CALGARY, July 30, 2014 /CNW/ - Western Energy Services Corp. ("Western"
or the "Company") (TSX: WRG) is pleased to release its second quarter
2014 financial and operating results. Additional information relating
to the Company, including the Company's financial statements and
management's discussion and analysis as at and for the three and six
months ended June 30, 2014 and 2013 will be available on SEDAR at www.sedar.com. All amounts are denominated in Canadian dollars (CDN$) unless
otherwise identified.
Second Quarter 2014 Highlights:
-
Operating Revenue totalled $77.4 million, a $29.8 million increase (or
62%) over the same period in the prior year due to higher utilization
and improved pricing in the contract drilling and production services
segments, coupled with a larger average drilling rig fleet in Canada;
-
Utilization per operating day in the Canadian contract drilling segment
improved to 34% as compared to 28% in the second quarter of 2013 and
the CAODC industry average of 25%. In the United States, contract
drilling utilization per operating day improved to 80% as compared to
45% in the same period of the prior year mainly due to fleet upgrades
and strong operational performance. With the exception of downtime for
the completion of two 1,500 hp AC pad conversions, the United States
fleet was fully utilized in the quarter;
-
Total well servicing hours in Western's production services segment
increased significantly in the second quarter of 2014 to 23,433 hours
as compared to 13,718 hours in the second quarter of 2013, a 71%
increase, due to increased activity. As a result, well servicing
utilization improved to 40% as compared to 30% in the second quarter of
2013;
-
EBITDA totalled $24.0 million (31% of Operating Revenue) in the second
quarter of 2014 as compared to $9.2 million (19% of Operating Revenue)
in the same period of the prior year. The increase in EBITDA is mainly
due to the increased activity and improved pricing in both the contract
drilling and production services segments coupled with effective cost
control;
-
During the second quarter of 2014, capital expenditures totalled $27.0
million and include $21.0 million of expansion capital, $3.9 million of
maintenance capital and $2.1 million for critical spares. Capital
spending mainly relates to Western's drilling rig build program, which
totalled $15.8 million in the period incurred on the construction of
two drilling rigs, as well as the completion of two 1,500 hp AC pad
conversions in the United States, which were both commissioned during
the second quarter of 2014;
-
Additionally, Western is pleased to announce a $66 million increase to
its 2014 capital budget, which includes the construction of two 5,000m
telescopic ELR double drilling rigs, a 6,000m ELR AC triple pad
drilling rig, a slant service rig, and additional ancillary drilling
equipment. With this announcement, Western's 2014 capital budget is
expected to total $170 million. Including these newly announced rig
builds, Western now has three telescopic ELR double drilling rigs, two
ELR AC triple pad drilling rigs, and one slant service rig under
construction.
Year to Date Highlights:
-
Operating Revenue totalled $227.0 million, an $89.3 million increase (or
65%) over the same period in the prior year due to the increased
contribution from the production services segment following the
acquisition of IROC Energy Services Corp. ("IROC") in April 2013, as
well as increased utilization and improved pricing in both the contract
drilling and production services segments, coupled with a larger
average drilling rig fleet in Canada;
-
On a year to date basis, contract drilling utilization per operating day
in Canada averaged 57%, as compared to the CAODC industry average of
42% and 49% in the same period in the prior year. In the United
States, contract drilling utilization per operating day increased
significantly by 66% to 78% as compared to 47% in the first half of
2013. With the exception of downtime related to the completion of two
1,500 hp AC pad conversions, the United States fleet was fully utilized
in the first half of 2014;
-
For the six month period ended June 30, 2014, total well servicing hours
in Western's production services segment increased significantly to
60,242 from 16,148 in the same period in the prior year. The increase
can be attributed to improved utilization, which on a year to date
basis increased to 51% in 2014 as compared to 29% in the same period of
the prior year, coupled with the increased size and scale of Western's
well servicing operations subsequent to the IROC acquisition in April
2013;
-
EBITDA totalled $83.6 million (37% of Operating Revenue) in the first
half of 2014 as compared to $43.6 million (32% of Operating Revenue) in
the first half of 2013. The increase in EBITDA reflects the increased
activity, improved day rates and the larger drilling rig fleet, coupled
with effective cost control in the contract drilling segment, as well
as improved utilization and pricing, in addition to the increased size
and scale of Western's production services segment;
-
During the first six months of 2014, capital expenditures totalled $46.4
million and include $36.9 million of expansion capital, $5.8 million of
maintenance capital and $3.7 million for critical spares. Capital
spending mainly relates to the drilling rig build program in the
contract drilling segment for the construction of two drilling rigs
which were commissioned in the first quarter of 2014 and an additional
two drilling rigs currently under construction. Additionally, two
1,500 hp AC pad conversions were completed in the United States in the
second quarter of 2014.
Selected Financial Information
|
|
|
|
|
|
(stated in thousands, except share and per share amounts) |
|
|
|
| Three months ended June 30 |
| Six months ended June 30 |
Financial Highlights | 2014 | 2013 | Change |
| 2014 | 2013 | Change |
Revenue
|
81,981
|
50,835
|
61%
|
|
243,397
|
148,841
|
64%
|
Operating Revenue(1) |
77,352
|
47,616
|
62%
|
|
226,979
|
137,696
|
65%
|
Gross Margin(1) |
31,206
|
16,087
|
94%
|
|
98,835
|
57,032
|
73%
|
Gross Margin as a percentage of Operating Revenue
|
40%
|
34%
|
18%
|
|
44%
|
41%
|
7%
|
EBITDA(1) |
24,028
|
9,199
|
161%
|
|
83,576
|
43,583
|
92%
|
EBITDA as a percentage of Operating Revenue
|
31%
|
19%
|
63%
|
|
37%
|
32%
|
16%
|
Cash flow from operating activities
|
71,912
|
48,381
|
49%
|
|
110,546
|
70,825
|
56%
|
Capital expenditures
|
27,026
|
18,547
|
46%
|
|
46,389
|
36,703
|
26%
|
Net income (loss)
|
4,396
|
(3,381)
|
230%
|
|
29,896
|
11,522
|
159%
|
-basic net income (loss) per share
|
0.06
|
(0.05)
|
220%
|
|
0.40
|
0.18
|
122%
|
-diluted net income (loss) per share
|
0.06
|
(0.05)
|
220%
|
|
0.40
|
0.17
|
135%
|
Weighted average number of shares
|
|
|
|
|
|
|
|
-basic
|
74,328,446
|
69,594,802
|
7%
|
|
73,919,531
|
64,630,363
|
14%
|
-diluted
|
75,733,872
|
69,594,802
|
9%
|
|
75,440,466
|
65,957,534
|
14%
|
Outstanding common shares as at period end
|
74,780,175
|
73,343,763
|
2%
|
|
74,780,175
|
73,343,763
|
2%
|
Dividends declared
|
5,609
|
5,501
|
2%
|
|
11,147
|
9,975
|
12%
|
(1) See "Financial Measures Reconciliations" included in this press
release.
|
|
|
|
|
|
|
|
|
| Three months ended June 30 |
| Six months ended June 30 |
Operating Highlights | 2014 |
| 2013 | Change | 2014 |
| 2013 | Change |
Contract Drilling |
|
|
|
|
|
|
|
|
|
|
|
Canadian Operations: |
|
|
|
|
|
|
|
|
|
|
|
Contract drilling rig fleet:
|
|
|
|
|
|
|
|
|
|
|
|
-Average
|
49
|
|
45
|
|
9%
|
|
49
|
|
45
|
|
9%
|
-End of period
|
49
|
|
45
|
|
9%
|
|
49
|
|
45
|
|
9%
|
Operating Revenue per revenue day (CDN$)(1) |
26,285
|
|
24,008
|
|
9%
|
|
26,368
|
|
25,009
|
|
5%
|
Operating Revenue per operating day (CDN$)(2) |
28,632
|
|
26,082
|
|
10%
|
|
28,872
|
|
27,810
|
|
4%
|
Drilling rig operating days(3) |
1,529
|
|
1,134
|
|
35%
|
|
5,061
|
|
4,010
|
|
26%
|
Drilling rig utilization per revenue day(4) |
37%
|
|
30%
|
|
23%
|
|
63%
|
|
55%
|
|
15%
|
Drilling rig utilization rate per operating day(3) |
34%
|
|
28%
|
|
21%
|
|
57%
|
|
49%
|
|
16%
|
CAODC industry average utilization rate(3) |
25%
|
|
18%
|
|
39%
|
|
42%
|
|
38%
|
|
11%
|
|
|
|
|
|
|
|
|
|
|
|
|
United States Operations: |
|
|
|
|
|
|
|
|
|
|
|
Contract drilling rig fleet:
|
|
|
|
|
|
|
|
|
|
|
|
-Average
|
5
|
|
5
|
|
-%
|
|
5
|
|
5
|
|
-%
|
-End of period
|
5
|
|
5
|
|
-%
|
|
5
|
|
5
|
|
-%
|
Operating Revenue per revenue day (US$)(1) |
25,900
|
|
21,700
|
|
19%
|
|
24,905
|
|
22,324
|
|
12%
|
Operating Revenue per operating day (US$)(2) |
28,568
|
|
29,046
|
|
(2%)
|
|
28,684
|
|
29,729
|
|
(4%)
|
Drilling rig operating days(3) |
365
|
|
205
|
|
78%
|
|
711
|
|
422
|
|
68%
|
Drilling rig utilization per revenue day(4) |
89%
|
|
60%
|
|
48%
|
|
90%
|
|
62%
|
|
45%
|
Drilling rig utilization per operating day(3) |
80%
|
|
45%
|
|
78%
|
|
78%
|
|
47%
|
|
66%
|
|
|
|
|
|
|
|
|
|
|
|
|
Production Services |
|
|
|
|
|
|
|
|
|
|
|
Well servicing rig fleet:
|
|
|
|
|
|
|
|
|
|
|
|
-Average
|
65
|
|
63
|
|
3%
|
|
65
|
|
36
|
|
81%
|
-End of period
|
65
|
|
64
|
|
2%
|
|
65
|
|
64
|
|
2%
|
Operating Revenue per service hour (CDN$)(2) |
800
|
|
753
|
|
6%
|
|
814
|
|
735
|
|
11%
|
Total service hours
|
23,433
|
|
13,718
|
|
71%
|
|
60,242
|
|
16,148
|
|
273%
|
Service rig utilization rate(5) |
40%
|
|
30%
|
|
33%
|
|
51%
|
|
29%
|
|
76%
|
(1) Operating Revenue per revenue day is calculated using Operating
Revenue divided by operating and mobilization days.
(2) Operating Revenue per operating day and per service hour are
calculated using Operating Revenue divided by operating days and
service hours, respectively.
(3) Drilling rig utilization rate per operating day and drilling rig
operating days are calculated on operating days only (i.e. spud to rig
release basis).
(4) Drilling rig utilization rate per revenue day is calculated based
on operating and move days.
(5) Service rig utilization rate calculated based on full utilization
of 10 hours per day, 365 days per year.
|
|
|
|
Financial Position at (stated in thousands) | June 30, 2014 | June 30, 2013 | Change | Dec 31, 2013 | Change |
Working capital
|
71,704
|
22,799
|
215%
|
50,616
|
42%
|
Property and equipment
|
796,997
|
758,557
|
5%
|
783,225
|
2%
|
Total assets
|
1,016,112
|
903,882
|
12%
|
986,792
|
3%
|
Long term debt
|
263,293
|
232,529
|
13%
|
262,877
|
-
|
Western is an oilfield service company focused on three core business
lines: contract drilling, well servicing and oilfield rental equipment
services. Western provides contract drilling services through its
division, Horizon Drilling ("Horizon") in Canada, and its wholly owned
subsidiary Stoneham Drilling Corporation ("Stoneham") in the United
States. Subsequent to the acquisition of IROC on April 22, 2013,
Western provides well servicing operations in Canada through Western
Energy Services Partnership's (the "Partnership") division Eagle Well
Servicing ("Eagle"). Previously, well servicing operations were
conducted through Western's division Matrix Well Servicing ("Matrix").
Western also provides oilfield rental services in Canada through the
Partnership's division Aero Rental Services ("Aero"). Financial and
operating results for Eagle and Aero from the date of the acquisition,
as well as Matrix, are included in Western's production services
segment.
Western currently has a drilling rig fleet of 54 rigs, with an average
age of approximately six years. Western is the sixth largest drilling
contractor in Canada with a fleet of 49 rigs operating through
Horizon. Additionally, Western has five Efficient Long Reach ("ELR")
triple drilling rigs deployed in the United States operating through
Stoneham. Western is also the seventh largest well servicing company
in Canada with a fleet of 65 rigs operating through Eagle. Western's
well servicing fleet is one of the newest in the Western Canadian
Sedimentary Basin ("WCSB"), with an average age of approximately four
years. Western's oilfield equipment rental division, which operates
through Aero, provides oilfield rental equipment for frac services,
well completions and production work, coil tubing services and
drilling.
During the first six months of 2014 commodity prices have improved as
compared to the same period in the prior year. The price for light
crude oil, such as Edmonton Par, increased on average by 15% and 14%
for the three and six month periods ended June 30, 2014 respectively,
compared to the same three and six month periods in 2013, while the
price for heavy crude oil, such as the Western Canadian Select price,
increased by 19% and 27% respectively. Natural gas prices have also
improved significantly in the three and six months ended June 30, 2014,
with the AECO 30-day spot rate increasing on average by 35% and 57%
respectively, compared to the three and six months ended June 30, 2013
as heating demand increased in the first quarter due to a cold winter,
resulting in decreased storage levels across North America. The demand
for oil, along with an emphasis on liquids rich natural gas, has
resulted in increased drilling of horizontal wells in both conventional
and unconventional resource plays. Horizontal wells in the WCSB, as a
percentage of all wells drilled, increased in the first six months of
2014 to 76% compared to 69% in the first six months of 2013. This has
resulted in continued demand in the WCSB for Western's ELR drilling
rigs, as industry utilization rates for the second quarter of 2014
averaged 25%, which is an increase over the five year average of 22%
and an improvement over the prior year when industry utilization
averaged 18%. Similarly, industry utilization rates for the first six
months of 2014 averaged 42%, which is consistent with the five year
average of 42% and an improvement over the prior year when industry
utilization averaged 38%.
Outlook
Western's drilling rig fleet is specifically suited for drilling
horizontal wells of increased complexity. In total, 94% of Western's
fleet are ELR drilling rigs with depth ratings greater than 3,000
meters and all of Western's rigs are capable of drilling resource based
horizontal wells. Currently, 21 of Western's 54 drilling rigs (or 39%)
are operating under long term take-or-pay contracts, with 15 of these
contracts expiring between 2015 and 2017, providing a base level of
future revenue. These contracts typically generate 250 operating days
per year in Canada, as spring breakup restricts activity during the
second quarter, while in the United States these contracts typically
range from 330 to 365 revenue generating days per year.
Western's approved capital spending for 2014 totals approximately $170
million comprised of $130 million in expansion capital and $40 million
in maintenance capital, which includes $12 million for critical spare
equipment. In total, budgeted capital spending has increased by $66
million from the previously disclosed $104 million. The increase
relates to additional expansion capital related to the construction of
two 5,000m telescopic ELR double drilling rigs, one 6,000m ELR AC
triple pad drilling rig, a slant service rig for the production
services segment, and additional ancillary drilling equipment. The
majority of Western's expansion capital budget relates to the drilling
rig build program, which in addition to the three newly announced
drilling rig builds, also includes the construction of one 6,000m ELR
AC triple pad drilling rig and one 5,000m telescopic ELR double
drilling rig in Canada. Expansion capital also includes two additional
1,500 hp AC pad conversions in the United States, which were both
completed in the second quarter of 2014. Western believes the 2014
capital budget provides a prudent use of cash resources and ensures
that it has the flexibility to execute on strategic opportunities as
they arise. This budget demonstrates the Company's commitment to
maintaining and increasing Western's premier drilling and well
servicing rig fleet and expanding Western's strategic presence in the
oilfield rental equipment market. Western will continue to evaluate
and expand its operations in a prudent manner and make any required
adjustments to its capital program as these opportunities unfold during
the remainder of 2014. Currently, Western expects approximately $30
million of its capital spending to carry over into 2015.
The increased commodity price environment and improving economic
conditions in North America led to increased oilfield service activity
in the first half of 2014. Western believes oilfield service activity
in the second half of 2014 and beyond will remain strong, providing
additional drilling rig build opportunities at attractive rates that
meet our return on investment criteria. Activity is expected to remain
strong as liquefied natural gas projects gain approval, crude oil
transportation capacity increases through rail and pipeline
development, drilling activity increases in various resource plays in
Alberta and northeast British Columbia, and as foreign investment
continues to flow into Canada. Currently, the largest challenges
facing the oilfield service industry are producer spending constraints,
pricing differentials on Canadian crude oil, the challenge to attract
and retain skilled labour and increased gas production from shale plays
across North America. The Company believes Western's modern drilling
and well servicing rig fleet, strong utilization, and corporate culture
will provide a distinct advantage in retaining and attracting qualified
individuals. Western's view is that its modern fleet, strong customer
base and solid reputation provide a competitive advantage which will
enable the Company to continue its growth strategy and higher than
industry average utilization.
Quarterly Dividend
On July 30, 2014, Western's Board of Directors declared a quarterly
dividend of $0.075 per share, which will be paid on October 14, 2014,
to shareholders of record at the close of business on September 30,
2014. The dividends are eligible dividends for Canadian income tax
purposes. On a prospective basis, the declaration of dividends will be
determined on a quarter-by-quarter basis by the Board of Directors.
Financial Measures Reconciliations
Western uses certain measures in this press release which do not have
any standardized meaning as prescribed by International Financial
Reporting Standards ("IFRS"). These measures which are derived from
information reported in the condensed consolidated statements of
operations and comprehensive income may not be comparable to similar
measures presented by other reporting issuers. These measures have
been described and presented in this press release in order to provide
shareholders and potential investors with additional information
regarding the Company.
Operating Revenue
Management believes that in addition to revenue, Operating Revenue is a
useful supplemental measure as it provides an indication of the revenue
generated by Western's principal operating activities, excluding flow
through third party charges.
The following table provides a reconciliation of revenue under IFRS as
disclosed in the condensed consolidated statements of operations and
comprehensive income to Operating Revenue:
|
|
|
|
|
|
|
|
Three months ended June 30 | Six months ended June 30 |
(stated in thousands) | 2014 | 2013 | 2014 | 2013 |
|
|
|
Operating Revenue |
|
|
|
|
|
Drilling
|
55,148
|
35,675
|
168,493
|
124,216
|
|
Production Services
|
22,946
|
11,941
|
59,494
|
13,480
|
|
Less: inter-company eliminations
|
(742)
|
-
|
(1,008)
|
-
|
| 77,352 | 47,616 | 226,979 | 137,696 |
Third party charges
|
4,629
|
3,219
|
16,418
|
11,145
|
Revenue | 81,981 | 50,835 | 243,397 | 148,841 |
Gross Margin
Management believes that in addition to net income, Gross Margin is a
useful supplemental measure as it provides an indication of the results
generated by Western's principal operating activities prior to
considering administrative expenses, depreciation and amortization, how
those activities are financed, the impact of foreign exchange, how the
results are taxed, how funds are invested, and how non-cash items and
one-time gains and losses affect results.
EBITDA
Management believes that in addition to net income, earnings before
interest and finance costs, taxes, depreciation and amortization, other
non-cash items and one-time gains and losses ("EBITDA") is a useful
supplemental measure as it provides an indication of the results
generated by the Company's principal operating segments similar to
Gross Margin but also factors in the cash administrative expenses
incurred in the period.
Operating Earnings
Management believes that in addition to net income, Operating Earnings
is a useful supplemental measure as it provides an indication of the
results generated by the Company's principal operating segments similar
to EBITDA but also factors in the depreciation expense charged in the
period.
The following table provides a reconciliation of net income under IFRS
as disclosed in the condensed consolidated statements of operations and
comprehensive income to Gross Margin, EBITDA and Operating Earnings:
|
|
|
|
| Three months ended June 30 | Six months ended June 30 |
(stated in thousands) | 2014 | 2013 | 2014 | 2013 |
|
|
|
|
Gross Margin | 31,206 | 16,087 | 98,835 | 57,032 |
Add (subtract):
|
|
|
|
|
|
Administrative expenses
|
(7,906)
|
(7,578)
|
(16,979)
|
(14,877)
|
|
Depreciation - administrative
|
439
|
369
|
884
|
764
|
|
Stock based compensation - administrative
|
289
|
321
|
836
|
664
|
EBITDA | 24,028 | 9,199 | 83,576 | 43,583 |
|
Depreciation - operating
|
(11,329)
|
(7,642)
|
(29,209)
|
(18,498)
|
|
Depreciation - administrative
|
(439)
|
(369)
|
(884)
|
(764)
|
Operating Earnings | 12,260 | 1,188 | 53,483 | 24,321 |
|
Stock based compensation - operating
|
(195)
|
(218)
|
(417)
|
(372)
|
|
Stock based compensation - administrative
|
(289)
|
(321)
|
(836)
|
(664)
|
|
Finance costs
|
(5,327)
|
(3,995)
|
(10,730)
|
(7,754)
|
|
Other items
|
(113)
|
(1,044)
|
(602)
|
42
|
|
Income taxes
|
(1,940)
|
1,009
|
(11,002)
|
(4,051)
|
Net income (loss) | 4,396 | (3,381) | 29,896 | 11,522 |
|
|
|
|
2014 Second Quarter Results Conference Call and Webcast
Western has scheduled a conference call and webcast to begin at 12:00
p.m. MST (2:00 p.m. EST) on Thursday, July 31, 2014.
The conference call dial-in number is 1-888-231-8191.
A live webcast of the conference call will be accessible on Western's
website at www.wesc.ca by selecting "Investors", then "Webcasts". Shortly after the live webcast, an archived version will be
available for approximately 14 days.
An archived recording of the conference call will also be available
approximately one hour after the completion of the call until August
15, 2014 by dialing 1-855-859-2056 or 416-849-0833, passcode 64861256.
Forward-Looking Statements and Information
This press release contains certain statements or disclosures relating
to Western that are based on the expectations of Western as well as
assumptions made by and information currently available to Western
which may constitute forward-looking information under applicable
securities laws. All such statements and disclosures, other than those
of historical fact, which address activities, events, outcomes, results
or developments that Western anticipates or expects may, or will occur
in the future (in whole or part) should be considered forward-looking
information. In some cases forward-looking information can be
identified by terms such as "forecast", "future," "may", "will",
"expect", "anticipate,", "believe", "potential", "enable", "plan",
"continue", "contemplate", "pro forma", or other comparable
terminology.
In particular, forward-looking information in this press release
includes, but is not limited to, statements relating to future
declaration of dividends; the future demand for the Company's services
and equipment; the terms of existing and future drilling contracts in
Canada and the US and the revenues resulting there from; the Company's
expansion and maintenance capital plans for 2014, including the ability
of current capital resources to cover Western's financial obligations
and the 2014 capital budget; the Company's expected sources of funding
to support such capital plans; expectations as to the increase in crude
oil transportation capacity through rail and pipeline development;
expectations as to the necessary approvals for liquefied natural gas
projects being obtained; the expectation of continued foreign
investment into the Canadian oilfield industry; the expectation of
increase in oilfield services activities in general and drilling
activity in various resource plays, in particular, including the type
of drilling; the Company's expected utilization for its drilling and
well servicing divisions; strong oilfield activity levels and pricing;
increased commodity pricing; and the improving economic conditions in
North America; the Company's ability to achieve its desired return on
investment through existing or future rig build opportunities; the
continued and enhanced marketability of the Company's drilling and
servicing rigs and the Company's expected tax rate in 2014.
The material assumptions in making the forward-looking statements in
this press release include, but are not limited to, assumptions
relating to, demand levels and pricing for oilfield services;
fluctuations in the price and demand for oil and natural gas; commodity
pricing; general economic and financial market conditions; the
Company's ability to finance its operations; the effects of seasonal
and weather conditions on operations and facilities; the competitive
environment to which the various business segments are, or may be,
exposed in all aspects of their business; the ability of the Company's
various business segments to access equipment (including spare parts
and new technologies); changes in laws or regulations; currency
exchange fluctuations and the ability of the Company to attract and
retain skilled labour and qualified management; the ability to retain
and attract significant customers; and other unforeseen conditions
which could impact the use of services supplied by Western and
Western's ability to response to such conditions.
Although Western believes that the expectations and assumptions on which
such forward-looking statements and information are based are
reasonable, undue reliance should not be placed on the forward-looking
statements and information as Western cannot give any assurance that
they will prove to be correct. Since forward-looking statements and
information address future events and conditions, by their very nature
they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, the risk
that the demand for oilfield services will not continue to improve for
the remainder of 2014, and other general industry, economic, market and
business conditions. Readers are cautioned that the foregoing list of
risks, uncertainties and assumptions are not exhaustive. Additional
information on these and other risk factors that could affect Western's
operations and financial results are included in Western's annual
information form which may be accessed through the SEDAR website at www.sedar.com. The forward-looking statements and information contained in this
press release are made as of the date hereof and Western does not
undertake any obligation to update publicly or revise any
forward-looking statements and information, whether as a result of new
information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE Western Energy Services Corp.
<p> <b>Alex R.N. MacAusland </b><br/> President and CEO<br/> 403.984.5932<br/> <a href="mailto:amacausland@wesc.ca">amacausland@wesc.ca</a> </p> <p> <b>Jeffrey K. Bowers</b><br/> Senior VP Finance and CFO<br/> 403.984.5933<br/> <a href="mailto:jbowers@wesc.ca">jbowers@wesc.ca</a> </p>