CALGARY, ALBERTA--(Marketwire - Sept. 28, 2012) - New West Energy Services Inc. (TSX VENTURE:NWE) (the "Corporation") is pleased to announce the results for the Corporation for its first quarter ended July 31, 2012.
Revenue from continuing operations for the three month period totaled $3,202,633. Net income from continuing operations for the three month period totaled $112,218. The comparative numbers from continuing operations for the three month period ended July 31, 2011 were $3,126,427 and $114,436 respectively. The recent quarter was affected by weather delays in May and June and a reduction in drilling rig utilization.
Subsequent to the quarter, the Corporation incorporated a new wholly-owned subsidiary called Porterco Oilfield Services Inc. ("Porterco") to operate the assets acquired from Porterco Welding Ltd. The transaction was completed on August 24, 2012. Porterco operates a fleet of trucks and trailers for hauling oil contaminated drill cuttings and, in addition, provides other services including equipment rental, excavation services, custom fabrication and general oilfield hauling. Mr. Cory Porter, the owner of Porterco Welding Ltd., has joined the Corporation as General Manager of Porterco and Area Manager of BearStone Environmental Solutions Inc. ("BearStone").
Subsequent to the closing, additional equipment has been purchased to expand the operations of Porterco and BearStone in the Slave Lake and surrounding areas of Alberta.
The Corporation continues to look at new expansion and acquisition opportunities in the environmental and oilfield services 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 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 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.