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CALGARY, April 18 /CNW/ - Western Energy Services Corp. ("Western" or the "Company") is pleased to announce that it has entered into an agreement to sell all of its well testing assets to TestAlta Services Ltd. for the cash purchase price of $1,575,000. The sale is subject to the preparation of formal documentation and is expected to close within the next 30 days.
Jim McQuarrie, President and CEO of Western, states, "Our well testing business was a legacy business in a highly competitive sector of the service industry. We are pleased to be able to redirect the capital, personnel and management focus previously consumed by this business into our core business of production optimization through stimulation services. We will use the proceeds of the sale to add nitrogen pumping equipment and additional fluid pumping equipment to our Canadian fleet. We are committed to enhancing our core business in both Canada and the United States and think that this will drive greater operational stability and stronger financial results."
Western is an oil field services company trading on the TSX Venture Exchange in Canada under the symbol "WSV". Western is active in Canada, Texas, and Latin America.
This release contains certain forward-looking statements related but not limited to the Company's expectations, intentions, plans and beliefs. Investment advisors, shareholders and potential investors are cautioned not to place undue reliance on forward-looking information which by its nature involves assumptions, risks and uncertainties, both general and specific, that contribute to the possibilities that predictions, projections, forecasts and future events will not occur. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements. The Company does not assume any responsibility to update this information for events subsequent to its preparation.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.