/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
CALGARY, Sept. 14, 2011 /CNW/ - Western Energy Services Corp. ("Western"
or the "Company") (TSXV: WRG) is pleased to announce that it has sold
all of the shares owned and debt owing from its wholly owned subsidiary
StimSol Canada Inc. ("Stimsol") for aggregate proceeds of $21.1
million, subject to a closing working capital adjustment. Prior to
such sale, StimSol carried on the business of Western's production
services segment which included stimulation services, fluid pumping,
and specialty solvents. Proceeds from this sale will initially be used
to reduce Western's bank indebtedness.
In addition, Western announces that, in accordance with the terms of the
Company's stock option plan it has granted 353,500 stock options to
officers and employees, of which 210,000 of such options were issued to
officers of Western. All such stock options were granted on August 12,
2011, have an expiry date of August 11, 2016 and an exercise price of
$8.75 established by the market closing price of Western on the TSX
Venture Exchange on August 11, 2011. Options granted to the officers
and employees vest 1/3 on the first anniversary of the grant; 1/3 on
the second anniversary of the grant and 1/3 on the third anniversary of
Western's Board of Directors believes that the issuance of stock options
to employees, officers and directors of the Company strongly promotes
the alignment of their interests with those of shareholders.
Neither the TSXV nor its Regulation Services Provider (as that term is
defined in the policies of the TSXV) accepts responsibility for the
adequacy or accuracy of this release.
SOURCE Western Energy Services Corp.
For further information:
Dale E. Tremblay
Chief Executive Officer
President & COO
Jeffrey K. Bowers
VP Finance & CFO