Calmena Energy Services Inc.
TSX : CEZ

Calmena Energy Services Inc.

February 25, 2011 09:40 ET

Calmena Operations Update -Libya

CALGARY, ALBERTA--(Marketwire - Feb. 25, 2011) - Calmena Energy Services Inc. (TSX:CEZ) (Calmena) operates two 1,000 hp rigs in the Libyan desert for Waha Oil Company. Waha Oil Company (Waha) is owned by National Oil Corporation (being the Libyan national oil corporation) in a joint venture with ConocoPhillips, Marathon and Amerada Hess. 

Waha has temporarily suspended all of its field operations in Libya, including those involving Calmena's two rigs. As a precaution, Calmena has evacuated its foreign employees from Libya and all rig assets have been secured. Although specific rig locations are confidential and will not be disclosed, management believes Calmena's rigs are not at risk due to their distance from population centres. 

Management remains in communication with Waha regarding the status of operations.

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 as well as the Middle East and North Africa. The common shares of Calmena trade on the Toronto Stock Exchange under the symbol "CEZ".

FORWARD LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. Such statements represent Calmena's internal projections, estimates or beliefs concerning, among other things, Calmena's Libyan rigs not being at risk due to their distance form population centers and other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Calmena believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Calmena's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Calmena.

Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of the Company are included in reports on file with the applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). 

The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws.

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 King
    President and Chief Executive Officer
    (403) 225-3879
    (403) 366-2066 (FAX)
    or
    Calmena Energy Services Inc.
    Peter Balkwill
    Vice President, Finance & CFO
    (403) 225-3879
    (403) 366-2066 (FAX)
    or
    Calmena Energy Services Inc.
    700, 333 - 7th Avenue SW
    Calgary, Alberta T2P 2Z1
    www.calmena.com