New West Energy Services Inc. Announces Its Third Quarter Results
CALGARY, ALBERTA -- (Marketwire) -- 03/28/13 -- New West Energy
Services Inc. (TSX VENTURE:NWE) (the "Corporation") is pleased to
announce the results for the Corporation for its third quarter ended
January 31, 2013.
Revenue from continuing operations for the nine month period totaled
$13,890,000. Net income from continuing operations for the nine month
period totaled $1,580,000. The comparative numbers from continuing
operations for the nine month period ended January 31, 2012 were
$11,455,000 and $1,170,000. The increase in net income over the
previous period is largely due to the recognition of a non-cash item
of deferred tax recovery and a deferred tax charge for a net increase
of approximately $600,000.
Total revenue of $13,890,000 was comprised of $7,570,000 from
Environmental Services, $4,230,000 from Vacuum Services and
$2,090,000 from Hauling Services. The Hauling Services division only
commenced operation at the end of August in 2012, being the date
Porterco Oilfield Services Inc. commenced operations. This new
division operates out of Slave Lake and is expected to grow
substantially over the next several years.
The Corporation continues to look at new expansion and acquisition
opportunities in the environmental and oilfield services area.
Additional information about the Corporation is available on its
website at www.newwestenergyservices.com or under its profile on
SEDAR at 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
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.
New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
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