Business
Western Energy Services Corp. Agrees to Sell Well Testing Assets
Western Energy Services Corp. Agrees to Sell Well Testing Assets.
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/\n\n\nCALGARY, April 18 /CNW/ - Western Energy Services Corp. ("Western" or the\n"Company") is pleased to announce that it has entered into an agreement to\nsell all of its well testing assets to TestAlta Services Ltd. for the cash\npurchase price of $1,575,000. The sale is subject to the preparation of formal\ndocumentation and is expected to close within the next 30 days.\n\n\nJim McQuarrie, President and CEO of Western, states, "Our well testing\nbusiness was a legacy business in a highly competitive sector of the service\nindustry. We are pleased to be able to redirect the capital, personnel and\nmanagement focus previously consumed by this business into our core business\nof production optimization through stimulation services. We will use the\nproceeds of the sale to add nitrogen pumping equipment and additional fluid\npumping equipment to our Canadian fleet. We are committed to enhancing our\ncore business in both Canada and the United States and think that this will\ndrive greater operational stability and stronger financial results."\n\n\nWestern is an oil field services company trading on the TSX Venture\nExchange in Canada under the symbol "WSV". Western is active in Canada, Texas,\nand Latin America.\n\n\nThis release contains certain forward-looking statements related but not\nlimited to the Company's expectations, intentions, plans and beliefs.\nInvestment advisors, shareholders and potential investors are cautioned not to\nplace undue reliance on forward-looking information which by its nature\ninvolves assumptions, risks and uncertainties, both general and specific, that\ncontribute to the possibilities that predictions, projections, forecasts and\nfuture events will not occur. Consequently, actual results could differ\nmaterially from the expectations expressed in these forward-looking\nstatements. The Company does not assume any responsibility to update this\ninformation for events subsequent to its preparation.\n\n\nThe TSX Venture Exchange does not accept responsibility for the adequacy\n\n\nor accuracy of this release.\n\n\n","length":2221,"tagName":"div"}]