DIVERGENT Energy Services Provides an Operations Update
14 Julho 2022 - 10:00AM
DIVERGENT Energy Services Corp.
(“Divergent”, the "
Company", or
“
DVG”
) is pleased to provide the
following operations update.
The Company continues to experience quarter on
quarter activity growth, with clients within our service region
demonstrating a renewed urgency in returning wells to production in
response to the prolonged increase in oil and gas prices. The
Company’s largest client has indicated that it intends to continue
its workover program for the next 12 months at a pace which may
exceed recent quarters. In addition to the growing demand from its
existing customer base, the Company continues to draw sales from
new customers within our service region.
These factors have resulted in second quarter
activity being marginally higher than the first quarter activity of
2022, and one-third higher than the second quarter activity of the
previous year. The Company is currently working at maximum capacity
and is actively expanding its workforce and equipment fleet to meet
the increased demand.
The positive commodity pricing trends the
industry is currently experiencing is in part caused by a
structural shortfall in supply, which will be difficult for the
industry to overcome in the near term. As a result, the
demand for energy services continues to increase and the ability
for the sector to improve over the next few years is seen as highly
likely.
For Further Information:
Ken Berg, President and Chief Executive Officer,
kberg@divergentenergyservices.com
Ken Olson, Interim Chief Financial Officer,
ken.olson@divergentenergyservices.com
ABOUT DIVERGENT ENERGY SERVICES
CORP.
Headquartered in Calgary, Alberta, Divergent
provides fluids management products and services for the water, gas
and oil industries through its wholly owned subsidiary Extreme Pump
Solutions LLC. DIVERGENT Energy Services Corp., 2020, 715 – 5th Ave
SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax),
www.divergentenergyservices.com
FORWARD LOOKING STATEMENTS
This press release contains forward-looking
statements, including, without limitation, statements pertaining to
anticipated future operational activity levels of Divergent and of
a majority of its customers. All statements included herein, other
than statements of historical fact, are forward-looking information
and such information involves various risks and uncertainties,
including the risk that the ongoing COVID-19 pandemic causes
additional negative effects on Divergent’s business. There can be
no assurance that such information will prove to be accurate, and
actual results and future events could differ materially from those
anticipated in such information. A description of assumptions used
to develop such forward-looking information and a description of
risk factors that may cause actual results to differ materially
from forward-looking information can be found in the Company's
disclosure documents on the SEDAR website at www.sedar.com.
Forward-looking statements are based on estimates and opinions of
management of the Company at the time the information is presented,
including expectations provided to Divergent by its customers. The
Company may, as considered necessary in the circumstances, update
or revise such forward-looking statements, whether as a result of
new information, future events or otherwise, but the Company
undertakes no obligation to update or revise any forward-looking
statements, except as required by applicable securities laws.
Neither the 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.
(Not for dissemination in the United States of
America)
Divergent Energy Services (TSXV:DVG)
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