CALGARY, Dec. 4, 2013 /CNW/ - Petrowest Corporation ("Petrowest" or the "Company") announces that it has been awarded an additional two custom crushing sub-contracts on the expansion of Highway 63, the main highway connecting Edmonton to Fort McMurray, Alberta. The value of the new contracts is estimated to be $26 million in total. In addition, the Corporation announced that the scope of work of its previously-announced (August 13, 2013) aggregate crushing contract has been reduced from $13.5 million to approximately $9 million. The Civil division now has a total of three sub-contracts on Highway 63 totalling approximately $35 million. Most of this work is required to be completed by the end of the first quarter of 2014 and is commencing immediately. "This is the largest commitment of crushing work for winter completion in the Company's history" said Rick Quigley, CEO, "it will certainly give us a great start to our next fiscal year." FORWARD-LOOKING INFORMATION Certain of the statements made and information contained herein, including the value of the contract awards, is "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to unanticipated difficulties with or shortages of labour or interruptions in operations; the inherent uncertainty of cost estimates; and other risks and uncertainties, including those described under risk factors in the Company's current Annual Information Form and management discussion and analysis. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding the Company's plans and objectives and may not be appropriate for other purposes. Accordingly, readers are advised not to place undue reliance on forward-looking statements. ABOUT PETROWEST Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia. SOURCE Petrowest Corporation For further information, please contact Richard Quigley, President and Chief Executive Officer, at (780) 830‐0881, or Ian Hogg, Vice President, Corporate Affairs, at (403) 384-0407, or Lloyd Wiggins, Chief Financial Officer, at (416) 572-2160, orinfo@petro‐west.com. To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2013/04/c7510.html CO: Petrowest Corporation ST: Alberta NI: OIL ORDER -0- Dec/04/2013 13:00 GMT
Petrowest announces contract awards
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