New West Energy Services Inc.

New West Energy Services Inc.

August 24, 2012 18:04 ET

New West Energy Services Inc. Announces Closing of Financing and Asset Acquisition

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2012) - New West Energy Services Inc. (TSX VENTURE:NWE) (the "Corporation") is pleased to announce that it has completed its previously announced transaction (the "Acquisition") with Porterco Welding Ltd. ("Porterco"). In connection with the Acquisition, the Corporation acquired the operating assets of Porterco, which assets include all equipment used in the hauling and handling of drilling waste solids, rental equipment, vehicles, inventory and customer lists. In addition, the Corporation has retained approximately 9 employees employed in the drilling waste business. The acquired drilling waste business will operate under the name Porterco Oilfield Services Inc. ("Porterco Oilfield"), a wholly-owned subsidiary of the Corporation. Mr. Cory Porter, founding principal of Porterco, has been appointed General Manager of Porterco Oilfield.

The Corporation is also pleased to announce that it has closed its previously announced private placement of common shares ("Common Shares") at $0.06 per Common Share for gross proceeds of $120,000 with Mr. Cory Porter. The Common Shares were issued to Mr. Porter concurrently with the closing of the Acquisition. Each of the Common Shares issued today are subject to a four month hold period.

About New West Energy Services Inc.

The Corporation operates in the oilfield service industry in Canada through its wholly owned subsidiary BearStone Environmental Solutions Inc. BearStone provides environmental services to the upstream oil and gas industry and operates a fleet of specialized vacuum and water trucks.

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

Contact Information

  • New West Energy Services Inc.
    Gerry E. Kerkhoff
    President & Chief Executive Officer
    403.984.9798 or 1.888.977.2327 (BEAR)
    403.984.9799 (FAX)