IROC Energy Services Corp. provides a first quarter operational and transaction update

About this update from Information Services Corp. Class A

[{"type":"text","content":"\n\n\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY\n UNITED STATES NEWS SERVICES./\n\n\nCALGARY, April 18, 2013 /CNW/ - IROC Energy Services Corp. (\"IROC\" or\n the \"Corporation\") (TSXV: ISC). In anticipation of the closing of the\n previously announced transaction between IROC and Western Energy\n Services Corp. (the \"Western Transaction\"), the Corporation is pleased\n to provide an update on IROC's first quarter activity as well as an\n update on the status of the Western Transaction.\n\n\nOperational Update\n\n\nDuring the first quarter of 2013, IROC completed the construction of 3\n service rigs allowing IROC to exit the quarter with a service rig fleet\n to 53 rigs, with a further 2 rigs expected to be completed during the\n second quarter of 2013.  On average, IROC operated 50.2 rigs during the\n quarter versus 42.5 rigs during the first quarter of 2012.  As a result\n of IROC's increased rig fleet, combined with continued strong customer\n demand, IROC achieved 33,280 service rig operating hours (74% fleet\n utilization) during the quarter, an increase of 16% over the 28,601\n service rig hours (74% fleet utilization) generated in the first\n quarter of 2012.\n\n\nThe increase in rig activity during the quarter allowed IROC to generate\n record quarterly revenue of $34.7 million in the quarter surpassing the\n $32.5 million generated in the first quarter of 2012.\n\n\nManagement is pleased with the strong operational results generated in\n the quarter in an otherwise subdued industry environment. Cold weather\n into the end of March delayed the onset of the seasonal spring breakup,\n which benefited IROC's service rig activity levels during the first\n quarter.\n\n\nWestern Transaction Update\n\n\nThe Special Meeting of Shareholders relating to the Western transaction\n will be held at 10:00 AM on April 19, 2013 in the Viking Room of the\n Calgary Petroleum Club, 319 - 5th Avenue S.W, Calgary, AB.  Management anticipates that the Western\n Transaction will close effective April 22, 2013 following the receipt\n of shareholder approval and the receipt of the final court order.\n\n\nCautionary Statement Regarding Forward Looking Information and\n Statements\nCertain information contained in this news release, including\n information related to the Corporation's level of se...

More updates from Information Services Corp. Class A