January 27, 2015 2:20 PM ET

Energy Equipment and Services

Company Overview of GASFRAC Energy Services, Inc.

Company Overview

GASFRAC Energy Services Inc., an oil and gas service company, provides liquid petroleum gas fracturing services to oil and natural gas exploration and production companies in Canada and the United States. Its services are designed to enhance oil and natural gas production, and maximize recovery from a range of conventional and unconventional reservoirs. As of December 31, 2013, the company had three 32 tonne and sixteen 100 tonne sand storage vessels, fifty-four fracturing pumpers, and one hundred and eighty LPG storage tanks, and related equipment. GASFRAC Energy Services Inc. was incorporated in 2006 and is headquartered in Calgary, Canada.

801 - 6 Avenue SW

Suite 1900

Calgary, AB T2P 3W2


Founded in 2006

226 Employees





Key Executives for GASFRAC Energy Services, Inc.

Chief Financial Officer
Total Annual Compensation: $62.5K
Senior Vice President of Operations
Total Annual Compensation: $220.0K
Senior Vice President of Corporate Services
Total Annual Compensation: $210.0K
Compensation as of Fiscal Year 2013.

GASFRAC Energy Services, Inc. Key Developments

TSX Announces Delisting Review Of GASFRAC Energy Services

Further to TSX Bulletin 2015-0033 dated January 16, 2015, TSX has determined to delist the common shares and debentures of the GASFRAC Energy Services Inc. at the close of business on February 20, 2015 for failure to meet the continued listing requirements of TSX. The Securities will remain suspended from trading.

GASFRAC Closes Considers Strategic Alternatives

GASFRAC Energy Services, Inc. (TSX:GFS) announces today that the corporation has commenced proceedings and obtained court protection under the Companies' Creditors Arrangement Act ("CCAA") pursuant to an initial order granted by the Court of Queen's Bench, in the Province of Alberta, on January 15, 2015. Pursuant to the Initial Order the corporation and all of its operating subsidiaries have obtained protection from its creditors under CCAA, other than in respect of the corporation's primary secured lender, PNC Bank Canada Branch for a period expiring February 9, 2015. As a result of a combination of continuing negative operating results, limited access at the present time to capital markets for junior issuers such as the Corporation, reduced industry activity resulting from depressed petroleum and natural gas commodity prices and the inability of the corporation to obtain a suitable offer for the purchase of the corporation or its assets after a strategic alternative process, which commenced on November 13, 2014, that would satisfy all of the Corporation's existing financial obligations, both secured and unsecured, the Corporation was unable to restructure its affairs in an adequate manner, and after careful consideration of all other available alternatives, the board of directors of the Corporation determined that it was in the best interests of the corporation and all of its stakeholders to file for an application for creditor protection under the CCAA. Subject to further court approval, it is anticipated that the corporation will continue to retain CIBC World Markets Inc. as sales agent, investment banker and financial advisor to the corporation in connection with any proposed financing or sale transaction that may arise under the CCAA proceedings or any future SISP. Ernst & Young Inc. has been appointed Monitor of the Corporation for the CCAA proceedings.

TSX Announces Delisting Review Of GASFRAC Energy Services

TSX is reviewing the common shares and debentures of the GASFRAC Energy Services, Inc. with respect to meeting the requirements for continued listing pursuant to the Expedited Review Process. The Securities are suspended from trading immediately.

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