Cordy Oilfield Services Inc. Reports First Quarter Results

CORDY OILFIELD SERVICES INC. (the "Corporation" or "Cordy") (TSX VENTURE:CKK)
released today its first quarter results for the period ending March 31, 2013.


The Corporation's revenues from continuing operations for the year ended March
31, 2013 increased $1.8 million from the same period in 2012 to $38.2 million.
The Corporation experienced growth primarily in the oil sands region which
contributed positive net earnings in its Heavy Construction and Environmental
segments in the first quarter of 2013.


Earnings before interest, taxes, depreciation, amortization and impairment and
stock-based compensation ("EBITDAS") from continuing operations were $5.9
million for the first quarter compared to $6.3 million for the first quarter of
2012, representing a quarter-over-quarter decrease of $0.4 million.


The net earnings from continuing operations of $2.7 million or $0.03 per share
for the first quarter ended March 31, 2013 represents a decrease of $0.8 million
compared to earnings from continuing operations of $3.5 million or $0.04 per
share in the first quarter of 2012.




For the year and quarter ended December 31                                  
($ millions except share price and per                                      
share amounts)                                 Q1 2013    Q1 2012   $ Change
----------------------------------------------------------------------------
FINANCIAL RESULTS                                                           
 Revenue                                          38.2       36.4        1.8
 EBITDAS(1)                                        5.9        6.3      (0.4)
 Net earnings (loss) and total                                              
  comprehensive income from all operations         2.7        3.7      (1.0)
 Cash flows generated from (used in)                                        
  operating activities from all operations       (1.1)        3.2      (4.3)
----------------------------------------------------------------------------
SHARE INFORMATION                                                           
 Earnings per share from continuing                                         
  operations ($)                                  0.03       0.04     (0.01)
 Earnings per share from discontinued                                       
  operations ($)                                     -          -          -
 Earnings per share from all operations ($)       0.03       0.04     (0.01)
----------------------------------------------------------------------------
(1) Earnings before interest, taxes, depreciation, amortization, impairment
and stock-based compensation (see reader advisory).                         



OUTLOOK

The Corporation is dependent, to a degree, on the overall health of western
Canada's oil, natural gas, and mining sectors. The current global economic
activity and resulting activity in western Canada are subdued and are antici-
pated to remain so throughout the remainder of 2013.


Management has organized its business segments to provide diversity.
Historically these business segments have had stronger first and fourth
quarters.


There is a current trend towards curtailing spending within the oil, natural gas
and mining sectors in western Canada. The expectation within the industry is
that operators will continue evaluating and adjusting activities within their
oper- ating and capital budgets for the remainder of 2013 depending upon
commodity prices and changes in economic or political factors that have a direct
impact.


Management continues to seek opportunities to expand Cordy's operations in
regions where its business segments operate.


Complete copies of Cordy's audited consolidated financial statements for the
quarter ended March 31, 2013 and the associated Management's Discussion and
Analysis are available on our website www.cordy.ca or on SEDAR at www.sedar.com.


READER ADVISORY

Effective January 1, 2011, Cordy began reporting its financial results in
accordance with International Financial Reporting Standards (IFRS). Prior-year's
com- parative amounts were changed to reflect results as if Cordy had always
prepared its financial results using IFRS.


This News Release contains certain statements that constitute forward-looking
statements. These statements relate to future events or the Corporation's future
performance. All statements, other than statements of historical fact, that
address activities, events or developments that the Corporation or a third party
ex- pects or anticipates will or may occur in the future, are forward-looking
statements. These include the Corporation's future growth, results of
operations, per- formance and business prospects and opportunities; prevailing
economic conditions; commodity prices; sourcing, pricing and availability of raw
materials, components and parts, equipment, suppliers, facilities and skilled
personnel; dependence on major customers; uncertainties in weather and
temperature affecting the duration of the service periods and the activities
that can be completed; regional competition; and other factors, many of which
are beyond the Corporation's control. These other factors include future prices
of oil and natural gas and oil and natural gas industry activity, including the
effect of changes in commodity prices on oil and natural gas exploration and
development activity, the ability to complete strategic acquisitions and realize
the anticipated benefits of any acquisitions that are completed, the
Corporation's outlook regarding the competitive environment it operates in, and
the assumptions underlying any of the foregoing. Forward-looking statements are
often, but not always, identified by the use of words such as "seek",
"anticipate", "plan", "continue", "estimate", "expect", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements involve known and
unknown risks, uncertainties and other factors, many of which are beyond the
Corporation's control, including those discussed under "Risks and Uncertainties"
and elsewhere in this News Release, that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements. The
Corporation believes that the expectations reflected in those forward-looking
statements are reasonable, but no assurance can be given that these expectations
will prove to be correct and such forward-looking statements included in this
News Release should not be unduly relied upon. These statements speak only as of
the date of this News Release. The Corporation does not intend, and does not
assume any obligation, to update these forward- looking statements, whether as a
result of new information, future events or otherwise, except as required under
applicable securities laws. The forward- looking statements contained in this
News Release are expressly qualified by this cautionary statement.


Cordy uses the measures Earnings Before Interest, Taxes, Depreciation,
Amortization and Impairment and Stock Based Compensation (EBITDAS) in this news
release. This measure does not have any standardized meaning prescribed by
International Financial Reporting Standards (IFRS). It is, therefore, con-
sidered to be non-IFRS term and may not be comparable to similar measures
presented by other entities. Management of Cordy uses these non-IFRS measures to
improve its ability to compare financial results among reporting periods and to
enhance its understanding of operating performance, liquidity and ability to
generate funds to finance operations. This non-IFRS measure is also provided to
readers as additional information on Cordy's operating performance, liquidity
and ability to generate funds to finance operations. EBITDAS is an approximate
measure of the Cordy's pre-tax operating cash flow and is generally used to
better measure performance and evaluate trends of individual assets. EBITDAS
comprises earnings before deducting interest and other financial charges, income
taxes, depreciation and amortization, net income attributable to non-controlling
interests and preferred share dividends.




FOR FURTHER INFORMATION PLEASE CONTACT: 
Cordy Oilfield Services Inc.- General Information
David Mullen
Chairman & Chief Executive Officer
403-266-2067
403-266-2087 (FAX)


Cordy Oilfield Services Inc. - Investor Relations
David Boomer, CA
Chief Financial Officer
403-266-2067
403-266-2087 (FAX)
www.cordy.ca