New West Energy Services Inc.
TSX VENTURE : NWE

New West Energy Services Inc.

March 29, 2012 18:39 ET

New West Energy Services Inc. Announces Its Third Quarter Results

CALGARY, ALBERTA--(Marketwire - March 29, 2012) - NEW WEST ENERGY SERVICES INC. (TSX VENTURE:NWE) (the "Corporation") is pleased to announce the results for the Corporation for the three, six and nine month period ended January 31, 2012.

Revenue for the three month period ended January 31, 2012 totaled $4,712,589 (up 8% from the comparative period January 31, 2011 amount of $4,364,953), for the six month period ended October 31, 2011 totaled $9,793,827 (up 93% from the comparative period October 31, 2010 amount of $5,075,144) and for the nine month period ended January 31, 2012 totaled $14,506,416 (up 54% from the comparative period January 31, 2011 amount of $9,440,097).

Net income for the three month period ended January 31, 2012 totaled $3,486,140 (up 1015% from the comparative period January 31, 2011 amount of $312,496), for the six month period ended October 31, 2011 totaled $807,203 (up 270% from the comparative period October 31, 2010 amount of $218,257) and for the nine month period ended January 31, 2012 totaled $4,293,343 (up 708% from the comparative period January 31, 2011 amount of $530,753).

HIGHLIGHTS FOR THIS QUARTER

  • The Corporation completed the sale of certain assets of its drilling fluids business for the sum of $3.3 million plus approximately $100,000 for inventory on January 25, 2012.
  • Concurrently with the sale, Mr. A. Joseph Scarlett commenced employment with the purchaser and resigned as a director and officer of the Corporation and of the Corporation's drilling subsidiary.
  • The Corporation is currently seeking acquisitions and other technologies which will complement its current services offered and add future growth potential.

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 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 Toll Free: 1.888.977.2327 (BEAR)
    403.984.9799 (FAX)
    gkerkhoff@bearstoneenviro.com