BlackWatch Energy Services Corp.
TSX : BWT

BlackWatch Energy Services Corp.

March 18, 2009 19:00 ET

BlackWatch Energy Services Corp. Announces Sale of Transportation Division Assets

CALGARY, ALBERTA--(Marketwire - March 18, 2009) - BlackWatch Energy Services Corp. ("BlackWatch") (TSX:BWT) announces that it has entered into an agreement for the sale of the assets of its transportation division, scheduled to close on or about April 30, 2009. In conjunction with the sale of these assets, BlackWatch will be terminating the operations of its transportation division. The transportation division has not produced sufficient cash flow to justify the significant ongoing capital investment necessary to maintain and grow the oilfield hauling business. The sale of these assets will allow BlackWatch to reduce debt and focus available resources on more profitable divisions. BlackWatch does not expect the termination of its transportation operations to have a materially negative effect on its future earnings. BlackWatch intends to apply the net sale proceeds to its senior secured debt.

ABOUT BLACKWATCH ENERGY SERVICES CORP.

BlackWatch is a corporation that provides a range of services to its customers operating in the western Canadian sedimentary basin including drilling, wireline services, production services and oilfield equipment rentals.

This press release may contain forward-looking statements subject to various risk factors and uncertainties, which may cause the actual results, performance or achievements of BlackWatch to be materially different from results, performance or achievements expressed or implied by forward-looking statements. Such factors include, but are not limited to fluctuations in the market for oil and gas and related products and services, political and economic conditions, the demand for BlackWatch's services, competition and BlackWatch's ability to attract and retain customers and employees.

Contact Information

  • BlackWatch Energy Services Corp.
    Travis Robertson
    President and Chief Executive Officer
    (403) 225-3879
    (403) 366-2066 (FAX)
    or
    BlackWatch Energy Services Corp.
    Wiley Auch
    Vice President, Finance & CFO
    (403) 225-3879
    (403) 366-2066 (FAX)
    or
    BlackWatch Energy Services Corp.
    300, 855 - 8 Avenue SW
    Calgary, Alberta T2P 3P1
    Website: www.blackwatchenergy.ca