07:07:09 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Essential Energy Services Ltd
Symbol ESN
Shares Issued 141,951,474
Close 2017-10-25 C$ 0.59
Market Cap C$ 83,751,370
Recent Sedar Documents

Essential expects decision re Packers Plus next week

2017-10-26 12:36 ET - News Release

Mr. Garnet Amundson reports

ESSENTIAL ENERGY SERVICES PROVIDES A TIMING UPDATE REGARDING THE PATENT LITIGATION PROCESS AND DECISION

Essential Energy Services Ltd. has provided a timing update with regard to the litigation process between Essential and Packers Plus Energy Services Inc., previously disclosed in its management discussion and analysis for the three and six months ended June 30, 2017. Packers Plus alleges that certain methods associated with the Tryton multistage fracturing system (MSFS) infringe on a patent issued to Packers Plus. A trial was held in February and March, 2017, to determine if the patent is valid and whether Essential infringed on the patent.

The MD&A disclosed the company's expectation that the Federal Court of Canada would render a decision on validity and infringement prior to October, 2017. The court has not yet rendered its decision and, on Oct. 26, 2017, indicated that the decision will be released the week of Oct. 30, 2017. In addition, the previously scheduled trial to quantify damages that was expected to commence in January, 2018, has been rescheduled to April 30, 2018. The quantification of damages trial will only be required if the court finds that the Packers Plus patent is valid and Essential infringed on it.

Essential continues to believe that the case is without merit. If Essential were to receive an unfavourable decision in respect of both validity and infringement, it will appeal such a decision.

The Packers Plus claim targets only the Tryton MSFS ball and seat system, which Essential commenced using in 2009. It does not target past or future operations of Essential's conventional tools, other Tryton MSFS tools or the rentals service line.

For more information on the Packers Plus claim, readers are referred to the company's MD&A, which can be found under the company's SEDAR profile.

About Essential Energy Services Ltd

Essential provides oil field services to oil and natural gas producers, primarily in Western Canada. Essential offers completion, production and abandonment services to a diverse customer base. Services are offered with coil tubing, fluid and nitrogen pumping, and the sale and rental of downhole tools and equipment.

We seek Safe Harbor.

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