Calfrac Announces Dividend and Proposes Two-For-One Share Split

CALGARY, Feb. 26, 2014 /CNW/ - Calfrac Well Services Ltd. ("Calfrac") (TSX-CFW) is pleased to announce that its Board of Directors has declared a dividend pursuant to its quarterly dividend policy.  The dividend of $0.25 per common share will be paid on April 15, 2014 to shareholders of record on March 31, 2014.

Calfrac's Board of Directors has also determined to seek shareholder and regulatory approval for the implementation of a two-for-one share split of Calfrac's issued and outstanding common shares.  The share split will be considered by shareholders at the upcoming Annual and Special Meeting to be held on Thursday, May 8, 2014. Calfrac believes that having a greater number of shares will enhance liquidity and increase investor interest in Calfrac and its business.

The April 15th dividend payment will be unaffected by the proposed two-for-one share split.  If the share split receives shareholder and regulatory approval, all subsequent dividends approved by Calfrac's Board of Directors will reflect the two-for one share split.

Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW".  Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico, Colombia and Argentina.

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information concerning the timing of the Annual and Special Meeting of Shareholders, the anticipated impact of a two-for-one share split of Calfrac's issued and outstanding common shares and future dividend payments. These forward-looking statements and information are based on certain key expectations and assumptions made by Calfrac. Although Calfrac 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 Calfrac 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, risks associated with the ability of Calfrac to obtain the required shareholder and regulatory approvals to complete the share split; prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, component parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; health, safety and environmental risks; exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; governmental regulations; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.

Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect Calfrac's operations or financial results are included in Calfrac's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and Calfrac does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.


SOURCE Calfrac Well Services Ltd.

For further information:

Fernando Aguilar
Chief Executive Officer
Telephone:  (403) 266-6000
Fax: (403) 266-7381
  
Michael J. McNulty
Chief Financial Officer
Telephone: (403) 266-6000 
Fax:  (403) 266-7381

Tom J. Medvedic
Senior Vice President, Corporate Development 
Telephone: (403) 266-6000
Fax:  (403) 266-7381
    
Ian Gillies
Manager, Investor Relations
Telephone: (403) 266-6000
Fax:  (403) 266-7381