CALGARY, Aug. 6, 2015 /CNW/ - Petrowest Corporation ("Petrowest") (TSX:PRW) announced today that it has been awarded a sub-contract on the workforce housing facility for the Site C hydro-electric project in northeastern British Columbia. The Two Rivers Lodging Group was selected by BC Hydro as the preferred proponent for the construction of the workforce housing facility (announced May 4, 2015). BIRD Construction Inc., part of the Two Rivers Lodging Group consortium, has selected Petrowest's wholly-owned subsidiary, Petrowest Construction BC Ltd., for site preparation work. The project is expected to commence the first week of August and has an approximate value of $7.3 million.
"We are pleased to have been selected by BIRD for the earth moving aspects of the Site C workforce housing facility contract", said Rick Quigley, Petrowest's President and Chief Executive Officer. "Looking forward, activity levels in northeastern British Columbia have increased following spring break up, including additional infrastructure projects associated with both Site C and BC LNG, which positively signals stronger activity levels for Petrowest in the back half of the year and into 2016."
FORWARD LOOKING INFORMATION
This news release contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are identified by their use of terms and phrases such as "anticipate", "achievable", "believe", "expect", "estimate", "plan", "intend", "project", "may", "should", "could", "predict", "will", or similar words suggesting future outcomes or language suggesting an outlook. Forward-looking statements and information are based on Petrowest's current beliefs as well as assumptions made by and information currently available to Petrowest concerning anticipated business performance. Although management of Petrowest considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking statements are subject to many external variables that are beyond Petrowest's control, such as fluctuating prices for crude oil and natural gas, changes in drilling activity, and general local and global economic, political, business and weather conditions. If any of these or other uncertainties materialize, the actual results of Petrowest may vary materially from those expected.
Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia.
SOURCE Petrowest Corporation
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