CALGARY, ALBERTA--(Marketwire - Aug. 27, 2012) - New West Energy Services Inc. (TSX VENTURE :NWE) (the "Corporation") is pleased to announce the financial results for the Corporation for its fiscal year ended April 30, 2012.
Revenue for the twelve month period from continuing operations totaled $15,348,359. Net income for the twelve month period from continuing operations totaled $1,224,024. The comparative numbers for the continuing operations for the fiscal year ended April 30, 2011 were $10,366,843 and $609,726 respectively.
- Revenues and profits from continuing operations grew 48% and 101% respectively.
- The Corporation sold its drilling fluids business and used a portion of the proceeds to acquire the assets of Porterco Welding Ltd.
- The Corporation opens a new subsidiary, Porterco Oilfield Services Inc., operating out of Slave Lake, Alberta and headed by Mr. Cory Porter.
- Net income and comprehensive income (including sale of subsidiary) for the year totaled $4,269,080.
- In the past year, the Corporation sold its New West Drilling Fluids Inc. subsidiary and has aggressively grown its BearStone Environmental Solutions Inc. subsidiary. BearStone provides environmental services and operates a fleet of specialized vacuum and water trucks to the upstream oil and gas industry throughout Western Canada. BearStone started operations in June of 2010 with the purchase of several vacuum and water trucks and other assets which included taking over several active contracts and the hiring of key management and field personnel. BearStone has a solid customer base of over 50 clients made up of various oil and gas companies.
The Corporation has, this month, acquired a new but complementary business called Porterco Oilfield Services Inc. which provides drilling waste solids hauling, excavating, equipment rentals and fabricating. For its year ended April 30, 2012, it had revenues of approximately $2.5 million and EBITDA of approximately $530,000. Its base in Slave Lake, Alberta opens up new opportunities for the Corporation in one of the most active heavy oil areas of the province and allows the Corporation to offer complete drilling waste fluids and solids hauling and disposal in the 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 its wholly owned subsidiary BearStone Environmental Solutions Inc. BearStone provides environmental services to the upstream oil and gas industry and operates a fleet of specialized vacuum and water trucks. On completion of the acquisition of the assets of Porterco Ltd., the Corporation will also offer additional hauling services as well as excavating equipment rentals and fabrication services.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.