CALGARY, Jan. 6, 2016 /CNW/ - Calfrac Well Services Ltd. ("Calfrac") (TSX–CFW) announced today that that Michael J. (Mick) McNulty, Calfrac's Chief Financial Officer, has advised Calfrac's board of directors and executive management team that he intends to retire by March 2016. Mr. McNulty has made significant contributions to Calfrac since being appointed as Chief Financial Officer in December of 2013.
Fernando Aguilar, Calfrac's President and Chief Executive Officer commented: "On behalf of everyone at Calfrac, I would like to thank Mick for his contributions during his tenure as CFO and wish him all the best in his upcoming retirement."
Calfrac has initiated a search process, and further information will follow once an appointment has been made.
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, Argentina and Mexico.
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 related to the retirement of Calfrac's Chief Financial Officer as well as the search process and appointment of a replacement Chief Financial Officer. 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 related with 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, President and 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; Ashley Connolly, Manager, Capital Markets, Telephone: (403) 266-6000, Fax: (403) 266-7381