Canadian Oilfield Solutions Corp.
TSX VENTURE : OTS

Canadian Oilfield Solutions Corp.

July 15, 2013 09:00 ET

Canadian Oilfield Solutions Corp.: Corporate and Operations Updates

CALGARY, ALBERTA--(Marketwired - July 15, 2013) -

(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)

Canadian Oilfield Solutions Corp. (the "Corporation") (TSX VENTURE:OTS) is pleased to provide a corporate and operational update:

The Corporation is pleased to announce that the second major construction project in Mexico has recently been completed both under budget and ahead of schedule, and two additional major projects have been awarded for which the Corporation will provide project management and finance services. The projects, to be run concurrently, are expected to commence in Q3 with approximate timelines of 150 days to completion and a combined budget of approximately USD $11 million. The Corporation earns a financing fee and a share in any profits as its revenue from the projects. Multiple smaller scope construction projects have also been completed in 2013.

The Corporation continues to pursue the sale and installation of flexible pipe in Mexico. One project is scheduled for Q3 with a new client, and additional sales and installations are anticipated through Q4. The scope of work is expected to be a mix of 4" and 6" pipe with lengths under 2 km. The Bitzalcobo pipe project, which began in Q3 2011 as a test project to investigate the installation capabilities of flexible pipe over various terrain, has evolved into a revenue-generating project and is on its final phase with completion expected in late July 2013. The success of the project validates the wide range of challenging terrain that can be crossed using FlexSteel™ products.

The submersible pump business continues to make significant improvements with a focus on growth and diversification. In the Oil & Gas industry, the Corporation has added Electric Submersible Progressive Cavity Pumps ("ESPCP") to its product line, increasing the number of well types that can be serviced. In the industries of mining, agriculture and municipal/industrial water, the Corporation continues to grow its distribution network of submersible motors, including its first sales into the Canadian mining market.

The Corporation is also pleased to announce that as of June 7, 2013, Scott Hamilton has been appointed Corporate Secretary in addition to his role as Chief Financial Officer. To assist Mr. Hamilton in his duties the Corporation has engaged CAS Corporate Governance Services, a Calgary based firm with 30 years of administration experience.

Headquartered in Calgary, Alberta, Canadian Oilfield Solutions Corp. provides an array of specialized products and services that are used in the production of oil and gas reserves.

FORWARD-LOOKING INFORMATION

This document contains information that constitutes forward-looking information and financial outlook within the meaning of applicable securities legislation. This forward-looking information and financial outlook is identified by the use of terms and phrases such as "anticipate," "achieve", "achievable," "believe," "estimate," "expect," "intend", "plan", "planned", and other similar terms and phrases. This information and outlook speaks only as of the date of this document and we do not undertake to publicly update the forward-looking information and financial outlook contained in this document except in accordance with applicable securities laws.

Forward-looking information and financial outlook is based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking information and financial outlook should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services.

Forward-looking information and financial outlook is subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: customers' completion of expected work programs; fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials, and COS's successful performance under contracts.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Canadian Oilfield Solutions Corp.
    Ken Berg
    President and Chief Executive Officer
    (403) 543-0060
    (403) 543-0069 (FAX)
    kberg@cotsoilfield.com

    Canadian Oilfield Solutions Corp.
    Scott Hamilton
    Chief Financial Officer and Corporate Secretary
    (403) 543-0060
    (403) 543-0069 (FAX)
    shamilton@cotsoilfield.com