSX
VENTURE:NWE) is pleased to announce that it has completed its purchase of
1770245 Alberta Ltd. ("1770245"), a private business in the oilfield services
industry providing combination, hydrovac and boiler truck services to the
completions and production sectors of the oil and gas industry, predominantly in
the Peace region of Alberta. The purchase was completed pursuant to the terms of
a share purchase agreement dated September 17, 2013 among New West, the
shareholders (the "Vendors") of 177024, Tippin D Oilfield Services Ltd. ("Tippin
D"), and 40 Creek Oilfield Services Ltd. ("40 Creek") pursuant to which the
Corporation acquired all of the issued and outstanding common shares of 1770245
for an aggregate purchase price of $1.8 million, comprised of a $1.3 million
cash payment and the issuance of 3,000,000 common shares of the Corporation at a
deemed price of $0.10 per share. A post-closing payment of up to $200,000 is
payable as an earn out upon achieving certain performance thresholds over a
twelve month period post close.
The new service will operate under the name Bearstone Vacuum Services which is a
division of the wholly owned subsidiary BearStone Environmental Solutions Inc.
Daniel Huys, the Founder and President of Tippin D, 40 Creek and 1770245, has
agreed to serve as an Area Manager for Bearstone Vacuum Services.
Additional information about New West is available on its website at
www.newwestenergyservices.com or under its profile on SEDAR at www.sedar.com.
About New West Energy Services Inc.
The Corporation operates in the oilfield service industry in Canada through two
wholly owned subsidiaries - BearStone Environmental Solutions Inc. and Porterco
Oilfield Services Inc. BearStone provides environmental services to the upstream
oil and gas industry and also operates a fleet of specialized vacuum and water
trucks. Porterco operates a fleet of trucks and trailers for hauling oil
contaminated drill cuttings as well as providing equipment rental and custom
fabrication services.
Neither the TSXV nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV) accepts responsibility for the adequacy or accuracy
of this release.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, certain
information presented herein constitutes "forward-looking statements". The
forward-looking statements contained in this press release are solely opinions
and forecasts which are uncertain and subject to risks. Forward-looking
statements include but are not limited to uncertainties and other factors which
September cause the actual results, performance or achievements of the
Corporation to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements. These
forward-looking statements are not guarantees of future performance and are
subject to a number of known and unknown risks and uncertainties. Accordingly,
readers are cautioned that the assumption used in the preparation of the
forward-looking statements, although considered reasonable at the time of
preparation September prove to be imprecise and, as such undue reliance should
not be placed on forward-looking statements.
The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, the Corporation
disclaims any intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable securities law.
Additionally, the Corporation undertakes no obligation to comment on the
expectations of, or statements made, by third parties in respect of the matters
discussed above.
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
www.newwestenergyservices.com
New West Energy Services (TSXV:NWE)
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