CWC Energy Services Corp.

CWC Energy Services Corp.

December 12, 2014 08:00 ET

CWC Energy Services Corp. Announces Changes to Board of Directors and Management Team

CALGARY, ALBERTA--(Marketwired - Dec. 12, 2014) - CWC Energy Services Corp. (TSX VENTURE:CWC) ("CWC" or the "Company") is pleased to announce the following changes to its Board of Directors and Senior Management Team.

Effective immediately, Mr. Dean Schultz has been appointed as a Director to the Board of CWC. Mr . Schultz is a Chartered Accountant with over 14 years of accounting, investment management and energy industry experience. He is currently the Vice President, Energy with Brookfield Asset Management Inc. ("Brookfield") focusing on energy related investments. Prior to joining Brookfield in 2012, Mr. Schultz was the Vice President, Finance and Chief Financial Officer of several oil and gas production companies in Western Canada. Prior thereto, he was with Collins Barrow Chartered Accountants where he provided audit and advisory services. He currently holds and has previously held, directorships on numerous public and private company Boards.

In conjunction with Mr. Schultz's appointment, CWC has accepted the resignation of Mr. Alexander D. Greene as a Director of the Company. "Alex has been a valued member of our Board of Directors for the past seven years and we thank him for his many contributions. We wish him the best of success in his future endeavors," said Jim Reid, Chairman of the Board.

Effective January 5, 2015, Mr. Craig S. Flint will be joining CWC as our Chief Financial Officer. Mr. Flint is a Chartered Accountant with over 23 years of accounting, finance and energy related experience. He has spent the last 16 years with Superior Plus Corp. and its subsidiaries in various capacities including Vice President, Finance of Superior Propane; Vice President, Business Development & Compliance at Superior Plus Corp., Corporate Controller at Winroc; and Team Leader, Tax & Treasury at Superior Plus Income Fund. Mr. Flint has corporate development, corporate tax, cost management, financial and treasury management experience and has been involved in analyzing, completing due diligence, structuring, executing and integrating acquisitions totaling $1.9 billion during his time at Superior. Prior thereto, Mr. Flint spent seven years in assurance and tax with PricewaterhouseCoopers.

Effective December 31, 2014, Mr. Rick Dawson will be retiring as Vice President, Business Development after a successful 44 year career in the service rig industry. "Rick has provided the Company with true sales leadership helping to transform the Company's customer base to a high quality senior and intermediate producer list since his arrival at CWC in 2008," said Duncan Au, President and Chief Executive Officer. In conjunction with Mr. Dawson's retirement, CWC has promoted Mr. Michael DuBois to the position of Vice President, Sales & Marketing (Well Services) effective January 1, 2015. Mr. DuBois is currently the Sales & Marketing Manager for CWC. He has 19 years of experience in the service rig industry having started as a Floorhand and progressively moving up in responsibility to the position of Rig Manager with Alberta Gold Well Servicing and Nabors Production Services. Mr. DuBois has been a Sales Representative marketing service rig work to exploration and production companies for the past 14 years. "CWC is very fortunate to have the depth and breadth of experienced talent within the Company to be able to promote Mike to the position of Vice President, Sales & Marketing (Well Services). Such talent demonstrates our commitment to our tag line of Quality People Delivering Quality Service," said Mr. Au.

About CWC Energy Services Corp.

CWC Energy Services Corp. is a premier contract drilling and well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including drilling rigs, service rigs, coil tubing and well testing. The Company's corporate office is located in Calgary, Alberta, with operational locations in Nisku, Grande Prairie, Slave Lake, Red Deer, Lloydminster, Provost and Brooks, Alberta and Weyburn, Saskatchewan. The Company's shares trade on the TSX Venture Exchange under the symbol "CWC".

READER ADVISORY - Neither 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.

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: the Company's present stated business objectives of becoming a contract drilling and well servicing company in Western Canada and the anticipated use of the cash proceeds received from the sale. Management has made certain assumptions and analyses which reflect their experiences and knowledge in the industry, including, without limitations, assumptions pertaining to drilling and well servicing demand as a result of commodity prices. These assumptions and analyses are believed to be accurate and truthful at the time, but the Company cannot 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, except as expressly required to do so pursuant to applicable securities laws. Any forward-looking statements made previously may be inaccurate now.

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