Category

2017

New West Energy Services Inc. Announces Second Quarter Results and 248% Increase in Revenue from Year Prior

By | 2017
V.NWE 

CALGARY, Alberta, Dec. 21, 2017 (GLOBE NEWSWIRE) — New West Energy Services Inc. (TSX Venture:NWE), an oil and gas and environmental services company focused on Western Canada, today announced its financial results for the second quarter ended October 31, 2017.

HIGHLIGHTS

  • In the six months ending October 31, 2017, revenue was $9,711,943, representing an increase of 226% compared to the same period last year, driven by a 335% increase in revenue from the Vacuum Truck and Fluid Transportation Services division and a 91% increase in revenue from the Environmental Services division.
  • In the three months ending October 31, 2017, revenue was $5,515,060, representing an increase of 248% compared to the same period last year, driven by a 444% increase in revenue from the Vacuum Truck and Fluid Transportation Services division and a 56% increase in revenue from the Environmental Services division.
  • This significant revenue increase was primarily due to securing new clients in the completions and productions sectors utilizing the fluid hauling equipment acquired in March 2017 for $4.8 million and increased drilling, completions and production activity in Western Canada.
  • Gross margin in the six-month period was 22% and in the three-month period was 21%, representing, in both cases, an increase of 3 percentage points from the same period last year.  These increases were primarily due to a significant increase in revenues relative to the increase in variable costs.
  • General and administrative expenses in the six-month period were $1,756,874, representing an increase of 26% from the same period last year, and these expenses in the three-month period were $910,310, representing an increase of 28% from the same period last year.  These increases were mainly due to additional expenses associated with the hiring of key personnel needed to facilitate NWE’s growth.
  • Normalized EBITDAC* in the six-month period was $418,434 compared to negative $834,847 from the same period last year, representing an increase $1,253,281, and Normalized EBITDAC in the three-month period was $243,573 compared to negative $425,269 from the same period last year, representing an increase $668,842.

Gerry E. Kerkhoff, President and Chief Executive Officer of NWE stated, “New West continues to see considerable increases in top line growth through our diversification from the drill bit to the completions and production sector.  We continue to expand our client base and are increasingly taking on larger projects with correspondingly higher revenues.”

Mr. Kerkhoff continued, “Our rapid revenue growth in 2017 has come with some expected growing pains.  Our gross margin, while improving, continues to be depressed due to higher than normal repair and maintenance expenses associated with the fluid hauling equipment acquired in March 2017.  That said, a major portion of the repair and maintenance expenses needed on the acquired equipment have already been made and it is expected that such expenses will decrease going forward.  Higher fuel and labour costs relative to our service rates have also affected our gross margin.  Lastly, we have also been focused on hiring full time employees and operators to fulfill our larger projects, which will decrease our utilization of low-margin third-party contractors.  With the oil and gas sector showing increasing signs of recovery, we expect to see improvement in 2018 in our service rates and margins and anticipate increasingly strong top and bottom line results.”

* Normalized EBITDAC is earnings from continuing operations before interest, taxes, depreciation, amortization and share-based payments and is a measure of NWE’s operating profitability. The calculation is further adjusted to normalize EBITDAC by removing any non-reoccurring transactions that are not in the normal course of operations.

** Copies of NWE’s financial statements, MD&A and other public filings are available under the company’s profile on SEDAR at www.sedar.com.

Contact:

Gerry E. Kerkhoff
New West Energy Services Inc.
President & Chief Executive Officer
Phone – 403.984.9798 or 1.888.977.2327 (BEAR)
Fax – 403.984.9799
Email – gkerkhoff@newwestenergyservices.com

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.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information and financial outlook.  Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, “should” and similar terms and phrases, including references to assumptions.  Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions.  Forward-looking information in this news release includes, without limitation, statements with respect to: the use of proceeds of its loans; the use of the acquired equipment; planned changes in NWE’s business and revenues; the competitive environment in which NWE operates; and the assessment of future plans and operations.  Actual events or results may differ materially.  The forward-looking information in this news release is based on assumptions which includes, but is not limited to: NWE realizing the expected benefits of its loans and acquired equipment; the general state of the economy and the oil and gas industry not worsening; NWE not losing any key personnel; NWE sustaining or increasing their level of revenues and EBITDAC  NWE growing its businesses long term and managing its growth; NWE complying with existing regulations and not becoming subject to more stringent regulations; and, NWE’s insurance being sufficient to cover losses that may occur as a result of its operations.  The forward-looking information in this news release is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information.  The factors which could cause results to differ from current expectations include, but are not limited to: failure to realize the expected benefits of its loans and acquired equipment; potential undisclosed liens associated with the acquired equipment; NWE’s results being dependent upon the general state of the economy and the oil and gas industry; NWE being dependent on key personnel, the loss of which could harm its business; NWE may not be able to sustain or increase their revenues or EBITDAC; NWE may be unable to grow its business long term or to manage any growth; NWE may be unable to integrate the acquired equipment into its business; competition in NWE’s markets may lead to reduced revenues and EBITDAC; NWE may fail to comply with existing regulations or become subject to more stringent regulations; NWE’s insurance may be insufficient to cover losses that may occur as a result of NWE’s operations; the market price of NWE’s common shares will fluctuate; and, there is a possibility of dilution of existing holders of NWE’s common shares due to future financings or acquisitions.  Although NWE has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements in this news release, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of NWE.  Accordingly, readers should not place undue reliance on the forward-looking information in this news release.  The forward-looking information is made as of the date of this news release, and NWE does not assume any obligation to publicly update or revise such forward-looking information to reflect new information, subsequent or otherwise, except as may be required by applicable law.  The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement.

New West Energy Services Inc. Announces Grant of Stock Options

By | 2017
V.NWE 

CALGARY, Alberta, Nov. 27, 2017 (GLOBE NEWSWIRE) — New West Energy Services Inc. (TSX-V:NWE), an oil and gas and environmental services company focused on Western Canada, today announced that it granted to certain directors, officers and employees five-year incentive stock options to purchase an aggregate of 881,000 common shares at an exercise price of $0.10 per share.

Contact:

Gerry E. Kerkhoff
New West Energy Services Inc.
President & Chief Executive Officer
Phone – 403.984.9798 or 1.888.977.2327 (BEAR)
Fax – 403.984.9799
Email – gkerkhoff@newwestenergyservices.com

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.

New West Energy Services Inc. Announces Closing of Shares for Debt Settlement

By | 2017

CALGARY, Alberta, Nov. 23, 2017 (GLOBE NEWSWIRE) — New West Energy Services Inc. (TSX Venture:NWE), an oil and gas and environmental services company focused on Western Canada, today announced that it has closed its previously announced settlement agreement with William A. Rand, the company’s Lead Director and largest shareholder, in respect of $750,000 owing to Mr. Rand by NWE.

Under the agreement, NWE issued to Mr. Rand 7.5 million NWE common shares at a deemed value of $0.10 per share in lieu of the repayment of the above-noted debt.  Upon the closing, Mr. Rand increased his beneficial ownership of NWE common shares from 25 percent to 43 percent.

The common shares issued to Mr. Rand pursuant to the settlement agreement are subject to a hold period of four months and one day.

Contact:

Gerry E. Kerkhoff
New West Energy Services Inc.
President & Chief Executive Officer
Phone – 403.984.9798 or 1.888.977.2327 (BEAR)
Fax – 403.984.9799
Email – gkerkhoff@newwestenergyservices.com

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

New West Energy Services Inc. Announces Shares for Debt Settlement

By | 2017

CALGARY, Alberta, Nov. 06, 2017 (GLOBE NEWSWIRE) — New West Energy Services Inc. (TSX-V:NWE), an oil and gas and environmental services company focused on Western Canada, today announced that it has entered into a settlement agreement with William A. Rand, the company’s Lead Director and largest shareholder, in respect of $750,000 owing to Mr. Rand by NWE.

Under the agreement, Mr. Rand agrees to accept 7.5 million NWE common shares at a deemed value of $0.10 per share in lieu of the repayment of the above-noted debt.  Mr. Rand is currently the beneficial owner of 25 percent of NWE’s outstanding common shares.  Assuming the closing of the shares for debt settlement, Mr. Rand would be the beneficial owner of 43 percent of NWE’s outstanding common shares.

The closing of the settlement is subject to the approval of the TSX Venture Exchange and all shares issued to Mr. Rand will be subject to a hold period of four months and one day.

Contact:

Gerry E. Kerkhoff
New West Energy Services Inc.
President & Chief Executive Officer
Phone – 403.984.9798 or 1.888.977.2327 (BEAR)
Fax – 403.984.9799
Email – gkerkhoff@newwestenergyservices.com

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

New West Energy Services Inc. Announces Annual and Special Meeting

By | 2017

CALGARY, Alberta, Sept. 05, 2017 (GLOBE NEWSWIRE) — New West Energy Services Inc. (TSX-V:NWE), an oil and gas and environmental services company focused on Western Canada, today announced the date of its upcoming annual and special meeting of shareholders.

The meeting will be held on Thursday, October 26, 2017 at noon (Mountain Time) at NWE’s offices at 500 – 435 4th Avenue SW, Calgary, Alberta.

In respect of special matters, shareholders will be asked to pass an ordinary resolution approving NWE’s “rolling” stock option plan.

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.

New West Energy Services Inc. Announces Fourth Quarter and Fiscal Year-End Results

By | 2017

CALGARY, Alberta, Aug. 29, 2017 (GLOBE NEWSWIRE) — New West Energy Services Inc. (TSX-V:NWE), an oil and gas and environmental services company focused on Western Canada, today announced its financial results for the fourth quarter and fiscal year ended April 30, 2017.

HIGHLIGHTS

  • NWE continued with its busiest winter season since 2013/2014.

Fourth Quarter

  • Revenue in the fourth quarter was $4.9 million, representing an increase of 77% from the same period a year prior, driven largely by a 98% increase in revenue from the Vacuum Truck and Fluid Transportation Services division and a 26% increase in revenue from the Environmental Services division.  This increase was primarily due to greater drilling and completions activity in Western Canada (average drilling rig utilization in Western Canada for the quarter was 31% compared to 15% for the same period a year prior) resulting in higher equipment utilizations and environmental operating days.
  • Gross margin was 23%, representing a decrease of 4 percentage points from the same period last year.  This decrease was primarily due to increased costs associated with the use of third party contractors to fulfill excess equipment service demand, higher than normal equipment costs due to adding acquired units into service and higher labour costs.
  • Normalized EBITDAC for the quarter was $361,331, compared to negative $165,313 from the same period a year prior, representing an increase of $526,644.

Fiscal Year

  • Revenue in the fiscal year was $11,927,912 and remained flat from the same period the year prior.  This was due largely to the continued downturn in the oil and gas industry, predominately in the first half of the year, and NWE’s corresponding lower equipment utilization and environmental services operating days.
  • Gross margin was 23%, representing a decrease of 3 percentage points from the same period last year.  This decrease was primarily due to depressed revenues in the first half of the fiscal year and increased costs associated with the use of third party contractors to fulfill excess equipment service demand, higher than normal equipment costs due to adding acquired units into service and higher labour costs.
  • Normalized EBITDAC was a negative $258,263 compared to negative $189,546 from the same period last year, representing a decrease of $68,717.

Gerry E. Kerkhoff, President and Chief Executive Officer of NWE, stated, “New West has shown significant increases in revenue since the commencement of the last winter season.  Our vacuum truck and fluid transportation services division has seen greater equipment utilization, including the deployment of additional equipment that we acquired in March of 2017 for $4.8 million, and our environmental services division has seen top line growth as the sector continues to improve.”

Mr. Kerkhoff concluded, “With the increase in our available operating capital and larger fleet size, we have diversified into the completions and production sectors and have expanded our client base while increasingly taking on larger projects with correspondingly higher revenues.  With the oil and gas sector showing increasing signs of recovery, we are optimistic for New West’s continued growth.”

For the three months ended April 30,
2017 2016
Vacuum Truck
& Fluid
Transportation
Services
Environmental
Services
Corporate Total Vacuum Truck
& Fluid
Transportation
Services
Environmental
Services
Corporate Total
$ $ $ $ $ $ $ $
Revenue   3,837,133   1,039,455   –   4,876,588   1,934,375   824,513   –   2,758,888
Direct costs   3,034,928   727,687   –   3,762,615   1,445,693   556,125   –   2,001,818
Gross margin   802,205   311,768   –   1,113,973   488,682   268,388   –   757,070
G & A expenses   283,796   361,276   107,570   752,642   415,917   391,230   115,236   922,383
Share base pmts   –   –   276,740   276,740   –   –   –   –
Finance charges   199,146   13,861   39,348   252,355   86,512   1,420   315   88,247
Amortization   407,641   –   –   407,641   317,188   –   –   317,188
Net loss before tax   (88,378 )   (63,369 )   (423,658 )   (575,405 )   (330,935 )   (124,262 )   (115,551 )   (570,748 )
Total assets   14,569,579   1,094,911   149,016   15,813,506   8,431,719   648,863   212,677   9,293,259
EBITDAC*   518,409   (49,508 )   (107,570 )   361,331   72,765   (122,842 )   (115,236 )   (165,313 )
For the years ended April 30,
2017 2016
Vacuum Truck
& Fluid
Transportation
Services
Environmental
Services
Corporate Total Vacuum Truck
& Fluid
Transportation
Services
Environmental
Services
Corporate Total
$ $ $ $ $ $ $ $
Revenue   8,328,756   3,599,156   –   11,927,912   7,461,361   4,635,356   –   12,096,717
Direct costs   6,784,346   2,451,885   –   9,236,231   5,772,434   3,135,272   –   8,907,706
Gross margin   1,544,410   1,147,271   –   2,691,681   1,688,927   1,500,084   –   3,189,011
G & A expenses   1,139,606   1,378,828   431,510   2,949,944   1,408,553   1,664,171   305,833   3,378,557
Share base pmts   –   –   276,740   276,740   –   –   –   –
Finance charges   342,809   17,091   76,173   436,073   254,624   4,748   609   259,981
Amortization   1,364,747   –   –   1,364,747   1,325,788   –   –   1,325,788
Net loss before tax   (1,302,752 )   (248,648 )   (784,423 )   (2,335,823 )   (1,300,038 )   (168,835 )   (306,442 )   (1,775,315 )
Total assets   14,569,579   1,094,911   149,016   15,813,506   8,431,719   648,863   212,677   9,293,259
EBITDAC*   404,804   (231,557 )   (431,510 )   (258,263 )   280,374   (164,087 )   (305,833 )   (189,546 )

* Normalized EBITDAC is earnings from continuing operations before interest, taxes, depreciation, amortization and share-based payments and is a measure of NWE’s operating profitability. The calculation is further adjusted to normalize EBITDAC by removing any non-reoccurring transactions that are not in the normal course of operations.

Contact:

Gerry E. Kerkhoff
New West Energy Services Inc.
President & Chief Executive Officer
Phone – 403.984.9798 or 1.888.977.2327 (BEAR)
Fax – 403.984.9799
Email – gkerkhoff@newwestenergyservices.com

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.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information and financial outlook.  Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions.  Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions.  Forward-looking information in this news release includes, without limitation, statements with respect to: the use of proceeds of its loans; the use of the acquired equipment; planned changes in NWE’s business and revenues; the competitive environment in which NWE operates; and the assessment of future plans and operations.  Actual events or results may differ materially.  The forward-looking information in this news release is based on assumptions which includes, but is not limited to: NWE realizing the expected benefits of its loans and acquired equipment; the general state of the economy and the oil and gas industry not worsening; NWE not losing any key personnel; NWE sustaining or increasing their level of revenues and EBITDAC  NWE growing its businesses long term and managing its growth; NWE complying with existing regulations and not becoming subject to more stringent regulations; and, NWE’s insurance being sufficient to cover losses that may occur as a result of its operations.  The forward-looking information in this news release is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information.  The factors which could cause results to differ from current expectations include, but are not limited to: failure to realize the expected benefits of its loans and acquired equipment; potential undisclosed liens associated with the acquired equipment; NWE’s results being dependent upon the general state of the economy and the oil and gas industry; NWE being dependent on key personnel, the loss of which could harm its business; NWE may not be able to sustain or increase their revenues or EBITDAC; NWE may be unable to grow its business long term or to manage any growth; NWE may be unable to integrate the acquired equipment into its business; competition in NWE’s markets may lead to reduced revenues and EBITDAC; NWE may fail to comply with existing regulations or become subject to more stringent regulations; NWE’s insurance may be insufficient to cover losses that may occur as a result of NWE’s operations; the market price of NWE’s common shares will fluctuate; and, there is a possibility of dilution of existing holders of NWE’s common shares due to future financings or acquisitions.  Although NWE has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements in this news release, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of NWE.  Accordingly, readers should not place undue reliance on the forward-looking information in this news release.  The forward-looking information is made as of the date of this news release, and NWE does not assume any obligation to publicly update or revise such forward-looking information to reflect new information, subsequent or otherwise, except as may be required by applicable law.  The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement.

New West Energy Services Inc. Announces First Quarter Results and 202% Increase in Revenue from Year Prior

By | 2017

CALGARY, Alberta, Sept. 28, 2017 (GLOBE NEWSWIRE) — New West Energy Services Inc. (TSX Venture:NWE), an oil and gas and environmental services company focused on Western Canada, today announced its financial results for the first quarter ended July 31, 2017.

HIGHLIGHTS

  • Revenue was $4,196,883, representing an increase of 202% compared to the same period last year, driven by a 236% increase in revenue from the Vacuum Truck and Fluid Transportation Services division and a 144% increase in revenue from the Environmental Services division.
  • This significant increase was primarily due to: (a) management’s increase in key clientele and higher equipment utilizations, including in the completions and production sectors of the industry facilitated through NWE’s $4.8 million equipment acquisition in March 2017; and (b) a greater number of environmental operating days, in both cases corresponding with increased drilling, completions and production activity in Western Canada.
  • Gross margin was 24%, representing an increase of 4 percentage points from the same period last year.  This increase was primarily due to a significant increase in revenues relative to the increase in variable costs.
  • General and administrative expenses were $846,564, representing an increase of 24% from the same period last year.  This increase was mainly due to additional expenses associated with the hiring of key personnel needed to facilitate NWE’s growth.
  • Normalized EBITDAC was $164,295 compared to negative $409,578 from the same period last year, representing an increase $573,873.

Gerry E. Kerkhoff, President and Chief Executive Officer of NWE stated, “New West’s strategy of diversifying from the drill bit to the completions and production sector has been very positive and we’ve shown significant increases in revenue since the commencement of the last winter season.  Also, we have expanded our client base and are increasingly taking on larger projects with correspondingly higher revenues.”

Mr. Kerkhoff continued, “Looking forward, with the oil and gas sector showing additional signs of recovery, we expect our rates to increase over time and, with it, our revenue.  On the expense side, we have incurred considerable one-time costs associated with preparing for operation our fluid transportation equipment acquired in March and expect our margins to increase as our equipment costs normalize.  We are very optimistic for New West’s prospects.”

For the three months ended July 31, 
2017
Vacuum Truck & Fluid
Transportation Services
Environmental
Services
Corporate Total
$ $ $ $
Revenue 2,918,283 1,278,600 4,196,883
Direct costs 2,321,167 860,460 3,181,627
Gross margin 597,116 418,140 1,015,256
General and admin expense 444,908 324,707 76,949 846,564
Share base pmts 263,529 263,529
Finance charges 171,887 6,066 41,173 219,126
Depreciation 459,716 459,716
Net loss before tax (489,961 ) 87,367 (381,651 ) (784,245 )
Total assets 14,490,405 950,513 49,181 15,490,099
EBITDAC* 141,642 99,602 (76,949 ) 164,295
2016
Vacuum Truck & Fluid
Transportation Services
Environmental
Services
Corporate Total
$ $ $ $
Revenue 867,210 524,408 1,391,618
Direct costs 788,851 328,440 1,117,291
Gross margin 78,359 195,968 274,327
General and admin expense 261,500 342,099 80,306 683,905
Share base pmts
Finance charges 47,157 574 2,710 50,441
Depreciation 321,737 321,737
Net loss before tax (552,035 ) (146,705 ) (83,016 ) (781,756 )
Total assets 7,969,940 468,417 145,344 8,583,701
EBITDAC* (183,141 ) (146,131 ) (80,306 ) (409,578 )

* Normalized EBITDAC is earnings from continuing operations before interest, taxes, depreciation, amortization and share-based payments and is a measure of NWE’s operating profitability. The calculation is further adjusted to normalize EBITDAC by removing any non-reoccurring transactions that are not in the normal course of operations.

Contact:

Gerry E. Kerkhoff
New West Energy Services Inc.
President & Chief Executive Officer
Phone – 403.984.9798 or 1.888.977.2327 (BEAR)
Fax – 403.984.9799
Email – gkerkhoff@newwestenergyservices.com

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.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information and financial outlook.  Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions.  Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions.  Forward-looking information in this news release includes, without limitation, statements with respect to: the use of proceeds of its loans; the use of the acquired equipment; planned changes in NWE’s business and revenues; the competitive environment in which NWE operates; and the assessment of future plans and operations.  Actual events or results may differ materially.  The forward-looking information in this news release is based on assumptions which includes, but is not limited to: NWE realizing the expected benefits of its loans and acquired equipment; the general state of the economy and the oil and gas industry not worsening; NWE not losing any key personnel; NWE sustaining or increasing their level of revenues and EBITDAC  NWE growing its businesses long term and managing its growth; NWE complying with existing regulations and not becoming subject to more stringent regulations; and, NWE’s insurance being sufficient to cover losses that may occur as a result of its operations.  The forward-looking information in this news release is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information.  The factors which could cause results to differ from current expectations include, but are not limited to: failure to realize the expected benefits of its loans and acquired equipment; potential undisclosed liens associated with the acquired equipment; NWE’s results being dependent upon the general state of the economy and the oil and gas industry; NWE being dependent on key personnel, the loss of which could harm its business; NWE may not be able to sustain or increase their revenues or EBITDAC; NWE may be unable to grow its business long term or to manage any growth; NWE may be unable to integrate the acquired equipment into its business; competition in NWE’s markets may lead to reduced revenues and EBITDAC; NWE may fail to comply with existing regulations or become subject to more stringent regulations; NWE’s insurance may be insufficient to cover losses that may occur as a result of NWE’s operations; the market price of NWE’s common shares will fluctuate; and, there is a possibility of dilution of existing holders of NWE’s common shares due to future financings or acquisitions.  Although NWE has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements in this news release, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of NWE.  Accordingly, readers should not place undue reliance on the forward-looking information in this news release.  The forward-looking information is made as of the date of this news release, and NWE does not assume any obligation to publicly update or revise such forward-looking information to reflect new information, subsequent or otherwise, except as may be required by applicable law.  The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement.

New West Energy Services Inc. Announces Appointment of Executive Chairman and Lead Director, Change in Financial Year-End and Grant of Stock Options

By | 2017

CALGARY, ALBERTA–(Marketwired – June 28, 2017) – New West Energy Services Inc. (TSX VENTURE:NWE), an oil and gas and environmental services company focused on Western Canada, today announced the appointment of an executive chairman and lead director, a change in the company’s financial year-end and the granting of stock options.

APPOINTMENT OF EXECUTIVE CHAIRMAN AND LEAD DIRECTOR

NWE is pleased to announce the appointment of Mr. Erinn B. Broshko as a director and Executive Chairman of the company. In conjunction with Mr. Broshko’s appointment, NWE’s current Chairman, William A. Rand, has been appointed as Lead Director.

Mr. Broshko is the Managing Director of Rand Investments Ltd., a Vancouver-based private equity firm. Previous to that, Mr. Broshko was the Chief Executive Officer and then Executive Chairman of a publically-listed biotechnology company and a corporate and securities lawyer with a prominent Vancouver-based law firm.

Gerry E. Kerkhoff, President and Chief Executive Officer of NWE commented, “Erinn brings to New West eighteen years of corporate finance, public markets and transactions experience. With the oil and gas industry showing signs of recovery and New West’s improving results, Erinn will be a valuable member of the team as we seek to complete transactions of strategic importance to create significant shareholder value.”

Mr. Broshko stated, “I’m honoured to be joining Gerry and the New West team at this important time. The company has a long and trusted track record in oil and gas services throughout western Canada and has shown resilience through these challenging times for the industry. Since its $4.8 million equipment acquisition in early March, New West has been securing additional work in the completions and production sectors and expects increased utilization of the additional equipment.”

Mr. Broshko concluded, “With New West’s increased service capacity, our leadership will be looking to execute upon transformational transactions that are accretive and that increase our growth potential.”

CHANGE OF FINANCIAL YEAR-END

NWE announced that its board of directors has resolved to change its financial year-end from April 30 to December 31 to better conform with industry peers and to line up the company’s quarterly filings with more traditional quarters.

To facilitate the change, NWE will report a one-time transition year covering the eight months from May 1 to December 31. 2017. Subsequent to this transition year, NWE’s first full financial year will be January 1 to December 31, 2018.

For more details regarding the length and ending dates of the financial periods, including the comparative periods, of the interim and annual financial statements to be filed for NWE’s transition year and its new financial year, please refer to the company’s Notice of Change of Year End filed pursuant to National Instrument 51-102 and available under the company’s SEDAR profile at www.sedar.com.

GRANT OF STOCK OPTIONS

NWE announced that it granted to certain directors, officers and employees five-year incentive stock options to purchase an aggregate of 2,125,000 common shares at an exercise price of $0.13 per share, being the June 27, 2017 closing price of NWE’s common shares on the TSX Venture Exchange.

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 Information

Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information and financial outlook. Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information in this news release includes, without limitation, statements with respect to: the use of proceeds of its loans; the use of the acquired equipment; planned changes in NWE’s business and revenues; the competitive environment in which NWE operates; and the assessment of future plans and operations. Actual events or results may differ materially. The forward-looking information in this news release is based on assumptions which includes, but is not limited to: NWE realizing the expected benefits of its loans and acquired equipment; the general state of the economy and the oil and gas industry not worsening; NWE not losing any key personnel; NWE sustaining or increasing their level of revenues and EBITDA; NWE growing its businesses long term and managing its growth; NWE complying with existing regulations and not becoming subject to more stringent regulations; and, NWE’s insurance being sufficient to cover losses that may occur as a result of its operations. The forward-looking information in this news release is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information.
The factors which could cause results to differ from current expectations include, but are not limited to: failure to realize the expected benefits of its loans and acquired equipment; potential undisclosed liens associated with the acquired equipment; NWE’s results being dependent upon the general state of the economy and the oil and gas industry; NWE being dependent on key personnel, the loss of which could harm its business; NWE may not be able to sustain or increase their revenues or EBITDA; NWE may be unable to grow its business long term or to manage any growth; NWE may be unable to integrate the acquired equipment into its business; competition in NWE’s markets may lead to reduced revenues and EBITDA; NWE may fail to comply with existing regulations or become subject to more stringent regulations; NWE’s insurance may be insufficient to cover losses that may occur as a result of NWE’s operations; the market price of NWE’s common shares will fluctuate; and, there is a possibility of dilution of existing holders of NWE’s common shares due to future financings or acquisitions. Although NWE has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements in this news release, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of NWE. Accordingly, readers should not place undue reliance on the forward-looking information in this news release. The forward-looking information is made as of the date of this news release, and NWE does not assume any obligation to publicly update or revise such forward-looking information to reflect new information, subsequent or otherwise, except as may be required by applicable law. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement.

New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9799
403.984.9798 or 1.888.977.2327 (BEAR)
gkerkhoff@newwestenergyservices.com
www.newwestenergyservices.com

New West Energy Services Inc. Provides Corporate Update and Announces Share Consolidation

By | 2017

CALGARY, ALBERTA–(Marketwired – April 24, 2017) – New West Energy Services Inc. (TSX VENTURE:NWE), an oil and gas and environmental services company focused on Western Canada, today provided a corporate update and announced its intention to proceed with a consolidation of its common shares.

Corporate Update

  • NWE completed its busiest winter season (December – March) since 2013/2014 and saw increasing revenues from its fluid management, transportation and environmental services with near-full utilization of its equipment fleet with certain services being outsourced due to excess demand.
  • Revenues in March were similar to those in January and February (approximately $2 million) due to a prolonged winter season.
  • NWE was at near-full utilization of its equipment fleet in March with customarily reduced levels in April due to spring breakup.
  • As announced on March 9, 2017, NWE and a U.S.-based organization entered into agreements where NWE:
    • refinanced its current debt obligations;
    • obtained a new $3 million operating line of credit; and
    • to meet increasing customer demand, obtained a loan of $4.8 million (interest only for 18 months) used to acquire a fleet of operating equipment, including various combinations of fluid transport trucks and trailers capable of hauling water for fracking operations as well as drilling and production fluids.
  • Of the newly acquired equipment, approximately half was outfitted and at near-full utilization in March. The remaining acquired equipment is being outfitted and is expected to be available for use following spring breakup.

Gerry E. Kerkhoff, President and Chief Executive Officer of NWE stated, “New West is coming off a strong winter season with near-full utilization of our operating equipment in January, February and March and expect continued strength coming out of spring breakup and into summer.”

Mr. Kerkhoff concluded, “We have added a number of new clients in the completions and productions sector and our existing clients in the drilling sector are much more active and planning larger projects. With increasing signs of recovery in the oil and gas industry and our larger and more diversified fleet of equipment, we expect significantly higher revenues in the upcoming summer season compared to this time last year.”

Share Consolidation

NWE intends to proceed with a consolidation of its issued and outstanding common shares on the basis of one post-consolidation common share for every five pre-consolidation common shares. The consolidation was previously approved by the shareholders of NWE at the annual and special meeting held on October 24, 2016 and is subject to approval of the TSX Venture Exchange.

The directors of NWE believe that the post-consolidation market price per common share will (a) allow for the issuance of at-market stock options which are designed to motivate and retain the NWE’s key officers and employees in order to achieve results that ultimately benefit the shareholders; and (b) facilitate further financing activities of NWE, make investing in the common shares more attractive to a broader range of institutional investors and other members of the investing public.

NWE intends the effective date of the consolidation to be April 27, 2017 with the common shares trading on a post-consolidation basis beginning at the open of markets on that day. As of the date of this press release, a total of 118,224,210 common shares are issued and outstanding. Assuming the implementation of the consolidation, a total of approximately 23,644,842 post-consolidation common shares would be issued and outstanding, subject to the treatment of fractional interests.

No fractional common shares will be issued in connection with the consolidation and, in the event that a shareholder would otherwise be entitled to receive a fractional share upon the consolidation, the number of common shares to be received by such shareholder will be rounded up or down to the nearest whole common share.

There is no name change in conjunction with the consolidation, and NWE’s trading symbol on the TSX Venture Exchange will remain the same.

About New West Energy Services

NWE management and operations personnel have over 20 years of experience in the drilling, completions and production sectors of the oil and gas industry throughout western Canada. NWE is a recognized leader in comprehensive environmental services and fluid management, including transportation and disposal, and operate through their main service centres in Beaverlodge and Medicine Hat, Alberta, and have their head office in Calgary, Alberta.

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.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information and financial outlook. Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information in this news release includes, without limitation, statements with respect to: the use of proceeds of the loans; the use of the acquired equipment; planned changes in NWE’s business and revenues; the competitive environment in which NWE operates; the assessment of future plans and operations; and the effect of the proposed share consolidation on NWE’s business, operations and/or market price of its common shares. Actual events or results may differ materially. The forward-looking information in this news release is based on assumptions which includes, but is not limited to: NWE realizing the expected benefits of the loans and acquired equipment; the general state of the economy and the oil and gas industry not worsening; NWE not losing any key personnel; NWE sustaining or increasing their level of revenues and EBITA; NWE growing its businesses long term and managing its growth; NWE complying with existing regulations and not becoming subject to more stringent regulations; NWE’s insurance being sufficient to cover losses that may occur as a result of its operations; NWE realizing the benefits of the proposed share consolidation.
The forward-looking information in this news release is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results to differ from current expectations include, but are not limited to: failure to realize the expected benefits of the loans and acquired equipment; potential undisclosed liens associated with the acquired equipment; NWE’s results being dependent upon the general state of the economy and the oil and gas industry; NWE being dependent on key personnel and clientele, the loss of which could harm its business; NWE may not be able to sustain or increase their revenues or EBITA; NWE may be unable to grow its business long term or to manage any growth; NWE may be unable to integrate the acquired equipment into its business; competition in NWE’s markets may lead to reduced revenues and EBITA; NWE may fail to comply with existing regulations or become subject to more stringent regulations; NWE’s insurance may be insufficient to cover losses that may occur as a result of NWE’s operations; the market price of NWE’s common shares will fluctuate; there is a possibility of dilution of existing holders of NWE’s common shares due to future financings or acquisitions; and failure to realize the expected benefits of the proposed share consolidation. Although NWE has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements in this news release, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of NWE. Accordingly, readers should not place undue reliance on the forward-looking information in this news release. The forward-looking information is made as of the date of this news release, and NWE does not assume any obligation to publicly update or revise such forward-looking information to reflect new information, subsequent or otherwise, except as may be required by applicable law. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement.

New West Energy Services Inc.
Gerry E. Kerkhoff
President and Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
gkerkhoff@newwestenergyservices.com

New West Energy Services Comments on Market Activity

By | 2017

CALGARY, ALBERTA–(Marketwired – Apr 12, 2017) – New West Energy Services Inc. (TSX VENTURE:NWE), an oil and gas and environmental services company focused on Western Canada, today, at the request of the Investment Industry Regulatory Organization of Canada (IIROC), announced that NWE’s management is unaware of any material change in the company’s operations that would account for the recent increase in market activity.

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 Information

Certain statements in this news release may constitute “forward-looking information” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information and financial outlook. Forward-looking information is identified by the use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar terms and phrases, including references to assumptions. Such information may involve, but is not limited to, comments with respect to strategies, expectations, planned operations or future actions. Forward-looking information in this news release includes, without limitation, statements with respect to: the use of proceeds of its loans; the use of the acquired equipment; planned changes in NWE’s business and revenues; the competitive environment in which NWE operates; and the assessment of future plans and operations. Actual events or results may differ materially. The forward-looking information in this news release is based on assumptions which includes, but is not limited to: NWE realizing the expected benefits of its loans and acquired equipment; the general state of the economy and the oil and gas industry not worsening; NWE not losing any key personnel; NWE sustaining or increasing their level of revenues and EBITA; NWE growing its businesses long term and managing its growth; NWE complying with existing regulations and not becoming subject to more stringent regulations; and, NWE’s insurance being sufficient to cover losses that may occur as a result of its operations.
The forward-looking information in this news release is subject to risks, uncertainties and other factors that could cause actual results to differ materially from historical results or results anticipated by the forward-looking information. The factors which could cause results to differ from current expectations include, but are not limited to: failure to realize the expected benefits of its loans and acquired equipment; potential undisclosed liens associated with the acquired equipment; NWE’s results being dependent upon the general state of the economy and the oil and gas industry; NWE being dependent on key personnel, the loss of which could harm its business; NWE may not be able to sustain or increase their revenues or EBITA; NWE may be unable to grow its business long term or to manage any growth; NWE may be unable to integrate the acquired equipment into its business; competition in NWE’s markets may lead to reduced revenues and EBITA; NWE may fail to comply with existing regulations or become subject to more stringent regulations; NWE’s insurance may be insufficient to cover losses that may occur as a result of NWE’s operations; the market price of NWE’s common shares will fluctuate; and, there is a possibility of dilution of existing holders of NWE’s common shares due to future financings or acquisitions. Although NWE has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements in this news release, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of NWE. Accordingly, readers should not place undue reliance on the forward-looking information in this news release. The forward-looking information is made as of the date of this news release, and NWE does not assume any obligation to publicly update or revise such forward-looking information to reflect new information, subsequent or otherwise, except as may be required by applicable law. The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement.

New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
403.984.9799
gkerkhoff@newwestenergyservices.com

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