CALGARY, April 27 /CNW/ - IROC Energy Services Corp. (TSX: "ISC")
announces its Board of Directors has declared a semi-annual cash dividend on
its common shares of C$0.03(three cents). The dividend will be payable May 21,
2009 to shareholders of record at the close of business on May 7, 2009.
Tom Alford, President and CEO, said "over the past few months our company
has significantly reduced our debt obligations through the strategic
dispositions of three divisions. While the total proceeds from these
dispositions were approximately $40 million, the dispositions did not
significantly reduce our company's profitability or cash flow. Also, we expect
to incur only minimal capital costs in the near term given the newer, high
quality assets in all our businesses. Management and the Board believe our
balance sheet is strong, ongoing cash flows are adequate and that pursuing a
business model that includes paying a dividend in addition to funding
accretive expansion over time is a prudent course of action. Accordingly, the
Board has determined that it is appropriate to initiate a dividend for the
benefit of our shareholders at this time."
Publicly reported information for IROC Energy Services Corp. is available
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that,
through the IROC Energy Services Partnership, provides a diverse range of
products, services and equipment to the oil and gas industry that are among
the newest and most innovative in the WCSB. IROC combines cutting-edge
technology with depth of experience to deliver a product and services offering
in three core areas: Well Servicing & Equipment, Downhole Temperature &
Pressure Monitoring Tools, and Rental Services. For more information on IROC
Energy Services Corp. visit our website at www.iroccorp.com.
Certain statements contained in this press release may constitute forward
looking statements concerning, among other things, expected revenues, expected
expenses, profits, developments and strategies for IROC's operations all of
which are subject to certain risks, uncertainties and assumptions. These
forward looking statements are identified by their use of terms and phrases
such as "anticipate", "continue", "estimate", "expect", "may", "will",
"projected", "should", "believe" and other similar terms and phrases. By its
nature, such forward looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward looking statements.
These risks include, but are not limited, to the risks associated with the oil
and gas industry generally, fluctuating prices in crude oil and natural gas,
changes in drilling activity, general global economic, political and business
conditions, weather conditions, regulatory changes and availability of
products, qualified personnel and manufacturing capacity and raw materials. If
any of these uncertainties materialize, or if assumptions are incorrect actual
results may vary materially from those expected. IROC relies on litigation
protection for any forward looking statements.
For further information:
For further information: IROC Energy Services Corp., Mr. Thomas M.
Alford, President and CEO, Telephone: (403) 263-1110, email: