CALGARY,
AB, March 28, 2022 /CNW/ - Calfrac Well
Services Ltd. ("Calfrac or "the Company") (TSX: CFW) announces the
suspension of any investments in the Russian Federation as the Company meets its
contractual obligations in strict compliance with all applicable
laws and sanctions.
Despite the fact that the provision of parts and equipment are
not restricted by applicable sanctions, the Company canceled such
shipments that were bound for Russia at the onset of the Ukraine invasion. Calfrac has also canceled
any future shipments of parts and equipment into Russia. All
of Calfrac's Western-based employees involved with its Russian
operations are currently not in Russia.
The Board of Directors and Management of Calfrac are deeply
disheartened by the conflict in Ukraine. "We sincerely hope
that a peaceful resolution will be found as quickly as possible to
end this humanitarian crisis." said George
Armoyan, Interim Chief Executive Officer and Director of
Calfrac.
Calfrac's common shares and warrants are publicly traded on the
Toronto Stock Exchange under the trading symbols "CFW" and
"CFW.WT", respectively.
Calfrac provides specialized oilfield services to exploration
and production companies designed to increase the production of
hydrocarbons from wells drilled throughout western Canada, the United
States, Argentina, and
Russia.
SOURCE Calfrac Well Services Ltd.