Calmena Reports Notification to Petrobras of Termination of

Calmena Reports Notification to Petrobras of Termination of Four
Single Rig Contracts 
CALGARY, ALBERTA -- (Marketwire) -- 12/17/12 -- Calmena Energy
Services Inc. (TSX:CEZ) ("Calmena") announces that pursuant to the
terms of its long term contracts (the "Contracts") with Petroleo
Brasileiro S.A. ("Petrobras") for the provision of drilling services
of four single drilling rigs in Brazil, it has delivered to Petrobras
written notice of the termination of the Contracts. Calmena's notice
stipulates that the Contracts will terminate 30 days from the date of
the notice. The decision to terminate the Contracts was made after
extended negotiations related to several operational and contractual
issues, which were causing financial losses to Calmena, failed to
yield a satisfactory result. 
Calmena does not anticipate that the termination of the Contracts
will have a negative impact on the operations of its heliportable
rig, which is operating in the Amazonas state of Brazil under a
separate long term contract with Petrobras.  
Calmena has begun the process of winding down the current drilling
operations of the single rigs in Brazil in an orderly and efficient
manner and will be marketing the services of the single drilling
rigs, which Calmena believes are among the fastest and most efficient
of their size, in Brazil and elsewhere in Latin America.  
Calmena is a diversified energy services company that provides well
construction services to its customers operating in Canada, the
United States, Latin America and the Middle East and North Africa.
The common shares of Calmena trade on the Toronto Stock Exchange
under the symbol "CEZ". 
This news release contains certain forward-looking statements
relating to Calmena's plans, strategies, objectives, expectations and
intentions. Expressions such as "may", "anticipate", "expect",
"project", "believe", "hope", "estimate", "intend", "will",
"continue", "foresee", and "forecast" and similar expressions and
statements are intended to identify forward looking statements. Such
statements represent Calmena's internal projections, estimates or
beliefs concerning, among other things, an outlook on the estimated
amounts and timing of capital expenditures, anticipated future debt,
revenues or other expectations, beliefs, plans, objectives,
assumptions, intentions or statements about future events or
performance. These statements are only predictions and actual events
or results may differ materially. Although Calmena believes that the
expectations reflected in the forward-looking statements are
reasonable, it cannot guarantee future results, levels of activity,
performance or achievement since such expectations are inherently
subject to significant business, economic, competitive, political and
social uncertainties and contingencies. Many factors could cause
Calmena's actual results to differ materially from those expressed or
implied in any forward-looking statements made by, or on behalf of,
In particular, forward-looking statements included in this news
release include, but are not limited to, statements with respect to
the impact of the cancellation of the Petrobras contracts on the
operations of our heliportable rig, the process of winding down the
drilling operations of Calmena's rigs in Brazil and the marketing the
services of Calmena's single drilling rigs in Brazil and elsewhere in
Latin America.  
These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond Calmena's control,
including, but not limited to, the impact of general economic
conditions; industry conditions and changes in industry conditions;
volatility of commodity prices; decreased demand for energy services;
competition from other energy services providers; the lack of
availability of qualified personnel or management; ability of Calmena
to re-finance or extend the maturity date of its senior debt and
generate positive cash flow; failure of counter parties to perform on
contracts; failure to successfully negotiate new contracts or renew
existing contracts; failure to successfully deploy rigs; changes in
income tax laws or changes in tax laws and incentive programs
relating to the oil and gas industry; risks associated with
international operations, including, but not limited to: seasonality;
loss of key customers; fluctuations in foreign exchange or interest
rates and stock market volatility; supply and demand for oilfield
services relating to the drilling, completion and maintenance of oil
and gas wells as well as services related to, oilfield equipment
rentals and production and ancillary services; liabilities and risks,
including environmental liabilities and risks inherent in oil and
natural gas operations; uncertainties in weather and temperature
affecting the duration of the service periods and the activities that
can be completed; ability to access sufficient capital from internal
and external sources; failure to successfully negotiate contracts for
drilling rig operations; failure to realize the anticipated benefits
of the Company's investments; and the other risks considered under
"Risk Factors" in our annual information form for the year ended
December 31, 2011 which is available on  
With respect to forward-looking statements contained in this news
release, Calmena has made assumptions regarding, but not limited to:
the implementation of the Company's international growth strategy;
current commodity prices and royalty regimes; availability of skilled
labour; timing and amount of capital expenditures; ability of Calmena
to re-finance or extend the maturity date of its senior debt; ability
of Calmena to renew existing contracts and enter into new contracts;
rig utilization and pricing; future exchange rates; the impact of
increasing competition; conditions in general economic and financial
markets; industry conditions; supply and demand for oilfield services
relating to the drilling, completion and maintenance of oil and gas
wells as well as services related to oilfield equipment rentals and
production and ancillary services; effects of regulation by
governmental agencies; trends in Calmena's operations; and future
operating costs.  
Management has included the above summary of assumptions and risks
related to forward-looking information provided in this news release
in order to provide Shareholders with a more complete perspective on
Calmena's current and future operations and such information may not
be appropriate for other purposes. Calmena's actual results,
performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events
anticipated by the forward-looking statements will transpire or
occur, or if any of them do so, what benefits that Calmena will
derive therefrom. Readers are cautioned that the foregoing lists of
factors are not exhaustive.  
These forward-looking statements are made as of the date of this news
release and Calmena disclaims any intent or obligation to update
publicly any forward-looking statements, whether as a result of new
information, future events or results or otherwise, other than as
required by applicable securities laws.  
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this news release. 
Calmena Energy Services Inc.
John R. King
President and Chief Executive Officer
(403) 225-3879
(403) 366-2066 (FAX) 
Calmena Energy Services Inc.
700, 333 - 7th Avenue SW
Calgary, Alberta T2P 2Z1
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