CALGARY, Feb. 25, 2013 /CNW/ - Winalta Inc. ("Winalta" or
the "Company") is pleased to announce it has entered into a long
term service agreement to supply an Integrated Wellsite System
(IWS) to an oil and gas producer undertaking a SAGD drilling
program in the Fort McMurray area
of Alberta. Under the service
agreement, Winalta will contract the IWS to its customer for a
period of 450 days of consecutive work commencing August,
2013. The service agreement contains a modified take or pay
clause which will guarantee Winalta's utilization of the IWS over
this period of time.
The IWS is a new product to the surface rentals business and was
designed by Winalta and its manufacturer, ALTA-FAB Structures Ltd.
The design of the IWS was purpose built to bring an office work
environment to SAGD pad and multilateral drilling platforms. The
IWS is a six unit, fully self-contained, office and executive
living quarters for up to 12 field personnel. Many SAGD and
multilateral drilling pad locations use individual Wellsites and a
separate office trailer for their employees. Winalta's IWS
complex integrates those units into a single living and work space
that facilitates communication and productivity amongst field
personnel while decreasing the onsite footprint.
"The Company started developing the Integrated Wellsite System
over a year ago and we are pleased to have entered into our first
long term service agreement for this new product offering. We are
pursuing a number of other contracts in the SAGD pad and
multilateral drilling space which we believe is ideally suited to
our newly designed Integrated Wellsite System. Winalta will
continue working to expand its market share in the SAGD pad and
multilateral drilling space which operates over longer timeframes,
often year round, and is less seasonal than conventional drilling.
The longer term nature of our IWS product will complement our spot
rate Wellsite business well, providing equipment utilization on a
consistent basis thereby making Winalta less reliant on seasonal
work. Winalta will continue to look for other opportunities to
expand into pad drilling, either with new products such as the IWS
or with its new fleet of Wellsites" said Austin Fraser, Senior Vice President, Winalta
Inc.
Winalta Inc., operating under the trade name, Winalta Oilfield
Rentals, is an oilfield service provider that specializes in
portable industrial rental accommodations, remote offices and
Dedicated Geo Labs; servicing the Western Canadian oil and gas
Industry.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-looking information
Certain information set forth in this press release, including
the ability of Winalta to expand its IWS rentals and product
offerings may constitute forward-looking statements. By their
nature, forward-looking statements involve material assumptions and
are subject to numerous risks and uncertainties, including with
respect to market and economic conditions and their impact on the
Company's business, some of which, are beyond the Company's
control. Readers are cautioned not to place undue reliance on the
forward-looking statements as the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and actual
results, performance or outcomes could materially differ from those
expressed or implied in such forward-looking statements and
accordingly, no assurance can be given that any of the events
anticipated by forward looking statements will transpire or occur,
or if any of them do so, what benefit Winalta will derive there
from. The Company does not assume the obligation to revise or
update this forward-looking information after the date of this
release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under
applicable securities laws.
SOURCE Winalta Inc.