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NWE New West Energy Services Inc

0.01
0.00 (0.00%)
08 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
New West Energy Services Inc TSXV:NWE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.01 0.005 0.01 0 01:00:00

New West Energy Services Inc. Announces Its First Quarter Results

28/09/2012 6:06pm

Marketwired Canada


New West Energy Services Inc. (TSX VENTURE:NWE) (the "Corporation") is pleased
to announce the results for the Corporation for its first quarter ended July 31,
2012.


Revenue from continuing operations for the three month period totaled
$3,202,633. Net income from continuing operations for the three month period
totaled $112,218. The comparative numbers from continuing operations for the
three month period ended July 31, 2011 were $3,126,427 and $114,436
respectively. The recent quarter was affected by weather delays in May and June
and a reduction in drilling rig utilization.


Subsequent to the quarter, the Corporation incorporated a new wholly-owned
subsidiary called Porterco Oilfield Services Inc. ("Porterco") to operate the
assets acquired from Porterco Welding Ltd. The transaction was completed on
August 24, 2012. Porterco operates a fleet of trucks and trailers for hauling
oil contaminated drill cuttings and, in addition, provides other services
including equipment rental, excavation services, custom fabrication and general
oilfield hauling. Mr. Cory Porter, the owner of Porterco Welding Ltd., has
joined the Corporation as General Manager of Porterco and Area Manager of
BearStone Environmental Solutions Inc. ("BearStone").


Subsequent to the closing, additional equipment has been purchased to expand the
operations of Porterco and BearStone in the Slave Lake and surrounding areas of
Alberta.


The Corporation continues to look at new expansion and acquisition opportunities
in the environmental and oilfield services area.


The Corporation's financial statements and its Management Discussion and
Analysis can be found on www.sedar.com.


About New West Energy Services Inc.

The Corporation operates in the oilfield service industry in Canada through two
wholly owned subsidiaries - BearStone Environmental Solutions Inc. and Porterco
Oilfield Services Inc. BearStone provides environmental services to the upstream
oil and gas industry and also operates a fleet of specialized vacuum and water
trucks. Porterco operates a fleet of trucks and trailers for hauling oil
contaminated drill cuttings as well as providing equipment rental and custom
fabrication services.


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