CALGARY, April 23, 2020 /CNW/ - Western Energy
Services Corp. ("Western") (TSX: WRG) announces that it
intends to release its 2020 first quarter financial and operating
results after market close on Thursday, May
21, 2020.
Financial Statement Filing Date Extension
Western is relying on the Alberta Securities Commission's
Blanket Order 51-517 Temporary Exemption from Certain Corporate
Finance Requirements and similar exemptive orders of the other
Canadian securities regulatory authorities (the "Orders") in
respect of its deadlines under Parts 4 and 5 of National Instrument
51-102 Continuous Disclosure Obligations to file its
quarterly financial statements and related management's discussion
and analysis for the period ended March 31,
2020 (the "Quarterly Filings"). The Orders
provide for a 45 day extension for certain required filings under
applicable securities laws, including the Quarterly Filings, in
order to assist issuers with meeting their disclosure obligations
in light of challenges presented by Covid-19. As noted above,
Western's management intends to release its Quarterly Filings after
market close on May 21, 2020.
Western confirms that its management and other insiders are
subject to an insider trading black-out policy that reflects the
principles in section 9 of National Policy 11-207 –
Failure-to-File Cease Trade Orders and Revocations in Multiple
Jurisdictions.
Increased international oil supply and the significant reduction
in demand for oil products resulting from the effects of Covid-19
on economic activity have caused a significant reduction in the
price of oil in North America. This price reduction has in
turn caused a substantial decrease in oil and gas exploration and
development activity, which has negatively affected businesses in
the Canadian oilfield services sector, including Western.
Western has temporarily reduced its salaried work force by 42% and
continues to identify opportunities to further streamline its
support structure and reduce planned capital expenditures. The
impact of these events on Western's results for the first quarter
of 2020 will be disclosed in its Quarterly Filings. Other
than the effect of these economic factors on Western's business,
there have not been any material business developments since the
date of Western's 2019 annual financial statements.
About Western
Western is an oilfield service company which provides contract
drilling services in Canada
through its Horizon Drilling division and in the United States through its wholly-owned
subsidiary Stoneham Drilling Corporation. In Canada, Western
also provides well servicing through its Eagle Well Servicing
division and provides oilfield rental services through its Aero
Rental Services division. Stoneham's division, Western Oilfield
Services, provides well servicing in the
United States.
Forward-Looking Statements and Information
This press release contains certain statements or disclosures
relating to Western that are based on the expectations of Western
as well as assumptions made by and information currently available
to Western which may constitute forward-looking information under
applicable securities laws. All information and statements
contained herein that are not clearly historical in nature
constitute forward-looking information, and words and phrases such
as "may", "will", "should", "could", "expect", "intend",
"anticipate", "believe", "estimate", "plan", "potential",
"continue", "looking to", or the negative of these terms or other
comparable terminology are generally intended to identify
forward-looking information. This information involves known
and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking information. In
particular, forward-looking information in this press release
includes statements relating to Western's intention to make its
Quarterly Filings on May 21, 2020 and potential opportunities
to streamline its support structure and reduce planned capital
expenditures. Such statements reflect Western's current views
and intentions with respect to future events, based on information
available to Western, and are subject to certain risks,
uncertainties and assumptions, including, without limitation, the
continued pace of work from those individuals working from home and
assisting with the preparation of the Quarterly Filings during the
Covid-19 pandemic and the availability of further aspects of
Western's business for which costs can be effectively reduced.
Although Western believes that the expectations and assumptions
on which such forward-looking statements and information are based
on are reasonable, undue reliance should not be placed on the
forward-looking statements and information as Western cannot give
any assurance that they will prove to be correct. Since
forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and
risks. Additional information on these and other risk factors are
discussed under the heading "Risk Factors" in Western's annual
information form for the year ended December
31, 2019 which may be accessed through the SEDAR website at
www.sedar.com. The forward-looking statements and information
contained in this press release are made as of the date hereof and
Western does not undertake any obligation to update publicly or
revise any forward-looking statements and information, whether as a
result of new information, future events or otherwise, unless so
required by applicable securities laws.
SOURCE Western Energy Services Corp.