New West Energy Services Inc. Announces Its Second Quarter Results
CALGARY, ALBERTA, Dec 27, 2012 (Menafn - MARKETWIRE via COMTEX) --New West Energy Services Inc. (the"Corporation") is pleased to announce the results for the Corporationfor its second quarter ended October 31, 2012.
Revenue from continuing operations for the six month period totaled8,218,937. Net income from continuing operations for the six monthperiod totaled 1,284,161. The comparative numbers from continuingoperations for the six month period ended October 31, 2011 were7,511,285 and 746,453 respectively. The increase in net income overthe previous period is largely due to the recognition of a non-cashitem of deferred tax recovery in the amount of 697,188.
On August 24, 2012, the Corporation completed the acquisition of theoperating assets of Porterco Welding Ltd. for an aggregate purchaseprice of 1.4 million. The new subsidiary, under the name PortercoOilfield Services Inc. ("Porterco"), operates a fleet of trucks andtrailers for hauling contaminated drill cuttings as well as providingequipment fabrication and rental services from its base in SlaveLake, Alberta. For the nine week period ending October 31, 2012,Porterco had revenues of 941,497 and net income of 153,244.Porterco has recently added productive capacity related to the truckand trailer fleet and will continue to expand its equipment, trucksand service areas.
The Corporation continues to look at new expansion and acquisitionopportunities in the environmental and oilfield services area.
Additional information about the Corporation is available on itswebsite at www.newwestenergyservices.com or under its profile onSEDAR at www.sedar.com.
About New West Energy Services Inc.
The Corporation operates in the oilfield service industry in Canadathrough two wholly owned subsidiaries - BearStone EnvironmentalSolutions Inc. and Porterco Oilfield Services Inc. BearStone providesenvironmental services to the upstream oil and gas industry and alsooperates a fleet of specialized vacuum and water trucks. Portercooperates a fleet of trucks and trailers for hauling oil contaminateddrill cuttings as well as providing equipment rental and customfabrication services.
Neither the TSX Venture nor its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture) acceptsresponsibility for the adequacy or accuracy of this release.
New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
SOURCE: New West Energy Services Inc.
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