Calmena Energy Services Inc.

TSX : CEZ


Calmena Energy Services Inc.

May 15, 2014 18:14 ET

Calmena Announces Closing of Sale of Equipment Rentals and Frac Fluids Management Service Lines

CALGARY, ALBERTA--(Marketwired - May 15, 2014) - Calmena Energy Services Inc. (TSX:CEZ) ("Calmena") is pleased to announce that it has now closed the previously disclosed sale of its Equipment Rentals and Frac Fluids Management service lines to Great Prairie Energy Services Inc. (TSX VENTURE:GPE) ("Great Prairie") for cash consideration of $10.0 million.

Proceeds from this sale in the amount of $9.0 million will be used to repay amounts owing by Calmena under its credit facilities with its senior lender and the remaining $1.0 million will be used to fund general working capital requirements.

This sale was completed in conjunction with Calmena's previously announced process to explore strategic alternatives. This strategic alternatives process is ongoing and it remains Calmena's intention not to disclose developments with respect to the process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate.

ABOUT CALMENA ENERGY SERVICES INC.

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".

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Calmena Energy Services Inc.
    John R. King
    President and Chief Executive Officer
    (403) 225-3879

    Calmena Energy Services Inc.
    Peter J. Balkwill
    Vice President Finance and Chief Financial Officer
    (403) 225-3879
    (403) 366-2066 (FAX)
    www.calmena.com