Eagle Well Servicing and O'Chiese First Nation announce joint venture service rig construction


CALGARY, March 21, 2013 /CNW/ - IROC Energy Services Corp., through its Eagle Well Servicing division ("Eagle"), is pleased to announce a joint venture with the O'Chiese First Nation ("O'Chiese"), whereby Eagle and O'Chiese will jointly construct and operate a mobile free-standing double service rig to be named O'Chiese Eagle Rig #1. Construction of O'Chiese Eagle Rig #1 is anticipated to be completed in June 2013, with the cost of construction to be funded equally by Eagle and O'Chiese.

The rig will be marketed to oil and natural gas exploration companies that operate wells on the O'Chiese lands, providing equipment and personnel for oil and gas well completions and maintenance.  This joint venture provides a commercial opportunity for the O'Chiese to participate in the development of natural resources on their lands as well as to provide new employment opportunities for the members of the O'Chiese First Nation.

Chief Darren Whitford, for the O'Chiese First Nation stated, "We are excited to participate with Eagle in building a well servicing business on our lands which will provide opportunities for our people to work in the oil and natural gas industry and learn the service rig operation which the O'Chiese has a direct interest in. We believe the service rig joint venture with Eagle will allow us to begin to build a long-term sustainable business venture that makes our Nation proud."

Tom Alford, President and CEO of IROC said "we are very pleased that the O'Chiese First Nation approached us to be a partner in this joint venture. We are confident that the joint service rig business will achieve the desired results and are committed to making this a successful venture for the O'Chiese people, oil and gas operators in the area and our shareholders."

Eagle currently operates one of the newest fleets of free-standing mobile Service Rigs, with a fleet of 52 rigs operating from bases across Western Canada.

Publicly reported information for IROC Energy Services Corp. is available at www.sedar.com.

Cautionary Statement Regarding Forward Looking Information and Statements

Certain information contained in this news release, including information related to the Corporation's level of utilization, future capital expenditures, anticipated equipment counts and information or statements that contain words such as "forecasted", "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "likely", "estimate", "predict", "potential", "continue", "maintain", "retain", "grow", and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation.  This information or these statements are based on certain assumptions and analysis made by the Corporation in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances, and the statements contained in this news release speak only as of the date hereof.

Whether actual results, performance or achievements will conform to the Corporation's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from the Corporation's expectations.  Such risks and uncertainties include, but are not limited to:  fluctuations in the price and demand for oil and natural gas; fluctuations in the level of oil and natural gas exploration and development activities; fluctuations in the demand for well servicing and ancillary oilfield services; capital market liquidity available to fund oil and gas exploration and development programs; the effects of seasonal and weather conditions on operations and facilities; the highly competitive  operating environment inherent in well servicing and ancillary oilfield services; general economic, market or business conditions; changes in laws or regulations; the availability of qualified operational and management personnel; currency exchange and interest rate fluctuations; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities and counterparty credit risk; changes in income tax laws or changes in tax laws, crown royalty rates and incentive programs relating to the oil and gas industry; risks associated with government regulations and environmental health and safety matters; and other unforeseen conditions which could impact the use of equipment and services supplied by IROC.

Consequently, all of the forward-looking information and statements made in this news release are qualified by this cautionary statement and there can be no assurance that the actual results will be realized.  Except as may be required by law, the Corporation assumes no obligation to update publicly any such forward-looking information and statements, whether as a result of new information, future events, or otherwise.

About IROC Energy Services Corp.

IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides services and equipment to the oil and gas industry that is among the newest and most innovative in the WCSB.  IROC Energy Services Partnership operates under the business names of Eagle Well Servicing, Aero Rental Services and Helix Coil Services.  IROC combines cutting-edge technology with depth of experience to deliver equipment and services offerings in the following core areas: well servicing & equipment, rental services and coiled tubing services. For more information on IROC Energy Services Corp., visit our website at www.iroccorp.com.

This press release is not for dissemination in United States or to any United States news services.  The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws and are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: IROC Energy Services Corp.

For further information:

IROC Energy Services Corp.
Mr. Thomas M. Alford, President and CEO
Email: investorrelations@iroccorp.com

Profil de l'entreprise

IROC Energy Services Corp.

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