/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES/
CALGARY, April 18 /CNW/ - Western Energy Services Corp. ("Western" or the
"Company") is pleased to announce that it has entered into an agreement to
sell all of its well testing assets to TestAlta Services Ltd. for the cash
purchase price of $1,575,000. The sale is subject to the preparation of formal
documentation and is expected to close within the next 30 days.
Jim McQuarrie, President and CEO of Western, states, "Our well testing
business was a legacy business in a highly competitive sector of the service
industry. We are pleased to be able to redirect the capital, personnel and
management focus previously consumed by this business into our core business
of production optimization through stimulation services. We will use the
proceeds of the sale to add nitrogen pumping equipment and additional fluid
pumping equipment to our Canadian fleet. We are committed to enhancing our
core business in both Canada and the United States and think that this will
drive greater operational stability and stronger financial results."
Western is an oil field services company trading on the TSX Venture
Exchange in Canada under the symbol "WSV". Western is active in Canada, Texas,
and Latin America.
This release contains certain forward-looking statements related but not
limited to the Company's expectations, intentions, plans and beliefs.
Investment advisors, shareholders and potential investors are cautioned not to
place undue reliance on forward-looking information which by its nature
involves assumptions, risks and uncertainties, both general and specific, that
contribute to the possibilities that predictions, projections, forecasts and
future events will not occur. Consequently, actual results could differ
materially from the expectations expressed in these forward-looking
statements. The Company does not assume any responsibility to update this
information for events subsequent to its preparation.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
For further information:
For further information: Additional information relating to the Company
is filed on SEDAR at www.sedar.com. Please visit the web site: www.wesc.ca or
contact: Jim McQuarrie, President & CEO, (403) 266-0667. If you would like to
receive future information releases by email please provide your email address