Business
WESTERN ENERGY SERVICES CORP. RELEASES FIRST QUARTER 2011 FINANCIAL AND OPERATING RESULTS
Jun. 16, 2011 (Canada NewsWire Group) -- /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SER...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n Jun. 16, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, June 16, 2011 /CNW/ - Western Energy Services Corp. ("Western"\n or the "Company") (TSXV: WRG) is pleased to release its first quarter\n 2011 financial and operating results prepared under International\n Financial Reporting Standards ("IFRS").  Effective January 1, 2011,\n Western began reporting its financial results under IFRS.  Prior year\n comparative amounts have been changed to reflect results as if Western\n had always prepared its financial results using IFRS.  Additional\n information relating to the Company, including the Company's financial\n statements and management's discussion and analysis as at and for the\n three months ended March 31, 2011 will be available on SEDAR at www.sedar.com.\n\n\nHighlights:\n\n\n\nRevenue in the first quarter of 2011 totalled $55.4 million, a $51.1\n million increase (1,183%) over the prior year and a $24.9 million\n increase (82%) over fourth quarter of 2010;\n\n\nEBITDA totalled $20.7 million (37% of revenue) in the first quarter of\n 2011 as a result of our focused business strategy concentrating on\n customers operating in the resource plays in Canada;\n\n\nUtilization in the contract drilling subsidiary, Horizon Drilling Inc.\n ("Horizon"), averaged 85% in the first quarter of 2011 as compared to\...