CWC Energy Services Corp.
TSX VENTURE : CWC

CWC Energy Services Corp.

September 15, 2014 09:00 ET

CWC Energy Services Corp. Announces Sale of Its Snubbing Business

CALGARY, ALBERTA--(Marketwired - Sept. 15, 2014) - CWC Energy Services Corp. ("CWC" or the "Company") (TSX VENTURE:CWC) is pleased to announce that it has divested of its snubbing assets and business in several separate transactions for gross proceeds of $6.5 million in cash. The cash proceeds from the sale will be used to partially fund the $27.9 million capital expenditure increase previously disclosed in the Company's August 14, 2014 press release and for general corporate purposes.

The sale of the snubbing business is consistent with the Company's stated objectives of focusing growth on its drilling rig, service rig and coil tubing businesses. "These transactions allow CWC to redeploy capital to the contract drilling and well servicing equipment that are in higher demand from our customers and should result in higher equipment utilization and cash flow, with the intent to generate a higher return on investment for CWC's shareholders," said Duncan Au, President and CEO of CWC. Mr. Au further commented, "We thank all of our snubbing employees for their contributions over the last eight years and wish them continued success with their new employer."

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".

Duncan T. Au, CA, CFA, President & Chief Executive Officer

Ryan A. Michaluk, CA, CMA, Chief Financial Officer

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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