Central Alberta Well Services Corp.
TSX VENTURE : CWC.A

Central Alberta Well Services Corp.

May 02, 2008 09:00 ET

Central Alberta Well Services Announces Mailing of Meeting Circular, Filing of AIF and Delivery of New Rig

CALGARY, ALBERTA--(Marketwire - May 2, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Central Alberta Well Services Corp. (TSX VENTURE:CWC.A) ("CWC" or the "Company") announces that the Company has mailed its Notice of Meeting and Information Circular for the Company's Annual and Special Meeting to be held at the Fairmont Palliser Hotel on Wednesday, May 28, 2008 at 10:00 a.m. The Information Circular was mailed together with the Company's Financial Statements and Management's Discussion and Analysis for the fiscal year ended December 31, 2007. The Company also announces that it has prepared and filed its Annual Information Form ("AIF") for the fiscal year ended December 31, 2007 on SEDAR.

Central Alberta is also pleased to announce that it has received its first newly manufactured single slant service rig which utilizes the latest technology available on the market. The new rig is being deployed to the Company's Provost eastern operation division with a two year commitment for completion and production work for a local oil and gas producer in the area. The addition of the slant rig broadens the Company's service capacities and brings the core service division to a count of 38 rigs at the end of the first quarter of 2008 and represents a 211% increase in the Company's service rig fleet size compared to the same quarter last year.

"We are very pleased with the accomplishment of the design of the new slant rig," stated Darryl Wilson, President and C.E.O. of the Company. "The new rig is equipped with the latest technological advancements and its light-weight design makes it more accessible to the industry conditions and weather patterns faced by us. The new rig is capable of year round utilization similar to our existing fleet. Its compact footprint and quick rig up capabilities provide additional economics to our clientele," said Wilson.

The Company also announces the resignation of Jeffrey G. Thomson as a director and chairman of the Audit Committee of the Company as a result of a conflict of interest with his new employer. Mr. Thomson was a co-founder and a director of the Company since its inception in March, 2005. The Board of Directors would like to thank Mr. Thomson for his dedication and contributions to the Company and to wish him every success in his future endeavors. Mr. Thomson has been replaced in his position as chairman of the Audit Committee by Louis W. MacEachern. Mr. MacEachern has been a director and chairman of the Compensation Committee of the Company since September, 2005.

ABOUT CENTRAL ALBERTA WELL SERVICES

Central Alberta Well Services is headquartered in Red Deer, Alberta, with additional operating centres in eastern and northern, Alberta and a business office in Calgary. 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

Certain statements contained in this press release, including statements which may contain such words as "could", "should", "believe", "expect", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking statements, including, but not limited to, statements as to: future capital expenditures, including the amount and nature thereof; business strategy; expansion and growth of the Company's business and operations; and other matters. Management has made certain assumptions and analyses which reflect their experiences and knowledge in the industry. These assumptions and analyses are believed to be accurate and truthful at the time but the company can not assure readers that actual results will be consistent with these forward-looking statements. However, whether actual results, performance, or achievements will conform to the Company's expectations and predictions is subject to known and unknown risks and uncertainties which could cause actual results to differ materially from the Company's expectations. All forward-looking statements made in the press release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected outcomes to, or effects on, the Company or its business operations. The Company does not intend, and does not assume any obligation to update these forward-looking statements. Any forward-looking statements made previously may be inaccurate now.

Class A Common Shares (Trading): 21,473,730

Class B Common Shares (Non-Trading): 6,403,531

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

Contact Information

  • Central Alberta Well Services Corp.
    Darryl E. Wilson
    President & Chief Executive Officer
    (403) 341-3933
    Email: darrylwilson@cawsc.com
    or
    Central Alberta Well Services Corp.
    6763 - 76th Street
    Red Deer, Alberta T4P 3R7
    or
    Central Alberta Well Services Corp.
    Darcy A. Campbell, CMA
    Vice-President, Finance and Chief Financial Officer
    (403) 264-2177
    Email: darcycampbell@cawsc.com
    or
    Central Alberta Well Services Corp.
    2325, 330 - 5th Avenue SW
    Calgary, Alberta T2P 0L4