Business
Western Energy Services Corp. releases first quarter 2010 financial and operating results
Western Energy Services Corp. releases first quarter 2010 financial and operating results
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\n May 27, 2010 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n Western Energy Services Corp. ("Western" or the "Company") (TSX Venture: WRG) is pleased to release its first quarter 2010 financial and operating results. Additional information relating to the Company, including the Company's financial statements and management's discussion and analysis for the three months ended March 31, 2010 will be available on SEDAR at www.sedar.com.\n\n\n >\n\n\nOverall Performance and Results of Operations\n\nThe Company operates in the oil and gas services sector in two specific segments, contract drilling in Canada and production services in Canada and, until recently, the United States and Internationally in Mexico and Central America. The contract drilling segment includes 11 technically advanced drilling rigs with depth capacities ranging from 1200 meters to 4500 meters including 6 telescopic singles, 3 modern design mechanical telescopic doubles and 2 Cantilever triples. The production services segment specializes in the delivery of acidizing and solvent well remediation services as well as nitrogen and fluid pumping services. The operating environment for the oil and gas services sector is highly dependent on the oil and gas exploration and production industry and commodity prices of both oil and natural gas. Overall, results from the first quarter of 2010 are improved from the same period in the prior year, as activity levels have increased and oil prices have improved.\nThe key operational results for the three months ended March 31, 2010 are:\n\n\n >\n\n\nOutlook\n\nWestern believes that current market conditions in the Canadian energy sector provide an opportunity to build a new Canadian focused oilfield service provider through consolidation and that conditions are also favourable to attract qualified staff to grow the organization. It is anticipated that these factors combined with access to capital will provide Western with consolidation opportunities.\nWestern will be focused from both a business line and geographic perspective. Due to the experience of the management team, it is their intention to initially focus their efforts in three core business lines in Canada encompassing contract drilling, service rigs and rent...