Central Alberta Well Services Corp.
TSX VENTURE : CWC

Central Alberta Well Services Corp.

December 12, 2006 15:55 ET

Central Alberta Well Services Announces Appointment of Chief Financial Officer

CALGARY, ALBERTA--(CCNMatthews - Dec. 12, 2006) -

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Central Alberta Well Services Corp. (TSX VENTURE:CWC) ("Central Alberta" or the "Company") is pleased to announce the appointment of Darcy Campbell as Chief Financial Officer of the Company. Mr. Campbell is a CMA with 14 years of progressive finance experience in the oil and gas service industry. He comes with a strong financial background from one of the largest publicly traded drilling and service providers in North America. As part of Mr. Campbell's remuneration, the board has granted him 300,000 options under the Company's stock option plan at a price of $0.75 per share.

Darryl Wilson, President and CEO, stated, "We are pleased with the addition of Mr. Campbell to the Company's seasoned management team. His knowledge and understanding of the service industry will be a valued asset to Central Alberta's strategic growth plans."

The Company also announces that, subject to regulatory approval, it plans to issue 155,037 common shares from treasury at a deemed price of $0.75 per share for repayment of a shareholder loan to a previous shareholder of Vertical Rentals.

The Company also announces that it continues to experience high demand for its products and services throughout the fourth quarter and anticipates a strong exit for 2006. The Company will continue to deploy its new products in Q1 of 2007 to meet the commitments and demands of the Company's customers.

About Central Alberta

Central Alberta Well Services is headquartered in Red Deer, Alberta with additional operating centers in eastern and northern Alberta. The Company provides oilfield services, including well servicing, coil tubing, snubbing, nitrogen, well testing and oilfield equipment rentals to oil and gas companies operating in the Western Canadian Sedimentary Basin.

READER ADVISORY

This press release may include forward-looking statements and assumptions respecting the Company's strategies, future operations, expected financial results, financial sources and industry outlook and discusses certain issues, risks and uncertainties that can be expected to impact on any of such matters. By their nature, forward-looking statements are subject to numerous risks and uncertainties that can significantly affect future results. Actual future results may differ materially from those assumed or described in such forward-looking statements as a result of the impact of issues, risks and uncertainties whether described herein or not, which the Company may not be able to control. The reader is therefore cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any intention or obligation to update or revise these forward-looking statements, as a result of new information, future events or otherwise.

Common Shares Issued: 41,718,232

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release and has neither approved nor disapproved the contents of this release.

Contact Information

  • Central Alberta Well Services Corp.
    Darryl Wilson
    President and Chief Executive Officer
    Email: darrylwilson@cawsc.com
    or
    Central Alberta Well Services Corp.
    6763 76th Street
    Red Deer, AB. T4P 3R7
    (403) 341-3933
    Website: www.cawsc.com