Calmena Energy Services Inc.
TSX : CEZ

Calmena Energy Services Inc.

January 20, 2015 08:30 ET

Calmena Updates Senior Lender Action

CALGARY, ALBERTA--(Marketwired - Jan. 20, 2015) -

Calmena Energy Services Inc. (TSX:CEZ) ("Calmena" or the "Company") provides an update on its senior credit facilities ("Credit Facilities").

On January 19, 2015, the Company's senior lender (the "Senior Lender") made a formal written demand on Calmena and certain of its subsidiaries that payment of all amounts owing under the Credit Facilities be made within 10 calendar days of the delivery of such notice, and delivered to the Company and its subsidiaries Form 86 Notices of Intention to Enforce Security ("Notices of Intention") pursuant to the provisions of Section 244(1) of the Bankruptcy and Insolvency Act (Canada) ("BIA") whereby the Senior Lender set forth its intention to enforce its security on the expiration of ten days following the date of delivery of such Notices of Intention. Also on January 19, 2015, the Senior Lender made an application to the Court of Queen's Bench of Alberta to appoint an interim receiver under the BIA to protect its security during the demand period. This application was adjourned to 3:00PM on January 20, 2015.

The Company owes approximately $16.6 million under the Credit Facilities. The Credit Facilities are secured by all of Calmena's and its subsidiaries' assets located in Canada, USA and Mexico.

Trading in the common shares of the Company on the Toronto Stock Exchange ("TSX") has been suspended by the TSX. The TSX is carrying out an expedited review of the suitability of the Company for continued listing on the TSX, with a meeting of the Continued Listing Committee of TSX scheduled to be held on January 23, 2015 to consider whether or not to delist the securities of the Company.

ABOUT CALMENA ENERGY SERVICES INC.

Calmena is a diversified energy services company that provides contract drilling and directional drilling services to its customers operating in 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
    (403) 366-2066 (FAX)

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

    Calmena Energy Services Inc.
    1200, 1122 - 4th Street SW
    Calgary, Alberta T2R 1M1
    (403) 225-3879
    (403) 366-2066 (FAX)
    www.calmena.com