Innovative Wireline Solutions Inc.
TSX VENTURE : IWS

November 23, 2010 16:55 ET

Innovative Wireline Solutions Inc. Announces Completion of Equipment Sales Agreement With Libyan Based Company, Arrawafed Oil Services Co.

CALGARY, ALBERTA--(Marketwire - Nov. 23, 2010) - Innovative Wireline Solutions Inc. ("Innovative" or the "Corporation") (TSX VENTURE:IWS) is pleased to announce that it has executed an Equipment Sales Agreement (the "Agreement") with Libyan based company, Arrawafed Oil Services Co. ("Arrawafed").

Pursuant to the Agreement, Arrawafed will hold the exclusive right to purchase WellRunner's designed for desert conditions in Libya (the "Libyan WellRunner") from Innovative for a period of 48 months.

Arrawafed will pay all manufacturing costs plus a set fee to Innovative for each Libyan WellRunner purchased.

"Innovative is very pleased with our strategic alliance with Arrawafed. We are excited to commence the production of the Libyan WellRunner and see this long term agreement as having tremendous potential in creating shareholder value with limited risk" said Cameron Bawol, Vice President Finance & Chief Financial Officer of Innovative.

"Arrawafed is proud to bring the Libyan WellRunner to Libya and believes that this technology will change how slickline work is done in Libya due to its unique and environmentally friendly design and its lower operating costs" said Taha Ellafi, General Manager, Arrawafed.

ABOUT INNOVATIVE WIRELINE SOLUTIONS INC.

Innovative Wireline Solutions Inc. has developed a unique wireline (slickline) services truck (named the "WellRunner"), which has significant improvements and modifications over conventional wireline trucks. The development of the WellRunner resulted from the energy industry's desire for a full service slickline truck at more affordable rates, that would be operational through all seasons of the year, including the seasonal road ban periods when the majority of wireline trucks sit idle. The WellRunner delivers a lower operating cost structure and provides significant savings to customers. The WellRunner has been designed to provide full service operations up to depths of 6,000 meters (comparable to significantly heavier and costlier conventional slickline trucks currently operating in the Western Canadian Sedimentary Basin).

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements.

The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Innovative Wireline Solutions Inc.
    Cameron Bawol, CA
    Vice President Finance & Chief Financial Officer
    403-718-3886
    cbawol@innovativewireline.com