CALGARY, Dec. 18, 2014 /CNW/ - Western Energy Services Corp. ("Western" or the "Company") (TSX: WRG) is pleased to announce the increase to Western's four year extendible revolving credit facility (the "Revolving Facility") to $175 million with a maturity date extension to December 17, 2018, and an increase of Western's operating demand revolving loan (the "Operating Facility") to $20 million. Both the Revolving Facility and the Operating Facility are currently undrawn, however the additional borrowing capacity on both facilities will continue to provide Western with significant financial flexibility with which to conduct its operations or allow for the execution on strategic opportunities as they arise.
The syndicate of banks providing the credit facility has been expanded and includes Royal Bank of Canada, as the administrative agent, and Royal Bank of Canada, HSBC Bank Canada, Alberta Treasury Branches, The Bank of Nova Scotia and Wells Fargo Bank, N.A., Canadian Branch, as lenders.
About Western Energy Services Corp.
Western is an oilfield service company which provides contract drilling services in Canada through its division Horizon Drilling and in the United States through its wholly-owned subsidiary Stoneham Drilling Corporation. In Canada, Western also provides well servicing through its division Eagle Well Servicing and provides oilfield rental services through its division Aero Rental Services.
Forward-Looking Statements and Information
This press release contains certain statements or disclosures relating to Western that are based on the expectations of Western as well as assumptions made by and information currently available to Western which may constitute forward-looking information under applicable securities laws. All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that Western anticipates or expects may, or will occur in the future (in whole or part) should be considered forward-looking information. In some cases forward-looking information can be identified by terms such as "forecast", "future," "may", "will", "expect", "anticipate", "believe", "potential", "enable", "plan", "continue", "contemplate", "pro-forma", or other comparable terminology. In particular, but not limiting the foregoing, this press release contains forward looking statements relating to Western's continued financial flexibility and the execution on strategic opportunities.
Although Western believes that the expectations and assumptions on which such forward-looking statements and information are based on are reasonable, undue reliance should not be placed on the forward-looking statements and information as Western cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, general industry, economic, market and business conditions. Readers are cautioned that the foregoing list of risks, uncertainties and assumptions are not exhaustive. Additional information on risks, uncertainties, assumptions and other risk factors that could affect Western's operations and financial results are included in Western's annual information form which may be accessed through the SEDAR website at www.sedar.com. The forward-looking statements and information contained in this press release are made as of the date hereof and Western does not undertake any obligation to update publicly or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE: Western Energy Services Corp.
For further information:
Alex R.N. MacAusland
President and CEO
Jeffrey K. Bowers
Senior VP Finance and CFO
Western Energy Services Corp. - www.wesc.ca