New West Energy Services Inc.
TSX VENTURE : NWE

October 27, 2011 20:16 ET

New West Energy Services Inc. Announces Its First Quarter Results

CALGARY, ALBERTA--(Marketwire - Oct. 27, 2011) - New West Energy Services Inc. (TSX VENTURE:NWE) (the "Corporation") is pleased to announce the results for the Corporation for its first quarter ended July 31, 2011.

Revenue for the three month period totaled $4,610,000. Net income for the three month period totaled $211,000. The comparative numbers for the three month period ended July 31, 2010 were $2,548,000 and $261,000 respectively.

The Corporation has two operating entities: New West Drilling Fluids Inc. ("NWDF"), which sells chemicals and provides field engineering services, and BearStone Environmental Solutions Inc. ("BearStone"), established on June 9, 2010, which provides environmental services and operates a fleet of specialized vacuum and water trucks to the upstream oil and gas industry throughout Western Canada. The Corporation, through its two subsidiaries, operates in four segments being corporate, drilling, environmental services and vacuum services. These segments are based on the type of revenue earned.

NWDF has one of the best SAGD drilling fluid systems on the market. This patented system, named BITUDRIL, has proven to be very effective and has been a product of choice for various major oil companies in the development of their SAGD oil sands projects. One of the primary benefits of the BITUDRIL system is the conservation of water. The encapsulating nature of the fluid on waste drill cuttings allows for continued re-use of the water in drilling well after well.

BearStone started operations in June of 2010 with the purchase of several vacuum and water trucks and other assets which included taking over several active contracts and the hiring of key management and field personnel. BearStone has a solid customer base of over 50 clients made up of various oil and gas companies and is currently looking at expanding from its current equipment base in Medicine Hat, Alberta to other areas of the Province.

Management of the Corporation believes that the combination of the two subsidiaries and the integration of their sales, marketing and provisions of services will continue to expand its customer base and grow its revenue and earnings.

The Corporation's financial statements and its Management Discussion and Analysis can be found on www.sedar.com.

About New West Energy Services Inc.

The Corporation operates in the oil field service industry in Canada through its wholly- owned subsidiaries New West Drilling Fluids Inc. and BearStone Environmental Solutions Inc. New West Drilling Fluids Inc. sells chemicals and provides field engineering services to oil and gas exploration and production companies. BearStone Environmental Solutions Inc. provides environmental services to the upstream oil and gas industry and operates a fleet of 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)
    gkerkhoff@bearstoneenviro.com