CALGARY, ALBERTA--(Marketwired - April 8, 2014) -
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Great Prairie Energy Services Inc. (TSX VENTURE:GPE) ("Great Prairie" or the "Company") is pleased to announce its financial results for the three months and year-ended December 31, 2013. A full copy of our 2013 Financial Statements and MD&A are available on Great Prairie's website at www.gpeservices.ca and under Great Prairie's profile on SEDAR at www.sedar.com.
During the last quarter of 2013, Great Prairie completed its qualifying transaction with the acquisition of Good to Go Rentals Ltd. and Neigum Hot Oilers (1992) Ltd. (collectively, "Good to Go"), oilfield rental and general oilfield hauling companies based in Kindersley, Saskatchewan. The Good to Go acquisition provided Great Prairie with high quality services companies with a strong record of profitable growth in the Viking oil play area. Great Prairie's 2013 year end results only include two months of operating results of Good to Go, as the Good to Go acquisition was completed at the end of October 2013.
Subsequent to the Company's year-end, on March 11, 2014, Great Prairie acquired Green Dawg Inc. ("Green Dawg"), an automated catwalk rental company, for $3,800,000, subject to Green Dawg meeting certain performance targets over the 12 month period following the completion of its acquisition by the Company. At closing of the Green Dawg acquisition, the Company paid $2,750,000 in cash to the vendors. The remainder of the purchase price, of up to $1,050,000, will be paid in cash over the 12 month period following closing if the performance targets are met by Green Dawg. Green Dawg's high margin business provides geographic diversification to Great Prairie's operations with an opportunity to immediately deploy additional capital to grow Green Dawg's operations.
Management feels that Great Prairie's financial status as at December 31, 2013 is strong and it positions the Company well for future growth, both organically and through further acquisitions.
About Great Prairie Energy Services Inc.
Great Prairie Energy Services Inc. is a Canadian energy services company focused on servicing oil and gas activity in Saskatchewan and Alberta. Great Prairie provides general oilfield hauling and rentals out of Kindersley, Saskatchewan through its operating entities Good to Go Oilfield Rentals and Trucking and provides automated catwalk rentals through its operating entity Green Dawg in the Lloydminster region straddling Alberta and Saskatchewan.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements relating to future growth and planned capital expenditures of Great Prairie. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things: the risk that Good to Go or Green Dawg may not be able to retain key employees to continue to maintain its operations, Great Prairie's ability to complete future financings, state of the economy in general and capital markets in particular and investor interest in the business and future prospects of Great Prairie.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Great Prairie disclaim any intention and assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, Great Prairie undertake no obligation to comment on the expectations of, or statements made, by third parties in respect of the matters discussed above.
Neither the 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.