("CES" or the "Company") (TSX:CEU) is pleased to report on its financial and
operating results for the three and twelve months ended December 31, 2010. CES
also announced today that it will pay a cash dividend of $0.12 per common share
on April 15, 2011 to the shareholders of record at the close of business on
March 31, 2011, representing an increased dividend of $0.02 per common share to
the monthly dividend.
CES' Q4 2010 and 2010 annual results reflect an increase in activity and revenue
across all of CES' business segments. CES' dominant business line, the drilling
fluids segment, experienced the most significant gains over 2009 as a result of
increased industry activity, the completion and integration of two accretive
acquisitions in the United States ("US") and a continuing industry trend to
drill more complex, horizontal wells.
CES generated gross revenue of $94.5 million during the fourth quarter of 2010,
compared to $27.3 million for the three months ended December 31, 2009, an
increase of $67.2 million or 246% on a year-over-year basis. Total gross revenue
for 2010 totalled $249.1 million, compared to $89.5 million last year,
representing an increase of $159.6 million or 178% on a year-over-year basis.
For the three month period ended December 31, 2010, CES recorded a gross margin
of $27.5 million or 29% of revenue, compared to a gross margin of $9.2 million
or 34% of revenue generated in the same period last year. Year-over-year, Q4
margins were lower primarily due to higher overall invert sales in the WCSB as a
percentage of total revenue. Invert sales in the WCSB market have a lower gross
margin as compared to other product margins of CES. During 2010, CES achieved a
gross margin of $72.2 million or 29% of revenue as compared to $26.7 million or
30% in 2009.
Net earnings before interest, taxes, amortization, loss on disposal of assets,
goodwill impairment, unrealized foreign exchange gains and losses, unrealized
derivative gains and losses, and stock-based compensation ("EBITDAC") for the
three months ended December 31, 2010 was $17.1 million as compared to $4.4
million for the three months ended December 31, 2009 representing an increase of
$12.7 million or 288%. For the year ended December 31, 2010, EBITDAC totalled
$41.5 million as compared to $9.9 million in 2009 representing an increase of
$31.6 million or 320%. CES recorded a net income of $11.7 million for the three
month period ended December 31, 2010 as compared to a net income of $5.9 million
in the prior year. CES recorded a net income per share of $0.65 ($0.64 diluted)
for the three months ended December 31, 2010 versus net income per share of
$0.51 ($0.50 diluted) in 2009. For the year ended December 31, 2010 CES recorded
net income of $26.3 million, an increase of $18.8 million from the $7.5 million
generated for the same period last year. Year-over-year basic net income per
share was $1.74 ($1.69 diluted) as compared with $0.67 ($0.66 diluted) per unit
for the same period in 2009.
Revenue from drilling fluids related sales of products and services in the
Western Canadian Sedimentary Basin ("WCSB"), gross of intercompany eliminations,
was $36.0 million for the three months ended December 31, 2010, compared to
$18.5 million for the three months ended December 31, 2009, representing an
increase of $17.5 million or 95%. For the year ended December 31, 2010, revenue
from drilling fluids related sales of products and services in the WCSB, gross
of intercompany eliminations, was $112.3 million compared to $66.9 million for
the year ended December 31, 2009, representing an increase of $45.4 million or
68%. Daily average revenue per operating day for the three months ended December
31, 2010, was $3,581 compared to $2,920 for the three months ended December 31,
2009, representing an increase of 23%. For the year ended December 31, 2010,
daily average revenue per operating day was $3,478 compared to $3,353 for the
year ended December 31, 2009, representing an increase of 4%. CES' estimated
Canadian Market Share was approximately 28% for the three months ended December
31, 2010, remaining consistent on a percentage basis with last year at 28% for
the three months ended December 31, 2009. Year-to-date, estimated market share
in the WCSB has averaged 27%, up 2% from the 25% estimated market share for the
year ended December 31, 2009. CES' operating days in the WCSB were estimated to
be 10,054 for the three month period ended December 31, 2010, an increase of 59%
from the 6,336 operating days during the same period last year. Year-to-date,
operating days in the WCSB were estimated to total 32,313 compared to 19,953
during the same period last year, representing an increase of 62%. Overall
industry activity increased approximately 45% from an average monthly rig count
in the fourth quarter of 2009 of 273 to 398 during the fourth quarter of 2010
based on CAODC published monthly data for Western Canada. Year-to-date, the
CAODC average monthly rig count for Western Canada have averaged 327 as compared
to 219 in 2009 representing a year-over-year increase of 49%.
For the three months ended December 31, 2010, revenue generated in the US from
drilling fluid sales of products and services, gross of intercompany
eliminations, was $49.3 million with an estimated 8,780 operating days as
compared to last year's revenue of $3.4 million with an estimated 832 operating
days during the same period. For 2010, revenue generated in the US, gross of
intercompany eliminations, totals $109.7 million as compared to $6.3 million in
the previous year representing an increase of $103.4 million. Total operating
days for 2010 in the US were 21,091 as compared to 1,364 during 2009. CES'
estimated United States Market Share for the three and twelve months ended
December 31, 2010 was estimated to be 6% and 4% respectively Daily average
revenue per operating day for the three months ended December 31, 2010, was
$5,615 compared to $4,087 for the three months ended December 31, 2009,
representing an increase of 37%. For the year ended December 31, 2010, daily
average revenue per operating day was $5,201 compared to $4,619 for the year
ended December 31, 2009, representing an increase of 13%.
EQUAL Transport's ("EQUAL") trucking revenue for the three month period ended
December 31, 2010, gross of intercompany eliminations, revenue from trucking
operations, gross of intercompany eliminations, totalled $4.7 million, an
increase of $1.9 million or 68% from the $2.8 million for the three months ended
December 31, 2009. For 2010, revenue from trucking operations totalled $15.3
million as compared to $8.1 million during 2009 representing an increase of $7.2
million or 89%. The respective year-over-year increase is due primarily to the
general increase in industry activity levels and the continued expansion of
trucking operations in Saskatchewan.
Clear Environmental Solutions division ("Clear") generated $5.7 million of
revenue for the three month period ended December 31, 2010 compared to $2.8
million during the prior year representing an increase of $2.9 million or 104%.
Revenue from Clear for the year ended December 31, 2010 totalled $14.0 million
as compared to $9.0 million for the same period in 2009, representing an
increase of $5.0 million or 56%. Year-over-year, the Clear Environmental
division has seen higher overall activity levels and continues to benefit from
increased integration with the drilling fluids division, from diversification
strategies pursued during 2009 to reduce its exposure to shallow natural gas
focused drilling, and general improvement in industry activity levels.
In Q4 2010, CES declared monthly dividends of $0.10 for a total of $0.30 per
share for the quarter. CES also announced today that it has declared a cash
dividend of $0.12 per common share to shareholders of record on March 31, 2011.
CES expects to pay this dividend on or about April 15, 2011. CES' business model
has historically shown it can support a large proportion of cash flow from
operating activity being paid out as a dividend or distribution as the long-term
capital investments required and maintenance capital expenditures required for
CES to execute its business plan are not significant.
CES also announced that Kathryn Sherman has resigned from the board of directors
and that Jim Sherman has been appointed as a board member. Kathryn Sherman and
Jim Sherman are the co-founders of Fluids Management II Ltd. CES acquired all of
its drilling fluids business assets on June 22, 2010. Kathryn continues to
fulfill her management role within the Fluids Management division of CES. Jim
brings over 38 years of drilling fluids and other oilfield services experience
in a variety of sales, operations and management roles. Jim is also the
President of the Fluids Management division of CES.
"2010 has been a very successful year for CES" said Tom Simons, the President
and Chief Executive Officer of Canadian Energy Services & Technology Corp. "All
of our business segments experienced growth in 2010 as industry activity levels
picked-up and CES capitalized on the opportunities. In particular, our US
drilling fluids business saw the largest gains. Through two accretive
acquisitions, we acquired roughly 3% of the US market-share and have grown those
platforms to roughly 7% of the US market-share in less than 15 months. In
addition, we have entered the drilling fluid and production chemical
manufacturing business and have begun production and sales in Q1 2011. We are
confident in our ability to be successful over time in this new market. As
always, utilizing our exceptional people, CES will continue to focus on our
customer needs and deliver the solutions, service and technologies they
require."
The core business of CES is to design and implement drilling fluid systems for
the North American oil and natural gas industry. CES operates in the WCSB and in
various basins in the US, with an emphasis on servicing the ongoing major
resource plays. The drilling of those major resource plays includes wells
drilled vertically, directionally, and with increasing frequency, horizontally.
Horizontal drilling is a technique utilized in tight formations like tight gas,
tight oil, heavy oil, and in the oil sands. The designed drilling fluid
encompasses the functions of cleaning the hole, stabilizing the rock drilled,
controlling subsurface pressures, enhancing drilling rates and protecting
potential production zones while conserving the environment in the surrounding
surface and subsurface area. CES' drilling fluid systems are designed to be
adaptable to a broad range of complex and varied drilling scenarios, to help
clients eliminate inefficiencies in the drilling process, and to assist them in
meeting operational objectives and environmental compliance obligations. CES
markets its technical expertise and services to oil and natural gas exploration
and production entities by emphasizing the historical success of both its
patented and proprietary drilling fluid systems and the technical expertise and
experience of its personnel.
Clear, CES' environmental division, provides environmental and drilling fluids
waste disposal services primarily to oil and gas producers active in the WCSB.
The business of Clear involves determining the appropriate processes for
disposing of or recycling fluids produced by drilling operations and to carry
out various related services necessary to dispose of drilling fluids.
EQUAL, CES' transport division, provides its customers with the necessary trucks
and trailers specifically designed to meet the demanding requirements of
off-highway oilfield work, and trained personnel to transport and handle
oilfield produced fluids and to haul, handle, manage, and warehouse drilling
fluids. EQUAL operates from two terminals and yards located in Edson, Alberta
and Carlyle, Saskatchewan.
PureChem, CES' drilling fluid and production chemical manufacturing division,
designs, manufactures, and sells specialty drilling fluids for CES and
production chemicals for operators. The PureChem facility is located
strategically in Carlyle, SK.
CES' head office and the sales and services headquarters are located in Calgary,
Alberta and its stock point facilities and other operations are located
throughout Alberta, British Columbia, and Saskatchewan. CES' indirect
wholly-owned subsidiary, AES Drilling Fluids, LLC ("AES"), conducts operations
in the United States from its head office in Denver, Colorado; in the
mid-continent region through its Champion Drilling Fluids division which is
headquartered in Norman, Oklahoma; and in Texas, Louisiana, off-shore Gulf of
Mexico and Northeast US through its Fluids Management division headquartered in
Houston, Texas. AES has operations in fourteen states with stock point
facilities located in Oklahoma, Texas, Pennsylvania, Michigan, Colorado, North
Dakota, Louisiana, and Utah.
Financial Highlights
---------------------
Three Months Ended Year Ended
Summary Financial Results December 31, December 31,
--------------------- ------------------
($000's, except per share amounts) 2010 2009 2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Revenue 94,468 27,303 249,116 89,454
Gross margin (3) 27,465 9,160 72,173 26,712
Income before taxes 13,516 3,092 31,610 4,975
per share- basic (1) 0.75 0.27 2.09 0.44
per share - diluted (1) 0.74 0.26 2.03 0.44
Net income 11,664 5,857 26,259 7,515
per share- basic (1) 0.65 0.51 1.74 0.67
per share - diluted (1) 0.64 0.50 1.69 0.66
EBITDAC (3) 17,121 4,373 41,476 9,940
Funds flow from operations (3) 16,348 4,169 39,498 9,462
per share- basic (1) 0.91 0.36 2.62 0.84
per share - diluted (1) 0.90 0.35 2.54 0.84
Dividends declared 5,042 2,787 14,040 10,759
per share (1) 0.30 0.24 0.92 0.95
per Subordinated Class B Unit - - - 0.24
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three Months Ended Year Ended
December 31, December 31,
--------------------------- -------------------------
Shares Outstanding 2010 2009 (1) 2010 2009 (1)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
End of period 18,131,829 12,417,573 18,131,829 12,417,573
Weighted average
- basic 17,925,661 11,576,203 15,096,650 11,267,540
- diluted 18,168,232 11,765,132 15,542,349 11,314,075
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial Position ($000's) December 31, December 31,
2010 2009
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net working capital 34,229 11,347
Total assets 287,637 130,699
Long-term financial liabilities (2) 5,220 2,557
Shareholders' equity 171,048 92,534
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes:
(1) Includes Class A Units and Subordinated Class B Units for 2009
comparatives.
(2) Includes vehicle financing loans, term loans, and capital leases
facilities excluding current portions.
(3) CES uses certain performance measures that are not recognizable under
Canadian generally accepted accounting principles ("GAAP"). These
performance measures include, earnings before interest, taxes,
amortization, goodwill impairment, stock-based compensation ("EBITDAC"),
gross margin, funds flow from operations and distributable funds.
Management believes that these measures provide supplemental financial
information that is useful in the evaluation of CES' operations.
Readers should be cautioned, however, that these measures should not be
construed as alternatives to measures determined in accordance with GAAP
as an indicator of CES' performance. CES' method of calculating these
measures may differ from that of other organizations and, accordingly,
these may not be comparable. Please refer to the Non-GAAP measures
section of CES' MD&A for the year and three months ended December 31,
2010.
Canadian Energy Services & Technology Corp.
Consolidated Balance Sheets
(stated in thousands of dollars)
As at
-----------------------------
December 31, December 31,
2010 2009
----------------------------------------------------------------------------
ASSETS
Current assets
Accounts receivable 100,733 35,336
Financial derivative asset 25 -
Inventory 31,303 10,001
Prepaid expenses 2,513 389
----------------------------------------------------------------------------
134,574 45,726
Property and equipment 30,320 14,564
Intangible assets 17,083 7,169
Future income tax asset 10,212 1,949
Goodwill 95,448 61,291
----------------------------------------------------------------------------
287,637 130,699
----------------------------------------------------------------------------
----------------------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank indebtedness 44,172 8,762
Accounts payable and accrued liabilities 46,714 21,212
Financial derivative liability - 11
Earn-out payable - 207
Deferred acquisition consideration 4,990 2,098
Dividends payable 1,813 983
Current portion of capital lease obligation 1,072 -
Current portion of long-term debt 1,584 1,106
----------------------------------------------------------------------------
100,345 34,379
Capital lease obligation 1,664 -
Long-term debt 3,556 2,557
Future income tax liability 3,118 1,229
Deferred tax credit 7,906 -
----------------------------------------------------------------------------
116,589 38,165
----------------------------------------------------------------------------
Shareholders' equity
Common shares 195,755 117,448
Subordinate convertible debenture - 6,627
Contributed surplus 2,120 2,122
Deficit (21,444) (33,663)
Accumulated other comprehensive loss (5,383) -
----------------------------------------------------------------------------
171,048 92,534
----------------------------------------------------------------------------
287,637 130,699
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Canadian Energy Services & Technology Corp.
Consolidated Statements of Operations and Deficit
(stated in thousands of dollars except per share amounts)
Year Ended
December 31,
------------------------
2010 2009
----------------------------------------------------------------------------
Revenue 249,116 89,454
Cost of sales 176,943 62,742
----------------------------------------------------------------------------
Gross margin 72,173 26,712
----------------------------------------------------------------------------
Expenses
Selling, general, and administrative expenses 31,578 16,754
Amortization 6,439 3,526
Stock-based compensation 1,791 827
Interest expense 1,663 478
Foreign exchange gain (894) (13)
Financial derivative loss (gain) (1) 55
Loss (gain) on disposal of assets (13) 110
----------------------------------------------------------------------------
40,563 21,737
----------------------------------------------------------------------------
Income before taxes 31,610 4,975
Current income tax expense 315 -
Future income tax expense (recovery) 5,036 (2,540)
----------------------------------------------------------------------------
Net income 26,259 7,515
Deficit, beginning of year (33,663) (30,419)
Dividends declared (14,040) (10,759)
----------------------------------------------------------------------------
Deficit, end of year (21,444) (33,663)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Net income per share
Basic 1.74 0.67
Diluted 1.69 0.66
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Canadian Energy Services & Technology Corp.
Consolidated Statements Of Cash Flow
(stated in thousands of dollars)
Year Ended
December 31,
------------------------
2010 2009
----------------------------------------------------------------------------
CASH PROVIDED BY (USED IN):
OPERATING ACTIVITIES:
Net income for the period 26,259 7,515
Items not involving cash:
Amortization 6,439 3,526
Stock-based compensation 1,791 827
Future income tax expense (recovery) 5,036 (2,540)
(Gain) loss on disposal of assets (13) 110
Unrealized foreign exchange loss 10 13
Unrealized financial derivative (gain) loss (24) 11
Change in non-cash operating working capital (55,092) 9,883
----------------------------------------------------------------------------
(15,594) 19,345
----------------------------------------------------------------------------
FINANCING ACTIVITIES:
Repayment of long-term debt and capital leases (2,615) (1,562)
Issuance of long-term debt and lease proceeds 4,147 -
Issuance of shares, net of issuance costs 47,715 9,719
Bridge Loan financing - -
Increase (decrease) in bank indebtedness 35,026 (3,940)
Shareholder dividends (13,210) (11,002)
----------------------------------------------------------------------------
71,063 (6,785)
----------------------------------------------------------------------------
INVESTING ACTIVITIES:
Investment in property and equipment (11,330) (4,467)
Investment in intangible assets (58) (46)
Deferred acquisition consideration (2,245) -
Conversion transaction (2,800) -
Acquisition of Fluids Management (40,563) -
Acquisition of Champion Drilling Fluids - (8,943)
Proceeds on disposal of fixed assets 750 473
Change in non-cash investing working capital 393 478
----------------------------------------------------------------------------
(55,853) (12,505)
----------------------------------------------------------------------------
Effect of exchange rate on cash balances 384 (55)
CHANGE IN CASH - -
Cash, beginning of year - -
----------------------------------------------------------------------------
Cash, end of year - -
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Outlook
Crude oil prices have rebounded off their lows of 2009 and appear to have
stabilized in a profitable band for operators. Natural gas prices continue to
remain relatively weak in context to oil prices and recent history, making the
economics of drilling for dry natural gas challenging. In the WCSB, operators
have diverted capital to drilling for oil or liquids rich gas and, in the US,
this same trend is emerging but areas such as the Marcellus shale continue to
attract capital to dry gas drilling.
Beginning in the fourth quarter of 2009, drilling activity levels began to
rebound in both the WCSB and the US and throughout 2010 drilling activity
exceeded comparable periods in 2009. Both CES' Q4 2010 and 2010 annual results
reflect the increase in activity with corresponding revenue gains across all of
CES' business segments. CES' dominant business line, the drilling fluids
segment, experienced the most material gains over 2009 as a result of the
increased industry activity and a continuing trend by operators to drill more
complex, horizontal wells. CES has capitalized on this trend in the WCSB through
its leading market share position and in the US by completing two accretive
acquisitions, the Champion acquisition on November 30, 2009 and the Fluids
Management Acquisition completed at the end of Q2 2010. The US Acquisitions,
coupled with the immediate organic growth that the Company has been able to
generate off of these acquired platforms, have established CES as a truly North
American company with a wide footprint and a significant presence in the
majority of the key basins of activity throughout North America.
CES' strategy is to utilize our patented and proprietary technologies and
superior execution to increase market share in North America. CES' exposure to
the key resource plays and the growth in the number of horizontal wells being
drilled bodes well for future growth. A larger percentage of the wells being
drilled require more complex drilling fluids to best manage down hole
conditions, drilling times and costs, and our unique products like
Seal-AX(TM)/PolarBond, ABS40(TM) and Liquidrill(TM)/Tarbreak, combined with our
concerted focus on providing superior service, positions CES well in this
increasingly technically competitive environment. CES believes that its unique
value propositions in the increasingly complex drilling environment makes it the
premier independent drilling fluids provider in the North American market.
The EQUAL Transport division experienced significant growth, particularly in
south-eastern Saskatchewan where the business hauls drilling fluids and products
to drilling locations and also provides other oilfield hauling services to our
customers including the hauling of produced fluids. It is expected this business
will continue to be economically attractive and may expand further as viable
opportunities emerge.
In Q2 2010, CES announced the establishment of the PureChem Services division.
PureChem manufactures and sells both drilling fluid chemicals and production
chemicals. The construction of the PureChem facility in Carlyle, Saskatchewan
was completed in February 2011 and operations have commenced. PureChem is a
complimentary business to both CES' drilling fluids business and EQUAL's
production hauling business in Canada. In the US, the Fluids Management division
also produces and blends its own set of proprietary drilling fluid products
which provides synergies and experience to PureChem going forward.
The Clear Environmental Solutions division continues to complement CES' core
drilling fluids business. The Environmental Services division has focused on
expanding its operational base in the WCSB and is pursuing opportunities in the
oil sands and horizontal drilling markets. Clear has experienced an increase in
activity which began in the fourth quarter of 2009 and has continued throughout
2010. At this time, Clear's activity levels are expected to remain healthy
throughout 2011.
As drilling has become more complex, applied down-hole technologies are becoming
increasingly important in driving success for operators. CES will continue to
invest in research and development to be a leader in technology advancements in
the drilling fluids market. In addition, CES continues to assess integrated
business opportunities that will keep CES competitive and enhance profitability,
while at the same time closely manage its dividend levels and capital
expenditures in order to preserve its balance sheet strength and liquidity
position.
Except for the historical and present factual information contained herein, the
matters set forth in this news release, may constitute forward-looking
information or forward-looking statements (collectively referred to as
"forward-looking information") which involves known and unknown risks,
uncertainties and other factors which may cause the actual results, performance
or achievements of CES, or industry results, to be materially different from any
future results, performance or achievements expressed or implied by such
forward-looking information. When used in this press release, such information
uses such words as "may", "would", "could", "will", "intend", "expect",
"believe", "plan", "anticipate", "estimate", and other similar terminology. This
information reflects CES' current expectations regarding future events and
operating performance and speaks only as of the date of this press release.
Forward-looking information involves significant risks and uncertainties, should
not be read as a guarantee of future performance or results, and will not
necessarily be an accurate indication of whether or not such results will be
achieved. A number of factors could cause actual results to differ materially
from the results discussed in the forward-looking information, including, but
not limited to, the factors discussed below. The management of CES believes the
material factors, expectations and assumptions reflected in the forward-looking
information and statements are reasonable but no assurance can be given that
these factors, expectations and assumptions will prove to be correct. The
forward-looking information and statements contained in this press release speak
only as of the date of the press release, and CES assumes no obligation to
publicly update or revise them to reflect new events or circumstances, except as
may be required pursuant to applicable securities laws or regulations.
In particular, this press release contains forward-looking information
pertaining to the following: future estimates as to dividend levels, including
the payment of a dividend to shareholders of record on March 31, 2011; capital
expenditure programs for oil and natural gas; supply and demand for CES'
products and services; industry activity levels; commodity prices; treatment
under governmental regulatory and taxation regimes; dependence on equipment
suppliers; dependence on suppliers of inventory and product inputs; equipment
improvements; dependence on personnel; collection of accounts receivable;
operating risk liability; expectations regarding market prices and costs;
expansion of services in Canada, the United States, and internationally;
development of new technologies; expectations regarding CES' growth
opportunities in the United States; expectations regarding the performance or
expansion of CES' environmental and transportation operations; expectations
regarding demand for CES' services and technology if drilling activity levels
increase; investments in research and development and technology advancements;
access to debt and capital markets; and competitive conditions.
CES' actual results could differ materially from those anticipated in the
forward-looking information as a result of the following factors: general
economic conditions in Canada, the United States, and internationally; demand
for oilfield services for drilling and completion of oil and natural gas wells;
volatility in market prices for oil, natural gas, and natural gas liquids and
the effect of this volatility on the demand for oilfield services generally;
competition; liabilities and risks, including environmental liabilities and
risks inherent in oil and natural gas operations; sourcing, pricing, and
availability of raw materials, consumables, component parts, equipment,
suppliers, facilities, and skilled management, technical and field personnel;
ability to integrate technological advances and match advances of competitors;
availability of capital; uncertainties in weather and temperature affecting the
duration of the oilfield service periods and the activities that can be
completed; changes in legislation and the regulatory environment, including
uncertainties with respect to programs to reduce greenhouse gas and other
emissions and tax legislation; reassessment and audit risk associated with the
corporate conversion; changes to the royalty regimes applicable to entities
operating in the WCSB and the US; access to capital and the liquidity of debt
markets; changes as a result of IFRS adoption; fluctuations in foreign exchange
and interest rates and the other factors considered under "Risk Factors" in CES'
Annual Information Form for the year ended December 31, 2010 and "Risks and
Uncertainties" in CES' MD&A.
Without limiting the foregoing, the forward-looking information contained in
this press release is expressly qualified by this cautionary statement.
CES has filed its 2010 annual report and consolidated financial statements and
notes thereto as at and for the year ended December 31, 2010 and accompanying
management discussion and analysis in accordance with National Instrument 51-102
- Continuous Disclosure Obligations adopted by the Canadian securities
regulatory authorities. Additional information about CES will be available on
CES' SEDAR profile at www.sedar.com and CES' website at
www.CanadianEnergyServices.com.
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