CALGARY, Dec. 18, 2014 /CNW/ - Western Energy Services
Corp. ("Western" or the "Company") (TSX: WRG) is pleased to
announce the increase to Western's four year extendible revolving
credit facility (the "Revolving Facility") to $175 million with a maturity date extension to
December 17, 2018, and an increase of
Western's operating demand revolving loan (the "Operating
Facility") to $20 million. Both
the Revolving Facility and the Operating Facility are currently
undrawn, however the additional borrowing capacity on both
facilities will continue to provide Western with significant
financial flexibility with which to conduct its operations or allow
for the execution on strategic opportunities as they arise.
The syndicate of banks providing the credit
facility has been expanded and includes Royal Bank of Canada, as the administrative agent, and Royal
Bank of Canada, HSBC Bank Canada,
Alberta Treasury Branches, The Bank of Nova Scotia and Wells Fargo Bank, N.A.,
Canadian Branch, as lenders.
About Western Energy Services Corp.
Western is an oilfield service company which provides contract
drilling services in Canada
through its division Horizon Drilling and in the United States through its wholly-owned
subsidiary Stoneham Drilling Corporation. In Canada, Western also provides well servicing
through its division Eagle Well Servicing and provides oilfield
rental services through its division Aero Rental Services.
Forward-Looking Statements and
Information
This press release contains certain statements or disclosures
relating to Western that are based on the expectations of Western
as well as assumptions made by and information currently available
to Western which may constitute forward-looking information under
applicable securities laws. All such statements and disclosures,
other than those of historical fact, which address activities,
events, outcomes, results or developments that Western anticipates
or expects may, or will occur in the future (in whole or part)
should be considered forward-looking information. In some cases
forward-looking information can be identified by terms such as
"forecast", "future," "may", "will", "expect", "anticipate",
"believe", "potential", "enable", "plan", "continue",
"contemplate", "pro-forma", or other comparable terminology.
In particular, but not limiting the foregoing, this press release
contains forward looking statements relating to Western's continued
financial flexibility and the execution on strategic
opportunities.
Although Western believes that the expectations
and assumptions on which such forward-looking statements and
information are based on are reasonable, undue reliance should not
be placed on the forward-looking statements and information as
Western cannot give any assurance that they will prove to be
correct. Since forward-looking statements and information address
future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ
materially from those currently anticipated due to a number of
factors and risks. These include, but are not limited to, general
industry, economic, market and business conditions. Readers are
cautioned that the foregoing list of risks, uncertainties and
assumptions are not exhaustive. Additional information on risks,
uncertainties, assumptions and other risk factors that could affect
Western's operations and financial results are included in
Western's annual information form which may be accessed through the
SEDAR website at www.sedar.com. The forward-looking statements and
information contained in this press release are made as of the date
hereof and Western does not undertake any obligation to update
publicly or revise any forward-looking statements and information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
SOURCE Western Energy Services Corp.