Just Energy Group Inc.
LSE : 48IL

November 10, 2016 02:00 ET

Just Energy Reports Second Quarter Fiscal 2017 Results

FOR:  TOTAL ENERGY SERVICES INC.

TSX SYMBOL:  TOT

November 9, 2016

Total Energy Services Inc. Announces Q3 2016 Results

CALGARY, ALBERTA--(Marketwired - Nov. 9, 2016) - Total Energy Services Inc. (TSX:TOT) ("Total Energy" or the
"Company") announces its consolidated financial results for the three and nine months ending September 30,
2016.

Financial Highlights
($000's except per share data)

/T/


----------------------------------------------------------------------------
                 Three Months Ended September
                              30              Nine Months Ended September 30
                          (unaudited)                   (unaudited)
                      2016      2015  % Change      2016      2015  % Change
----------------------------------------------------------------------------
Revenue           $ 46,536  $ 66,713     (30%) $ 140,385 $ 231,111     (39%)
Operating Income
 (Loss)            (3,012)     2,456    (223%)  (10,814)    20,186    (154%)
EBITDA (1)           4,816    11,137     (57%)    10,487    46,288     (77%)
Cashflow (2)         6,076     (580)    1,148%    12,890    13,402      (4%)
Net Income
 (Loss)            (1,912)     1,570    (222%)   (8,247)    11,674    (171%)

Per Share Data
 (Diluted)
EBITDA (1)           $0.16     $0.36     (56%)     $0.34     $1.49     (77%)
Cashflow (2)         $0.20   $(0.02)    1,100%     $0.42     $0.43      (2%)
Net Earnings       $(0.06)     $0.05    (220%)   $(0.27)     $0.38    (171%)
----------------------------------------------------------------------------


                                     September 30        Dec. 31
                                             2016           2015
                                      (unaudited)      (audited)    % Change
----------------------------------------------------------------------------
Financial Position
Total Assets                            $ 507,711      $ 532,379        (5%)
Long-Term Debt and Obligations
 Under Finance Leases (excluding
 current portion)                          46,719         49,185        (5%)
Working Capital (3)                        80,094         90,314       (11%)
Net Debt (4)                                  nil            nil           -
Shareholders' Equity                      369,857        383,335        (4%)

Shares Outstanding (000's)
Basic and Diluted                          30,940         30,997           -
----------------------------------------------------------------------------

/T/

Notes 1 through 4 please refer to the Notes to the Financial Highlights set forth at the end of this release.

Total Energy's results for the three months ended September 30, 2016 reflect continued challenging industry
conditions. Price competition remained fierce during the quarter, particularly within the Contract Drilling
Services segment where spot market pricing continued to deteriorate substantially compared to the third quarter
of 2015. Ongoing efforts to manage costs began to positively impact the Company's financial results, with
consolidated gross margin for the third quarter of 2016 improving to 22% of revenue compared to 18% for the
first half of 2016.

Total Energy's Contract Drilling Services segment achieved 14% utilization during the third quarter of 2016,
recording 230 operating days (spud to rig release), compared to 291 operating days, or 18% utilization, during
the third quarter of 2015. Revenue per operating day decreased 14% for the third quarter of 2016 relative to
the prior year comparable period due to reduced pricing. During the third quarter of 2016 the Company changed
its estimate of depreciation for drilling rigs and related equipment by establishing a minimum depreciation
charge and reducing residual values to zero. As a result of this change in estimate, there was an increase in
depreciation expense of $0.9 million for the three and nine months ended September 30, 2016.

The Rentals and Transportation Services segment achieved a utilization rate on major rental equipment of 15%
during the third quarter of 2016 as compared to 22% during the third quarter of 2015. Segment revenue per
utilized rental piece decreased 2% for the third quarter of 2016 compared to the same period in 2015 due to
lower pricing. This segment exited the third quarter of 2016 with approximately 10,000 pieces of major rental
equipment and 112 heavy trucks as compared to 10,000 rental pieces and 120 heavy trucks at September 30, 2015.

Revenue in the Compression and Process Services segment decreased 29% to $32.8 million for the three months
ended September 30, 2016 compared to $46.3 million for the same period in 2015. This segment exited the third
quarter of 2016 with a $62.0 million backlog of fabrication sales orders as compared to $51.1 million at
September 30, 2015 and $35.9 million at June 30, 2016. At September 30, 2016, there was 39,200 horsepower in
the compression rental fleet, of which approximately 11,400 horsepower was on rent as compared to 18,900
horsepower on rent at September 30, 2015. The gas compression rental fleet operated at an average utilization
rate of 30% during the third quarter of 2016 as compared to 55% during the third quarter of 2015.

During the third quarter, Total Energy declared a quarterly dividend of $0.06 per share to shareholders of
record on September 30, 2016. This dividend was paid on October 31, 2016. For Canadian income tax purposes, all
dividends paid by Total Energy on its common shares are designated as "eligible dividends" unless otherwise
indicated. During the third quarter of 2016, 35,000 common shares were purchased under the Company's normal
course issuer bid at an average price of $12.71 per share (including commissions). Such shares were cancelled.

OUTLOOK

With a modest recovery in oil and natural gas prices over the course of 2016, industry sentiment has somewhat
improved. However, North American drilling and completion activity remains low by historical measures and
energy service industry overcapacity continues to weigh on pricing and, consequently, industry profitability.
Total Energy remains selective in putting its equipment to work and continues to decline business opportunities
where pricing expectations are not reasonable. When it does accept work, the Company is focused on
differentiating itself by providing quality, well maintained equipment and exceptional service.

Total Energy's 2016 capital expenditure budget was recently increased to $25.5 million, of which $15.0 million
had been expended to September 30, 2016. Included in the remaining $10.5 million is $8.3 million for continued
growth of the Company's Rental and Transportation Services segment in Canada and the United States. The
remaining unspent capital budget relates primarily to growing the compression rental fleet, the expenditure of
which is discretionary in nature.

Total Energy's financial condition remains very strong, with $80.1 million of positive working capital
(including $13.6 million, or $0.44 per share, of cash and marketable securities) and no net debt as at
September 30, 2016. The Company's only bank debt consists of a $47.4 million mortgage loan, which is secured by
approximately 60% of the Company's real estate holdings (based on value). Total Energy's $65 million operating
credit facility was undrawn at September 30, 2016 and remains undrawn. The Company's mortgage loan and
operating credit facility require that it maintain a debt (less cash) to equity ratio below 2.5 to 1.0 and a
current ratio of at least 1.3 to 1.0. As at September 30, 2016, Total Energy's debt to equity ratio was 0.11 to
1.0 and the current ratio was 3.8 to 1.0.

Subsequent to September 30, 2016, the Company renewed its $65 million revolving credit facility to February 17,
2019. Concurrent with such renewal, certain margin requirements were amended. In particular, investment grade
accounts receivable margin eligibility was increased from 75% to 85% and the limit for margin eligibility of
materials inventory was increased to $32.5 million from $30.0 million.

CONFERENCE CALL

At 9:00 a.m. (Mountain Time) on November 10, 2016 Total Energy will conduct a conference call and webcast to
discuss its third quarter financial results. Daniel Halyk, President & Chief Executive Officer, will host the
conference call. A live webcast of the conference call will be accessible on Total's website at
www.totalenergy.ca by selecting "Webcasts". Persons wishing to participate in the conference call may do so by
calling (866) 696-5910 or (416) 340-2217. Those who are unable to listen to the call live may listen to a
recording of it on Total Energy's website. A recording of the conference call will also be available until
November 17, 2016 by dialing (800) 408-3053 (passcode 2784319).

SELECTED FINANCIAL INFORMATION

Selected financial information relating to the three and nine month periods ended September 30, 2016 and 2015
is attached to this news release. This information should be read in conjunction with the consolidated
financial statements of Total Energy and the attached notes to the consolidated financial statements and
management's discussion and analysis to be issued in due course and reproduced in the Company's 2016 third
quarter report.

Consolidated Statements of Financial Position
(in thousands of Canadian dollars)

/T/


----------------------------------------------------------------------------
                                            September 30,       December 31,
                                                     2016               2015
----------------------------------------------------------------------------
                                              (unaudited)          (audited)
Assets
Current assets:
  Cash and cash equivalents            $            8,273 $            8,875
  Accounts receivable                              43,260             48,091
  Inventory                                        51,156             59,066
 Income taxes receivable                              568              2,733
  Other assets                                      5,312              5,768
  Prepaid expenses and deposits                     4,704              4,101
----------------------------------------------------------------------------
                                                  113,273            128,634

Property, plant and equipment                     383,315            392,622
Income taxes receivable                             7,070              7,070
Goodwill                                            4,053              4,053
----------------------------------------------------------------------------
                                       $          507,711 $          532,379
----------------------------------------------------------------------------

Liabilities & Shareholders' Equity
Current liabilities:
  Accounts payable and accrued
   liabilities                         $           23,395 $           22,002
  Deferred revenue                                  4,548             10,556
  Dividends payable                                 1,856              1,860
  Current portion of obligations under
   finance leases                                   1,457              2,023
  Current portion of long term debt                 1,923              1,879
----------------------------------------------------------------------------
                                                   33,179             38,320

Long-term debt                                     45,452             46,900

Obligations under finance leases                    1,267              2,285

Deferred tax liability                             57,956             61,539

Shareholders' equity:
  Share capital                                    88,712             88,875
  Contributed surplus                               7,936              8,255
  Retained earnings                               273,209            286,205
----------------------------------------------------------------------------
                                                  369,857            383,335

----------------------------------------------------------------------------
                                       $          507,711 $          532,379
----------------------------------------------------------------------------

/T/

Consolidated Statements of Comprehensive Income (Loss)
 (in thousands of Canadian dollars except per share amounts)

/T/


----------------------------------------------------------------------------
                            Three months ended         Nine months ended
                               September 30              September 30
                                 2016         2015         2016         2015
----------------------------------------------------------------------------
                          (unaudited)  (unaudited)  (unaudited)  (unaudited)

Revenue                  $     46,536 $     66,713 $    140,385 $    231,111

  Cost of services             36,427       49,814      113,283      167,227
  Selling, general and
   administration               5,392        7,053       16,480       22,082
  Share-based
   compensation                    67          409        1,077          860
  Depreciation                  7,662        6,981       20,359       20,756
----------------------------------------------------------------------------
Operating income (loss)       (3,012)        2,456     (10,814)       20,186

  Gain on sale of
   property, plant and
   equipment                      166        1,700          942        5,346
  Finance income                  802          242          434          637
  Finance costs                 (801)      (2,322)      (1,749)      (6,181)
----------------------------------------------------------------------------
Net income (loss) before
 income taxes                 (2,845)        2,076     (11,187)       19,988

  Current income tax
   expense                        247        2,663          643        9,326
  Deferred income tax
   (recovery)                 (1,180)      (2,157)      (3,583)      (1,012)
----------------------------------------------------------------------------
Total income tax
 (recovery) expense             (933)          506      (2,940)        8,314

Net income (loss) and
 total comprehensive
 income (loss) for the
 period                  $    (1,912) $      1,570 $    (8,247) $     11,674
----------------------------------------------------------------------------

Earnings (loss) per
 share
  Basic earnings (loss)
   per share             $     (0.06) $       0.05 $     (0.27) $       0.38
  Diluted earnings
   (loss) per share      $     (0.06) $       0.05 $     (0.27) $       0.38
----------------------------------------------------------------------------

/T/

Consolidated Statements of Cash Flows
(in thousands of Canadian dollars)

/T/


----------------------------------------------------------------------------
                            Three months ended         Nine months ended
                               September 30              September 30
                                 2016         2015         2016         2015
----------------------------------------------------------------------------
                          (unaudited)  (unaudited)  (unaudited)  (unaudited)

Cash provided by (used
 in):

Operations:
  Net income (loss) for
   the period            $    (1,912) $      1,570 $    (8,247) $     11,674
  Add (deduct) items not
   affecting cash:
    Depreciation                7,662        6,981       20,359       20,756
    Share-based
     compensation                  67          409        1,077          860
  Gain on sale of
   property, plant and
   equipment                    (166)      (1,700)        (942)      (5,346)
    Unrealized (gain)
     loss on other
     assets                     (802)        1,878        (423)        2,438
    Finance costs                 801          444        1,749        3,743
  Unrealized loss (gain)
   on foreign currencies
   translation                     22        (488)          735        (835)
    Current income tax
     expense                      247        2,663          643        9,326
    Deferred income tax
     (recovery)               (1,180)      (2,157)      (3,583)      (1,012)
  Income taxes recovered
   (paid)                       1,337     (10,180)        1,522     (28,202)
----------------------------------------------------------------------------
Cashflow                        6,076        (580)       12,890       13,402
  Changes in non-cash
   working capital
   items:
    Accounts receivable       (6,223)        5,420        4,198       48,442
    Inventory                   (387)        (705)        7,910      (6,250)
    Prepaid expenses and
     deposits                 (1,472)        (357)        (603)        1,779
    Accounts payable and
     accrued liabilities        5,223      (4,197)        3,002     (25,877)
    Deferred revenue          (1,255)      (1,541)      (6,008)        2,838
----------------------------------------------------------------------------
Cash provided by (used
 in) operating
 activities                     1,962      (1,960)       21,389       34,334
Investing:
  Purchase of property,
   plant and equipment        (1,380)      (7,518)      (6,262)     (16,631)
  Acquisitions                      -            -      (8,689)      (1,231)
  Proceeds on sale of
   other assets                   373          138          439          138
  Purchase of other
   assets                           -        (845)            -      (6,117)
  Proceeds on disposal
   of property, plant
   and equipment                  788        8,849        5,009       30,973
  Changes in non-cash
   working capital items          768          282      (1,360)      (8,700)
----------------------------------------------------------------------------
Cash provided by (used
 in) investing
 activities                       549          906     (10,863)      (1,568)
Financing:
  Advances under long-
   term debt                        -            -            -       50,000
  Repayment of long-term
   debt                         (717)        (457)      (1,717)        (760)
  Repayment of
   obligations under
   finance leases               (524)        (771)      (1,790)      (2,362)
  Repayment of
   convertible
   debentures                       -            -            -     (69,000)
  Dividends to
   shareholders               (1,860)      (1,860)      (5,579)      (5,580)
  Repurchase of common
   shares                       (445)         (39)        (733)        (108)
  Interest paid                 (361)        (444)      (1,309)      (3,307)
----------------------------------------------------------------------------
Cash used in financing
 activities                   (3,907)      (3,571)     (11,128)     (31,117)

----------------------------------------------------------------------------
Change in cash and cash
 equivalents                  (1,396)      (4,625)        (602)        1,649

Cash and cash
 equivalents, beginning
 of period                      9,669       14,019        8,875        7,745
----------------------------------------------------------------------------

Cash and cash
 equivalents, end of
 period                         8,273        9,394        8,273        9,394
----------------------------------------------------------------------------

/T/

SEGMENTED INFORMATION

The Company operates in three main industry segments, which are substantially in one geographic segment. These
segments are Contract Drilling Services, which includes the contracting of drilling equipment and the provision
of labour required to operate the equipment, Rentals and Transportation Services, which includes the rental and
transportation of equipment used in drilling, completion and production operations and Compression and Process
Services, which includes the fabrication, sale, rental and servicing of natural gas compression and oil and
natural gas process equipment.

As at and for the three months ended September 30, 2016 (unaudited)

/T/


                                      Contract    Rentals and    Compression
                                      Drilling Transportation    and Process
                                      Services       Services       Services
----------------------------------------------------------------------------

Revenue                         $        3,151 $       10,611 $       32,774

Cost of services                         2,195          6,836         27,396
Selling, general and
 administration                            441          2,594          1,579
Share-based compensation                     -              -              -
Depreciation                             1,691          4,133          1,818
----------------------------------------------------------------------------
Operating income (loss)                (1,176)        (2,952)          1,981

Gain on sale of property, plant
 and equipment                              37             74             55
Finance income                               -              -              -
Finance costs                             (90)          (181)          (101)
----------------------------------------------------------------------------

Net income (loss) before income
 taxes                                 (1,229)        (3,059)          1,935
----------------------------------------------------------------------------

Goodwill                                     -          2,514          1,539

Total assets                           111,811        225,436        157,328
Total liabilities                       21,753         37,879         29,752
----------------------------------------------------------------------------

Capital expenditures            $          852 $          454 $           74
----------------------------------------------------------------------------



                                     Corporate          Total

                                           (1)
-------------------------------------------------------------

Revenue                         $            - $       46,536

Cost of services                             -         36,427
Selling, general and
 administration                            778          5,392
Share-based compensation                    67             67
Depreciation                                20          7,662
-------------------------------------------------------------
Operating income (loss)                  (865)        (3,012)

Gain on sale of property, plant
 and equipment                               -            166
Finance income                             802            802
Finance costs                            (429)          (801)
-------------------------------------------------------------

Net income (loss) before income
 taxes                                   (492)        (2,845)
-------------------------------------------------------------

Goodwill                                     -          4,053

Total assets                            13,136        507,711
Total liabilities                       48,470        137,854
-------------------------------------------------------------

Capital expenditures            $            - $        1,380
-------------------------------------------------------------

/T/

As at and for the three months ended September 30, 2015 (unaudited)

/T/


                                      Contract    Rentals and    Compression
                                      Drilling Transportation    and Process
                                      Services       Services       Services
----------------------------------------------------------------------------

Revenue                         $        4,598 $       15,861 $       46,254

Cost of services                         2,860          8,471         38,483
Selling, general and
 administration                            520          3,240          2,014
Share-based compensation                     -              -              -
Depreciation                               835          4,096          2,031
----------------------------------------------------------------------------
Operating income (loss)                    383             54          3,726

Gain on sale of property, plant
 and equipment                               6             69          1,617
Finance income                               -              -              -
Finance costs                             (95)          (206)          (110)
----------------------------------------------------------------------------

Net income (loss) before income
 taxes                                     294           (83)          5,233
----------------------------------------------------------------------------

Goodwill                                     -          2,514          1,539

Total assets                           114,230        238,322        175,456
Total liabilities                       18,605         43,847         35,139
----------------------------------------------------------------------------

Capital expenditures            $          239 $        6,841 $          433
----------------------------------------------------------------------------



                                     Corporate          Total

                                           (1)
-------------------------------------------------------------

Revenue                         $            - $       66,713

Cost of services                             -         49,814
Selling, general and
 administration                          1,279          7,053
Share-based compensation                   409            409
Depreciation                                19          6,981
-------------------------------------------------------------
Operating income (loss)                (1,707)          2,456

Gain on sale of property, plant
 and equipment                               8          1,700
Finance income                             242            242
Finance costs                          (1,911)        (2,322)
-------------------------------------------------------------

Net income (loss) before income
 taxes                                 (3,368)          2,076
-------------------------------------------------------------

Goodwill                                     -          4,053

Total assets                            10,171        538,179
Total liabilities                       52,889        150,480
-------------------------------------------------------------

Capital expenditures            $            5 $        7,518
-------------------------------------------------------------

/T/

As at and for the nine months ended September 30, 2016 (unaudited)

/T/


                                      Contract    Rentals and    Compression
                                      Drilling Transportation    and Process
                                      Services       Services       Services
----------------------------------------------------------------------------

Revenue                         $        7,013 $       27,846 $      105,526

Cost of services                         4,751         18,521         90,011
Selling, general and
 administration                          1,349          8,007          4,866
Share-based compensation                     -              -              -
Depreciation                             2,424         12,326          5,549
----------------------------------------------------------------------------
Operating income (loss)                (1,511)       (11,008)          5,100

Gain on sale of property, plant
 and equipment                              47            254            641
Finance income
Finance costs                            (272)          (556)          (321)
----------------------------------------------------------------------------

Net income (loss) before income
 taxes                                 (1,736)       (11,310)          5,420
----------------------------------------------------------------------------

Goodwill                                     -          2,514          1,539

Total assets                           111,811        225,436        157,328
Total liabilities                       21,753         37,879         29,752
----------------------------------------------------------------------------

Capital expenditures(2)         $        1,097 $       12,495 $        1,355
----------------------------------------------------------------------------



                                     Corporate

                                           (1)          Total
-------------------------------------------------------------

Revenue                         $            - $      140,385

Cost of services                             -        113,283
Selling, general and
 administration                          2,258         16,480
Share-based compensation                 1,077          1,077
Depreciation                                60         20,359
-------------------------------------------------------------
Operating income (loss)                (3,395)       (10,814)

Gain on sale of property, plant
 and equipment                               -            942
Finance income                             434            434
Finance costs                            (600)        (1,749)
-------------------------------------------------------------

Net income (loss) before income
 taxes                                 (3,561)       (11,187)
-------------------------------------------------------------

Goodwill                                     -          4,053

Total assets                            13,136        507,711
Total liabilities                       48,470        137,854
-------------------------------------------------------------

Capital expenditures(2)         $            4 $       14,951
-------------------------------------------------------------

/T/

As at and for the nine months ended September 30, 2015 (unaudited)

/T/


                                      Contract    Rentals and    Compression
                                      Drilling Transportation    and Process
                                      Services       Services       Services
----------------------------------------------------------------------------

Revenue                         $       11,953 $       59,285 $      159,873

Cost of services                         7,133         31,651        128,443
Selling, general and
 administration                          1,531         10,381          6,780
Share-based compensation                     -              -              -
Depreciation                             1,926         12,433          6,348
----------------------------------------------------------------------------
Operating income (loss)                  1,363          4,820         18,302

Gain on sale of property, plant
 and equipment                              39            323          4,970
Finance income                               -              -              -
Finance costs                            (472)        (1,005)          (652)
----------------------------------------------------------------------------

Net income (loss) before income
 taxes                                     930          4,138         22,620
----------------------------------------------------------------------------

Goodwill                                     -          2,514          1,539

Total assets                           114,230        238,322        175,456
Total liabilities                       18,605         43,847         35,139
----------------------------------------------------------------------------

Capital expenditures (3)        $          660 $       12,779 $        4,398
----------------------------------------------------------------------------



                                     Corporate          Total

                                           (1)
-------------------------------------------------------------

Revenue                         $            - $      231,111

Cost of services                             -        167,227
Selling, general and
 administration                          3,390         22,082
Share-based compensation                   860            860
Depreciation                                49         20,756
-------------------------------------------------------------
Operating income (loss)                (4,299)         20,186

Gain on sale of property, plant
 and equipment                              14          5,346
Finance income                             637            637
Finance costs                          (4,052)        (6,181)
-------------------------------------------------------------

Net income (loss) before income
 taxes                                 (7,700)         19,988
-------------------------------------------------------------

Goodwill                                     -          4,053

Total assets                            10,171        538,179
Total liabilities                       52,889        150,480
-------------------------------------------------------------

Capital expenditures (3)        $           25 $       17,862
-------------------------------------------------------------


1.  Corporate includes the Company's corporate activities, accretion of
    convertible debentures in 2015 and obligations pursuant to long-term
    credit facilities.
2.  Includes acquisitions of assets in January and May of 2016 described in
    note 4 to Q3 2016 Condensed Interim Consolidated Financial Statements.
3.  Includes January 2015 acquisition of a business described in note 5 to
    2015 audited Financial Statements.

/T/

Total Energy Services Inc. is a growth oriented energy services corporation involved in contract drilling
services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas
compression and oil and natural gas process equipment. The common shares of Total Energy are listed and trade
on the TSX under the symbol TOT.

Notes to Financial Highlights

/T/

1.  EBITDA means earnings before interest, taxes, depreciation and
    amortization and is equal to net income before income taxes plus finance
    costs plus depreciation minus finance income. EBITDA is not a recognized
    measure under IFRS. Management believes that in addition to net income,
    EBITDA is useful supplemental measure as it provides an indication of
    the results generated by the Company's primary business activities prior
    to consideration of how those activities are financed, amortized or how
    the results are taxed in various jurisdictions as well as the cash
    generated by the Company's primary business activities without
    consideration of the timing of the monetization of non-cash working
    capital items. Readers should be cautioned, however, that EBITDA should
    not be construed as an alternative to net income determined in
    accordance with IFRS as an indicator of Total Energy's performance.
    Total Energy's method of calculating EBITDA may differ from other
    organizations and, accordingly, EBITDA may not be comparable to measures
    used by other organizations.

2.  Cashflow for the nine months ended September 30, 2015 is net of $12.7
    million of income taxes paid during the period that relates to 2014
    taxable income as a result of the Company not having been required to
    make income tax installment payments during 2014 and $6.9 million paid
    as a result of a Canadian federal income tax reassessment that has
    subsequently been appealed by the Company.

3.  Working capital equals current assets minus current liabilities.

4.  Net Debt equals long-term debt plus obligations under finance leases
    plus current liabilities minus current assets.

/T/

Certain statements contained in this press release, including statements which may contain words such as
"could", "should", "expect", "believe", "will" and similar expressions and statements relating to matters that
are not historical facts are forward-looking statements. Such forward-looking statements involve known and
unknown risks and uncertainties which may cause the actual results, performances or achievements of Total
Energy to be materially different from any future results, performances or achievements expressed or implied by
such forward-looking statements. Such factors include fluctuations in the market for oil and natural gas and
related products and services, political and economic conditions, the demand for products and services provided
by Total Energy, Total Energy's ability to attract and retain key personnel and other factors. Reference should
be made to Total Energy's most recently filed Annual Information Form and other public disclosures (available
at www.sedar.com) for a discussion of such risks and uncertainties.

The TSX has neither approved nor disapproved of the information contained herein.


-30-

FOR FURTHER INFORMATION PLEASE CONTACT:

Daniel Halyk
President & Chief Executive Officer
(403) 216-3921

OR

Yuliya Gorbach
Vice-President Finance and Chief Financial Officer
(403) 216-3920
investorrelations@totalenergy.ca
www.totalenergy.ca

Contact Information

  • Just Energy Group Inc.