Category

2018

New West Energy Services Inc. Announces Financial Results for Third Quarter 2018

By | 2018, News Releases

CALGARY, Nov. 28, 2018 /CNW/ – 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 third quarter of 2018.

NOTE REGARDING CHANGE IN FINANCIAL YEAR-END

NWE has changed its financial year-end from April 30 to December 31 to better conform with other similar energy services companies in the industry and to line up the company’s quarterly filings with more traditional quarters.  Consequently, in this new financial year commencing January 1, 2018, NWE is reporting unaudited third quarter interim financial results for the nine months ended September 30, 2018 compared to the nine months ended October 31, 2017.

Going forward, NWE will use a customary quarterly reporting calendar based on a December 31 financial year-end, with fiscal quarters ending on the last day in March, June, September and December each year.

FINANCIAL HIGHLIGHTS

Gerry E. Kerkhoff, President and Chief Executive Officer of NWE stated “Since 2016, New West has recorded top line improvement driven primarily by growth in our Vacuum Truck and Fluid Transportation Services division.  In the third quarter, our drilling services equipment was at near full utilization and recorded a 71% increase in revenue from the year before, but our revenue from completions and production was down 49% due to producers delaying projects as a result of deteriorating market conditions.”

Mr. Kerkhoff continued: “Over the past two months, the decrease in the price of benchmark WTI crude and a sharp increase in the price differential between US and Canadian crude has created industry volatility.  Management expects sector fundamentals to improve in 2019 with an increase in rail transportation capacity, the completion of the Enbridge Inc. Line 3 pipeline replacement and additional U.S. refineries going online following maintenance shutdowns.  Overall equipment rates have started to increase, which should help to improve our margins.  Also, we have completed major repairs on our fluid transportation equipment, which has reduced our reliance on low margin third-party contractors.  Subject to increasing activity in the completions and production sector, management expects top and bottom line improvement in the fourth quarter of 2018 and first quarter of 2019.”

  • Revenue was $14,827,975 in the nine months ended September 30, 2018 compared to $14,588,531 in the nine months ended October 31, 2017, and $4,297,083 in the three months ended September 30, 2018 compared to $5,515,060 in the three months ended October 31, 2017. While there was a consistency between the two nine-month periods, in the current period, NWE realized much stronger revenue in the first quarter which was offset by a significant decrease in revenue in the second and third quarters – mostly due to a longer period of spring break up across all sectors and a reduction in completions activity in the third quarter.
  • Gross margin decreased to 15% in the nine months ended September 30, 2018 from 19% in the nine months ended October 31, 2017, due primarily to a significant reduction in revenue in the second and third quarter of 2018 with an increase proportionally in direct costs, including higher fuel and labour costs relative to NWE’s service rates and proportionally higher repair and maintenance costs for equipment in the first and second quarter. In the three months ended September 30, 2018, gross margin increased to 26% when compared to 21% in the three months ended October 31, 2017. This increase is due primarily to the Vacuum Truck and Fluid Transportation Services division where, in the drilling sector, revenue increased by 71% and gross margin improved from 28 to 35%. In the completions and production sectors, revenue decreased by 49% but was offset by a significant decrease in associated expenses, coupled with a decrease in reliance on low margin third-party contractors, resulting in gross margin decreasing slightly from 13 to 11%.
  • General and administrative expenses were $2,777,314 in the nine months ended September 30, 2018 compared to $2,509,516 in the nine months ended October 31, 2017, due mainly to expenses associated with the hiring of personnel and the continued establishment of operations in Grande Prairie servicing the completions and production sectors, and $901,188 in the three months ended September 30, 2018 compared to $910,310 in the three months ended October 31, 2017, reflecting a consistency between the two reporting periods.
  • Normalized EBITDAC was $19,875 in the nine months ended September 30, 2018 compared to $779,765 in the nine months ended October 31, 2017, and $224,655 in the three months ended September 30, 2018 compared to $243,573 in the three months ended October 31, 2017.

                    For the nine months ended September 30,   

                    For the nine months ended October 31, 

2018

2017

Vacuum Truck &

Fluid

Transportation

Services

Environmental

Services

Corporate

Total

Vacuum Truck &

Fluid

Transportation

Services

Environmental

Services

Corporate

Total

$

$

$

$

$

$

$

$

Revenue

11,714,051

3,113,924

14,827,975

11,021,536

3,566,995

14,588,531

Direct costs

9,985,819

2,092,105

12,077,924

8,918,572

2,386,847

11,305,419

Gross margin

1,728,232

1,021,819

2,750,051

2,102,964

1,180,148

3,283,112

G & A expenses

1,454,070

1,059,417

263,827

2,777,314

1,210,708

1,027,885

270,923

2,509,516

Share base pmts

109,043

109,043

540,269

540,269

Finance charges

443,112

45,745

77,993

566,850

530,240

38,959

121,695

690,894

Depreciation

1,112,002

1,112,002

1,311,700

1,311,700

Disposal of assets

141,894

141,894

79,213

79,213

Net loss before tax

(1,422,846)

(83,343)

(450,863)

(1,957,052)

(1,028,897)

113,304

(932,887)

(1,848,480)

Total assets 

11,643,203

771,752

13,822

12,428,777

14,238,484

1,341,434

60,889

15,640,807

EBITDAC*

310,029

(37,598)

(252,556)

19,875

892,256

158,432

(270,923)

779,765

                  For the three months ended September 30,  

               For the three months ended October 31, 

2018

2017

Vacuum Truck &

Fluid

Transportation

Services

Environmental

Services

Corporate

Total

Vacuum Truck &

Fluid

Transportation

Services

Environmental

Services

Corporate

Total

$

$

$

$

$

$

$

$

Revenue

3,360,041

937,042

4,297,083

4,266,120

1,248,940

5,515,060

Direct costs

2,574,902

607,609

3,182,511

3,562,477

798,700

4,361,177

Gross margin

785,139

329,433

1,114,572

703,643

450,240

1,153,883

G & A expenses

458,112

341,640

101,436

901,188

482,004

341,902

86,404

910,310

Share base pmts

92,532

92,532

Finance charges

145,886

13,290

30,450

189,626

159,207

19,032

41,174

219,413

Depreciation

375,221

375,221

444,343

444,343

Disposal of assets

70,013

70,013

68,647

68,647

Net loss before tax

(264,093)

(25,497)

(224,418)

(514,008)

(450,558)

89,306

(127,578)

(488,830)

Total assets 

11,643,203

771,752

13,822

12,428,777

14,238,484

1,341,434

60,889

15,640,807

EBITDAC*

327,027

(12,207)

(90,165)

224,655

221,639

108,338

(86,404)

243,573

* 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.

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”, “should”, “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.

SOURCE New West Energy Services Inc.

For further information: Contact Information: New West Energy Services Inc., Attention: Gerry E. Kerkhoff, President and Chief Executive Officer, Phone: 403.984.9798 or 1.888.977.2327 (BEAR), Fax: 403.984.9799, Email: gkerkhoff@newwestenergyservices.com, Website: www.newwestenergyservices.com or The Howard Group Inc. (Investor Relations), Attention: Dave Burwell, Vice President, Phone: 403.221.0915 or 1.888.221.0915, Email: dave@howardgroupinc.com, Website: www.howardgroupinc.com

Related Links

http://www.efocus.ca

New West Energy Services Inc. Announces Financial Results for Second Quarter 2018

By | 2018

CALGARYAug. 29, 2018 /CNW/ – 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 six months ended June 30, 2018.

NOTE REGARDING CHANGE IN FINANCIAL YEAR-END

NWE has changed its financial year-end from April 30 to December 31 to better conform with other similar energy services companies in the industry and to line up the company’s quarterly filings with more traditional quarters.  Consequently, in this new financial year commencing January 1, 2018, NWE is reporting unaudited second quarter interim financial results for the six months ended June 30, 2018 compared to the six months ended July 31, 2017.

Going forward, NWE will use a customary quarterly reporting calendar based on a December 31 financial year-end, with fiscal quarters ending on the last day in March, June, September and December each year.

FINANCIAL HIGHLIGHTS

Gerry E. Kerkhoff, President and Chief Executive Officer of NWE stated “New West reported continued top line growth in the first quarter with revenue closing in on $8 million but struggled in the second quarter due to a longer spring breakup and lower activity across all drilling, completions and production sectors.  As a result of our reduced revenue in the second quarter and an increase proportionally in direct costs associated with our fluid transportation division, our gross margin decreased considerably.”

Mr. Kerkhoff continued: “Importantly, looking forward we have increased our revenue generating units by around 45% by completing approximately $630,000 in major equipment repairs, near $400,000 of which occurred in the second quarter with the remaining amount occurring subsequent to the quarter end.  Management anticipates our gross margin to improve in the second half of 2018 and into 2019 as a higher proportion of our revenue is generated by higher margin owned equipment, reducing considerably our previous reliance on lower margin third-party contractors and owner operators, and service rates increase due to expected stronger demand.”

  • Revenue was $10,530,892 in the six months ended June 30, 2018 compared to $9,073,471 in the six months ended July 31, 2017, and $2,622,753 in the three months ended June 30, 2018 compared to $4,196,883 in the three months ended July 31, 2017.  This increase in the six-month period reflects much stronger revenue in the first quarter of 2018 compared to 2017, with the decrease in the three-month period being due primarily to a longer spring breakup and generally lower activity across all drilling, completions and production sectors.
  • Gross margin was 15% in the six months ended June 30, 2018 compared to 23% in the six months ended July 31, 2017, and 10% in the three months ended June 30, 2018 compared to 24% in the three months ended July 31, 2017.  This decrease in gross margin is due primarily to a significant reduction in revenue in the second quarter of 2018 with an increase proportionally in direct costs in the Vacuum Truck and Fluid Transportation Services division, including higher fuel and labour costs relative to NWE’s service rates and proportionally higher repair and maintenance costs for equipment.
  • General and administrative expenses were $1,876,126 in the six months ended June 30, 2018 compared to $1,599,206in the six months ended July 31, 2017, and $932,012 in the three months ended June 30, 2018 compared to $846,564in the three months ended July 31, 2017. This increase was mainly due to expenses associated with the hiring of personnel and the establishment of operations in Grande Prairie servicing the completions and production sectors.
  • Normalized EBITDAC was negative $204,780 in the six months ended June 30, 2018 compared to $536,192 in the six months ended July 31, 2017, and negative $642,590 in the three months ended June 30, 2018 compared to $174,861in the three months ended July 31, 2017.

                    For the six months ended June 30,   

                    For the six months ended July 31, 

2018

2017

Vacuum Truck &
Fluid
Transportation
Services

Environmental
Services

Corporate

Total

Vacuum Truck &
Fluid
Transportation
Services

Environmental
Services

Corporate

Total

$

$

$

$

$

$

$

$

Revenue

8,354,010

2,176,882

10,530,892

6,755,416

2,318,055

9,073,471

Direct costs

7,410,917

1,484,496

8,895,413

5,356,095

1,588,147

6,944,242

Gross margin

943,093

692,386

1,635,479

1,399,321

729,908

2,129,229

G & A expenses

995,958

717,777

162,391

1,876,126

728,704

685,983

184,519

1,599,206

Share base pmts

16,511

16,511

540,269

540,269

Finance charges

297,226

32,455

47,543

377,224

371,033

19,927

80,521

471,481

Depreciation

736,781

736,781

867,357

867,357

Disposal of assets

71,881

71,881

10,566

10,566

Net loss before tax

(1,158,753)

(57,846)

(226,445)

(1,443,044)

(578,339)

23,998

(805,309)

(1,359,650)

Total assets 

10,843,330

534,160

31,997

11,409,487

14,490,405

950,513

49,181

15,490,099

EBITDAC*

(16,998)

(25,391)

(162,391)

(204,780)

670,617

50,094

(184,519)

536,192

                  For the three months ended June 30,  

               For the three months ended July 31, 

2018

2017

Vacuum Truck &
Fluid
Transportation
Services

Environmental
Services

Corporate

Total

Vacuum Truck &
Fluid
Transportation
Services

Environmental
Services

Corporate

Total

$

$

$

$

$

$

$

$

Revenue

2,088,190

534,563

2,622,753

2,918,283

1,278,600

4,196,883

Direct costs

2,046,952

322,246

2,369,198

2,321,167

860,460

3,181,627

Gross margin

41,238

212,317

253,555

597,116

418,140

1,015,256

G & A expenses

497,206

346,388

88,418

932,012

444,908

324,707

76,949

846,564

Share base pmts

16,511

16,511

263,529

263,529

Finance charges

119,104

16,150

23,909

159,163

171,887

6,066

41,173

219,126

Depreciation

365,699

365,699

459,716

459,716

Disposal of assets

(6,733)

(6,733)

10,566

10,566

Net loss before tax

(934,038)

(150,221)

(128,838)

(1,213,097)

(489,961)

87,367

(381,651)

(784,245)

Total assets 

10,843,330

534,160

31,997

11,409,487

14,490,405

950,513

49,181

15,490,099

EBITDAC*

(420,101)

(134,071)

(88,418)

(642,590)

152,208

99,602

(76,949)

174,861

* 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.

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.

SOURCE New West Energy Services Inc.

For further information: Contact Information: New West Energy Services Inc., Attention: Gerry E. Kerkhoff, President and Chief Executive Officer, Phone: 403.984.9798 or 1.888.977.2327 (BEAR), Fax: 403.984.9799, Email: gkerkhoff@newwestenergyservices.com, Website: www.newwestenergyservices.com; or The Howard Group Inc. (Investor Relations), Attention: Dave Burwell, Vice President, Phone: 403.221.0915 or 1.888.221.0915, Email: dave@howardgroupinc.com, Website: www.howardgroupinc.com

Related Links

www.newwestenergyservices.com

New West Energy Services Inc. Announces Engagement of The Howard Group to Provide Investor and Financial Relations Services and Grant of Stock Options

By | 2018

Canada NewsWire

CALGARY, July 24, 2018

CALGARY, July 24, 2018 /CNW/ – New West Energy Services Inc. (TSXV: NWE), an oil and gas and environmental services company focused on Western Canada, today announced the engagement of The Howard Group to act as NWE’s capital markets communications advisor and grant of stock options.

 

Engagement of The Howard Group

NWE has engaged The Howard Group to act as NWE’s capital markets communications advisor to direct both traditional and online initiatives targeting the investment community and multiple investing communities.

The engagement is for one year and NWE will pay to The Howard Group a fee of $7,500 per month plus GST. In addition, NWE will grant to The Howard Group stock options to purchase 272,000 common shares of NWE at an exercise price of $0.10 per share. The stock options will have a term of three years from the date of grant; vest in four equal amounts every three months from the date of grant; be subject to a four month hold period; and be subject to acceptance for filing by the TSX Venture Exchange.

Since 1988, The Howard Group has provided comprehensive investor outreach and capital markets programs, financing assistance, business development solutions and strategic planning to public companies.

The Howard Group Inc. will be providing an ongoing commentary on NWE’s activities through its “InsightLIVE” blog. Interested parties are encouraged to subscribe to their commentary feed at https://howardgroupinc.com/howard-group-blog/.

Grant of Stock Options

NWE also announced that it granted to certain directors, officers and employees five-year incentive stock options to purchase an aggregate of 956,000 common shares at an exercise price of $0.10 per share.

About New West Energy Services

NWE is a recognized leader in Western Canada in comprehensive waste management and environmental services, including transportation and disposal, in the drilling, completions and production sectors of the oil and gas industry. NWE management and senior operations personnel have collectively over 100 years of experience in energy services and have worked together for over 20 years. The company operates through its main service centres in Grande Prairie and Medicine Hat, Alberta, and has its head office in Calgary, Alberta. For more information see www.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.

SOURCE New West Energy Services Inc.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/July2018/24/c2205.html

New West Energy Services Inc. Announces Loan Financing

By | 2018

Canada NewsWire

CALGARYJuly 11, 2018 /CNW/ – New West Energy Services Inc. (TSXV: NWE), an oil and gas and environmental services company focused on Western Canada, today announced that it has closed agreements with William A. Rand, the company’s Lead Director and largest shareholder, and Andrew Johns, an investor and shareholder of NWE, whereby Messrs. Rand and Johns provided loans to NWE in the amount of $200,000 and $150,000, respectively.  The loans have a term of 15 months and bear interest at a rate of 8% per annum calculated and compounded monthly.

As partial consideration for providing the loans, NWE issued to Messrs. Rand and Johns 571,429 and 428,571 common shares, respectively, pursuant to TSX Venture Exchange (“TSXV”) Policy 5.1 – Loans, Loan Bonuses, Finder’s Fees and Commissions.  All common shares issued to Messrs. Rand and Johns are subject to a hold period of four months and a day.

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.

SOURCE New West Energy Services Inc.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/July2018/11/c7451.html

New West Energy Services Inc. Announces Closing of Equity Position of Financing Partner

By | 2018

Canada NewsWire

CALGARYJune 27, 2018 /CNW/ – New West Energy Services Inc. (TSXV: NWE), an oil and gas and environmental services company focused on Western Canada, today announced the closing of a previously announced agreement between NWE and its primary capital and equipment financing partner, Nations Equipment Finance of Norwalk, Connecticut, whereby Nations has acquired an equity stake in NWE

Pursuant to the terms of the agreement, NWE issued to Nations 11,753,676 common shares in lieu of the repayment of $1,175,367.62 owing by NWE to Nations, and NWE replaced certain three-year warrants to purchase 1,200,000 common shares previously held by Nations with five-year warrants on the same terms.

As a result of the acquisition of the common shares, Nations holds approximately 27 percent of NWE’s common shares, and assuming the exercise of the warrants, Nations holds approximately 29 percent of NWE’s outstanding common shares. NWE’s largest shareholder and Lead Director, William A. Rand, holds beneficially approximately 31 percent of NWE’s outstanding common shares.

Under the agreement, Nations will have observer status on the NWE board of directors for so long as it beneficially owns more than 15% of the outstanding common shares of NWE.

All securities issued to Nations are subject to a hold period of four months and one day.

About Nations Equipment Finance

Nations was founded in September 2010 by former GE Capital equipment finance professionals. Their team has collectively over 200 years of experience and has worked together for nearly 20 years. During that time, they have originated and managed multi-billion dollar portfolios of equipment lease and term loan investments in various industries and collateral types. Nations’ head office is in Norwalk, Connecticut. For more information see www.nationsequipmentfinance.com.

About New West Energy Services

NWE is a recognized leader in Western Canada in comprehensive waste management and environmental services, including transportation and disposal, in the drilling, completions and production sectors of the oil and gas industry. NWE management and senior operations personnel have collectively over 100 years of experience in energy services and have worked together for over 20 years. The company operates through its main service centres in Grande Prairie and Medicine Hat, Alberta, and has its head office in Calgary, Alberta. For more information see www.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.

SOURCE New West Energy Services Inc.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/June2018/27/c1810.html

New West Energy Services Inc. Announces Financial Results for First Quarter 2018

By | 2018

Canada NewsWire

CALGARYMay 30, 2018 /CNW/ – 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 three months ended March 31, 2018.

CHANGE IN FINANCIAL YEAR-END

NWE has changed its financial year-end from April 30 to December 31 to better conform with other similar energy services companies in the industry and to line up the company’s quarterly filings with more traditional quarters. Consequently, in this new financial year commencing January 1, 2018, NWE is reporting unaudited first quarter interim financial results for the three months ended March 31, 2018 compared to the three months ended April 30, 2017.

Going forward, NWE will use a customary quarterly reporting calendar based on a December 31 financial year-end, with fiscal quarters ending on the last day in March, June, September and December each year.

FINANCIAL HIGHLIGHTS

Gerry E. Kerkhoff, President and Chief Executive Officer of NWE stated “New West had a very successful first quarter in terms of continued top line growth with revenue closing in on $8 million.  Our drilling services equipment was at near full utilization and we continued to land large projects in completions and production in the Duvernay and Montney plays which is expected to lead our company’s growth for the foreseeable future.”

Mr. Kerkhoff continued “As predicted, however, our gross margin was depressed due to higher than normal repair and maintenance expenses associated with the fluid hauling equipment acquired in March 2017 and a greater reliance on lower margin third party contractors and owner operators needed to complete larger projects.”

Mr. Kerkhoff concluded “Looking forward, we expect gross margin to increase considerably starting in the third quarter of 2018 as service rates increase due to stronger demand, equipment costs normalize and we complete major equipment repairs that will increase our higher margin revenue generating units by approximately 45% and reduce our reliance on lower margin third party contractors and owner operators.”

  • Revenue was $7,908,139 in the three months ended March 31, 2017 compared to $4,876,588 in the three months ended April 30, 2017. This significant increase reflects increased activity and equipment utilization in the Vacuum Truck and Fluid Transportation Services division across all drilling, completions and production sectors.
  • Gross margin was 17% in the three months ended March 31, 2017 compared to 23% in the three months ended April 30, 2017. This decrease in gross margin is due primarily to an increase in direct costs in the Vacuum Truck and Fluid Transportation Services division, including: higher fuel and labour costs relative to NWE’s service rates; higher repair and maintenance costs for equipment; and, a greater reliance on lower margin third-party contractors and owner operators needed to complete larger projects in the completions and production sector.
  • General and administrative expenses were $944,114 in the three months ended March 31, 2018 compared to $752,642 in the three months ended April 30, 2017. This increase was mainly due to expenses associated with the hiring of personnel and the establishment of operations in Grande Prairie servicing the completions and production sectors.
  • Normalized EBITDAC was $437,810 in the three months ended March 31, 2018 compared to $361,331 in the three months ended April 30, 2017.

For the three months ended March 31, 

For the three months ended April 30, 

2018

2017

Vacuum Truck & Fluid Transportation Services

Environmental Services

Corporate

Total

Vacuum Truck & Fluid Transportation Services

Environmental Services

Corporate

Total

$

$

$

$

$

$

$

$

Revenue

6,265,820

1,642,319

7,908,139

3,837,133

1,039,455

4,876,588

Direct costs

5,363,965

1,162,250

6,526,215

3,034,928

727,687

3,762,615

Gross margin

901,855

480,069

1,381,924

802,205

311,768

1,113,973

G & A expenses

498,752

371,389

73,973

944,114

283,796

361,276

107,570

752,642

Share base pmts

276,740

276,740

Finance charges

178,122

16,305

23,634

218,061

199,146

13,861

39,348

252,355

Depreciation

371,082

371,082

407,641

407,641

Disposal of assets

78,614

78,614

Net loss before tax

(224,715)

92,375

(97,607)

(229,947)

(88,378)

(63,369)

(423,658)

(575,405)

Total assets 

14,009,301

1,520,170

11,197

15,540,668

14,569,579

1,094,911

149,016

15,813,506

EBITDAC*

403,103

108,680

(73,973)

437,810

518,409

(49,508)

(107,570)

361,331

 

* 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.

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.

SOURCE New West Energy Services Inc.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/May2018/30/c5366.html

New West Energy Services Inc. Announces Annual and Special Meeting

By | 2018

Canada NewsWire

CALGARYMay 15, 2018 /CNW/ – New West Energy Services Inc. (TSX Venture: 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 Monday, June 25, 2018 at noon (Calgary 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.

SOURCE New West Energy Services Inc.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/May2018/15/c3077.html

New West Energy Services Inc. Announces Equity Position of Financing Partner

By | 2018

Canada NewsWire

CALGARYMay 10, 2018 /CNW/ – New West Energy Services Inc. (TSX Venture: NWE), an oil and gas and environmental services company focused on Western Canada, today announced that NWE and its primary capital and equipment financing partner, Nations Equipment Finance of Norwalk, Connecticut, have come to an agreement where Nations would acquire an equity stake in NWE

Under the terms of the agreement, NWE will issue to Nations 11,753,676 common shares in lieu of the repayment of $1,175,367.62 owing by NWE to Nations.  NWE will also replace certain three-year common share purchase warrants currently held by Nations with five-year warrants on the same terms.

Upon closing, Nations would hold approximately 27 percent of NWE’s outstanding common shares and, as such, would be a “Control Person” under the policies of the TSX Venture Exchange (“TSXV”).  In compliance with TSXV requirements, NWE has already obtained the written consent of its shareholders holding more than 50 percent of the company’s outstanding common shares to the creation of a new Control Person.  NWE’s largest shareholder and Lead Director, William A. Rand, would upon closing beneficially own 31 percent of NWE’s outstanding common shares.

Philip A. Carlson, President and Chief Executive Officer of Nations commented: “Since completing our initial $6 million financing of New West in March 2017, we’ve been increasingly impressed by the company’s growth, particularly in the completions and production sectors of the oil and gas industry.  Taking an equity position in the company speaks to our confidence in New West’s future prospects and we look forward to working with management and the board to create significant shareholder value.”

Under the agreement, Nations will have observer status on the NWE board of directors for so long as it beneficially owns more than 15% of the outstanding common shares of NWE.

The closing of the agreement is subject to the approval of the TSX Venture Exchange and all securities issued to Nations will be subject to a hold period of four months and one day.

About Nations Equipment Finance

Nations was founded in September 2010 by former GE Capital equipment finance professionals.  Their team has collectively over 200 years of experience and has worked together for nearly 20 years.  During that time, they have originated and managed multi-billion dollar portfolios of equipment lease and term loan investments in various industries and collateral types.  Nations’ head office is in Norwalk, Connecticut.  For more information see www.nationsequipmentfinance.com.

About New West Energy Services

NWE is a recognized leader in Western Canada in comprehensive waste management and environmental services, including transportation and disposal, in the drilling, completions and production sectors of the oil and gas industry.  NWE management and senior operations personnel have collectively over 100 years of experience in energy services and have worked together for over 20 years.  The company operates through its main service centres in Grande Prairie and Medicine Hat, Alberta, and has its head office in Calgary, Alberta.  For more information see www.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.  More particularly, this press release contains statements concerning the terms of the proposed equity issuance to Nations, obtaining TSXV and regulatory approvals and the closing of such transaction.  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 may cause the actual results, performance or achievements of NWE 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 assumptions used in the preparation of the forward-looking statements, although considered reasonable at the time of preparation may 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, NWE 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.  Additionally, NWE undertakes no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters disclosed in this press release.

SOURCE New West Energy Services Inc.

View original content with multimedia: http://www.newswire.ca/en/releases/archive/May2018/10/c4449.html

New West Energy Services Inc. Announces Financial Results for Eight Month Period Ending December 31, 2017

By | 2018
V.NWE 

CALGARY, Alberta, May 01, 2018 (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 eight months ended December 31, 2017.

CHANGE IN FINANCIAL YEAR-END

NWE has changed its financial year-end from April 30 to December 31 to better conform with other similar energy services companies in the industry and to line up the company’s quarterly filings with more traditional quarters.

Consequently, NWE is reporting audited financial results for an eight-month transition period from May 1, 2017 to December 31, 2017 with a twelve-month comparative period from May 1, 2016 to April 30, 2017, as well as quarterly results for a two-month transition period from November 1, 2017 to December 31, 2017 with a three-month comparative period from February 1, 2017 to April 30, 2017.  Readers should be cautioned that the transition and comparative periods not only relate to a difference in the number of months but, in the case of the eight-month transition period, does not include the winter months of January to March, which is typically is one of the company’s most active periods.

Going forward, NWE will use a customary quarterly reporting calendar based on a December 31 financial year-end, with fiscal quarters ending on the last day in March, June, September and December each year.

FINANCIAL HIGHLIGHTS

Gerry E. Kerkhoff, President and Chief Executive Officer of NWE stated, “New West is coming off a very active winter season with continued top line growth.  Our drilling services equipment was at near full utilization, we secured larger projects in completions and production with some of the most active producers in the Duvernay and Montney plays and are increasingly recognized as one of the most reliable fluid transportation companies in the region.”

Mr. Kerkhoff continued, “Our rapid revenue growth in 2017, however, came with some expected growing pains.  Particularly, our gross margin was depressed due to certain non-recurring expenses, higher than normal repair and maintenance expenses associated with the fluid hauling equipment acquired in March 2017 and a greater reliance on low margin third party contractors needed to complete larger projects.”

Mr. Kerkhoff concluded, “In 2018, we expect to complete major equipment repairs that will increase our revenue generating units by approximately 45% and anticipate continued revenue growth and improvements in gross margin as equipment costs normalize, service rates increase due to stronger demand and we bring more revenue generating units into service, reducing our reliance on third party contractors.”

Revenue was $13,383,615 in the eight months ended December 31, 2017 compared to $11,927,912 in the twelve months ended April 30, 2017, and $3,671,672 in the two months ended December 31, 2017 compared to $4,876,588 in the three months ended April 30, 2017.

This significant improvement reflects increased activity and equipment utilization across all drilling, completions and production sectors.

Gross margin was 17% in the eight months ended December 31, 2017 compared to 23% in the twelve months ended April 30, 2017, and NWE operated at a near break-even gross margin in the two months ended December 31, 2017 compared to a gross margin of 23% in the three months ended April 30, 2017.

This decrease in gross margin is due in part to roughly $490,000 of non-recurring expenses incurred by the vacuum truck and fluid transportation services division in November and December 2017, including approximately: $150,000 in major repair expenses associated with the fluid hauling equipment acquired in March 2017; $150,000 in auction related expenses incurred in respect of the sale of approximately $1.1 million of equipment; and, $190,000 in respect of provincial sales taxes levied by the Province of British Columbia resulting from an audit.  Gross margin was also negatively impacted by higher fuel and labour costs and a greater reliance on low margin third party contractors.

General and administrative expenses were $2,478,715 in the eight months ended December 31, 2017 compared to $2,949,944 in the twelve months ended April 30, 2017, and $721,841 in the two months ended December 31, 2017 compared to $752,642 in the three months ended April 30, 2017.

This increase was mainly due to expenses associated with the hiring of personnel to meet increased demand, and the establishment of operations in Grande Prairie, servicing the completions and production sectors.

  For the two months ended December 31,  For the three months ended April 30,
2017 2017
Vacuum Truck
& Fluid
Transportation
Services
Environmental
Services
Corporate Total Vacuum Truck
& Fluid
Transportation
Services
Environmental
Services
Corporate Total
$ $ $ $ $ $ $ $
Revenue 2,841,146 830,526 3,671,672 3,837,133 1,039,455 4,876,588
Direct costs 2,993,173 626,358 3,619,531 3,034,928 727,687 3,762,615
Gross margin (152,027 ) 204,168 52,141 802,205 311,768 1,113,973
G & A expenses 417,734 251,317 52,790 721,841 283,796 361,276 107,570 752,642
Share base pmts 92,538 92,538 276,740 276,740
Finance charges 112,897 9,256 20,271 142,424 199,146 13,861 39,348 252,355
Depreciation 266,362 266,362 407,641 407,641
Disposal of assets 1,167,918 1,167,918
Net loss before tax (2,116,938 ) (56,405 ) (165,599 ) (2,338,942 ) (88,378 ) (63,369 ) (423,658 ) (575,405 )
Total assets 12,713,646 1,164,457 42,179 13,920,282 14,569,579 1,094,911 149,016 15,813,506
EBITDAC* (229,761 ) (47,149 ) (52,790 ) (329,700 ) 518,409 (49,508 ) (107,570 ) 361,331
  For the eight months ended December 31,   For the twelve months ended April 30,
2017 2017
Vacuum Truck
& Fluid
Transportation
Services
Environmental
Services
Corporate Total Vacuum Truck
& Fluid
Transportation
Services
Environmental
Services
Corporate Total
$ $ $ $ $ $ $ $
Revenue 10,025,549 3,358,066 13,383,615 8,328,756 3,599,156 11,927,912
Direct costs 8,876,817 2,285,518 11,162,335 6,784,347 2,451,885 9,236,232
Gross margin 1,148,732 1,072,548 2,221,280 1,544,409 1,147,271 2,691,680
G & A expenses 1,344,646 917,926 216,143 2,478,715 1,139,606 1,378,828 431,510 2,949,944
Share base pmts 356,067 356,067 276,740 276,740
Finance charges 443,991 34,354 102,618 580,963 342,809 17,091 76,173 436,073
Deprecation 1,170,421 1,170,421 1,364,747 1,364,747
Disposal of assets 1,247,131 1,247,131
Net loss before tax (3,057,457 ) 120,268 (674,828 ) (3,612,017 ) (1,302,753 ) (248,648 ) (784,423 ) (2,335,824 )
Total assets 12,713,646 1,164,457 42,179 13,920,282 14,569,579 1,094,911 149,016 15,813,506
EBITDAC 144,086 154,622 (216,143 ) 82,565 404,803 (231,557 ) (431,510 ) (258,264 )

* 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”, 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.

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