Cdn Oilfield Technologies & Solutions Corp.

Cdn Oilfield Technologies & Solutions Corp.

June 06, 2012 09:00 ET

Cdn Oilfield Technologies & Solutions Corp. (TSX VENTURE:OTS): New Orders-Mexico

CALGARY, ALBERTA--(Marketwire - June 6, 2012) - Cdn Oilfield Technologies & Solutions Corp. (TSX VENTURE:OTS) -

The corporation is pleased to announce that its 100% wholly owned Mexican subsidiary Cdn Oilfield Technologies & Solutions S. de R.L de C.V. ("COTS") has received 3 new purchase orders totalling 25.5 million pesos (approximately $2 million USD) for short term construction projects. COTS will provide short term advance funding and project management services for the projects in return for a 50 percent profit sharing arrangement. The projects are identified as Tecominoacan 846, Paredon 501 and Cardenas 627.

The work projects were issued by Schlumberger, the largest oil and gas service company in Mexico under a Master Agreement issued by Pemex, the state owned oil and gas producer. The projects are expected to commence immediately with completion ranging from 15 to 30 days.

Phil D'Angelo states, "With the Terra 114 onshore drilling platform and road access construction project nearing completion, Schlumberger is continuing to move forward awarding new contracts. Detailed process analysis combined with hands on project management has proven to deliver results beyond expectations. COTS is executing on its business strategy and will continue to explore new opportunities that will afford additional revenue streams for the company".

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