NWE New West Energy Services Inc

New West Energy Services Inc. ("New West" or the "Corporation") (TSX
VENTURE:NWE) is pleased to announce that it has entered into a share purchase
agreement with the shareholders (the "Vendors") of 1770245 Alberta Ltd.
("1770245"), Tippin D Oilfield Services Ltd. ("Tippin D") and 40 Creek Oilfield
Services Ltd. ("40 Creek") providing for the purchase by the Corporation of all
of the issued and outstanding common shares of 1770245 for an aggregate purchase
price of $1.8 million, to be comprised of $1.3 million in cash, the issuance of
3,000,000 common shares in the capital of the Corporation at a deemed price of
$0.10 per share and a post-closing payment of up to $200,000 which is payable as
an earn out upon achieving certain performance thresholds over a twelve month
period post close (the "Transaction"). Closing of the Transaction is expected to
occur on or about September 30, 2013 and is subject to certain conditions
including, but not limited to, receiving the approval of the TSX Venture
Exchange.


Summary of Acquisition

The Vendors, Tippin D and 40 Creek, all arm's length parties, operate private
businesses in the oilfield services industry predominantly in the Peace region
of Alberta, providing combination, hydrovac and boiler truck services to the
completions and production sectors of the oil and gas industry. Substantially
all of the assets of Tippin D and 40 Creek will be transferred to 1770245 prior
to the closing of the Transaction.


"We have been looking for an opportunity to expand our service into the
combination/hydrovac sector which will allow us to diversify from drilling
related services into the production side of the oil and gas business", said
Gerry Kerkhoff, President and CEO of New West. "With this acquisition, we expect
to gain the knowledge and expertise required to expand this new service into our
other service centres as well as operate our existing services from this base in
Beaverlodge, Alberta, opening a new market with access to major oil and gas
plays in Northwest Alberta and Northeast British Columbia." 


The new service will operate under the name Bearstone Vacuum Services which is a
division of the wholly owned subsidiary BearStone Environmental Solutions Inc.
Tippin D and 40 Creek have fixed assets of approximately $930,000 and, for the
12 months ended June 30, 2013, revenue of approximately $2.1 million and
earnings before tax of approximately $721,000. Daniel Huys, the Founder and
President of Tippin D, 40 Creek and 1770245, will serve as an Area Manager for
Bearstone Vacuum Services.


Additional information about New West is available on its website at
www.newwestenergyservices.com or under its profile on SEDAR at 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. 


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.


Cautionary Note Regarding Forward-Looking Statements 

Except for the statements of historical fact contained herein, certain
information presented herein constitutes "forward-looking statements". More
particularly, this press release contains statements concerning the purchase of
the shares of 1770245, obtaining TSXV approval, the transfer of substantially
all of the assets of Tippin D and 40 Creek to 1770245, the timing of closing and
the anticipated benefits of the Transaction. The forward-looking statements
contained in this press release are solely opinions and forecasts which are
uncertain and subject to risks. Forward-looking statements include but are not
limited to uncertainties and other factors which may cause the actual results,
performance or achievements of the Corporation to be materially different from
any future results, performance or achievements expressed or implied by such
forward-looking statements. These forward-looking statements are not guarantees
of future performance and are subject to a number of known and unknown risks and
uncertainties. Accordingly, readers are cautioned that the assumption used in
the preparation of the forward-looking statements, although considered
reasonable at the time of preparation may prove to be imprecise and, as such
undue reliance should not be placed on forward-looking statements. 


The forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, the Corporation
disclaims any intention and assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable securities law.
Additionally, the Corporation undertakes no obligation to comment on the
expectations of, or statements made, by third parties in respect of the matters
discussed above.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Gerry E. Kerkhoff
New West Energy Services Inc.
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
403.984.9799 (FAX)
gkerkhoff@newwestservices.com

New West Energy Services (TSXV:NWE)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024

New West Energy Services (TSXV:NWE)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024