CALGARY,
AB, Sept. 29, 2022 /CNW/ - Calfrac Well
Services Ltd. ("Calfrac" or "the Company") (TSX: CFW) is
pleased to announce that it has entered into an amended and
restated credit agreement with its syndicate of Canadian financial
institutions which includes an extension of the maturity date of
the Company's $250.0 million Credit
Facilities by one-year to July 1,
2024.
Calfrac's Chief Financial Officer, Mike
Olinek, commented: "We are pleased to report a 12-month
extension to the Credit Facilities with the Company's lending
syndicate. As Calfrac expects its operations in the United States, Canada, and Argentina to continue capitalizing on this
upcycle, management remains focused on expanding profit margins and
reducing long-term debt. The extension of the Company's Credit
Facilities is a significant step towards executing on Calfrac's
strategy in the face of persistent business growth and an improving
outlook."
Calfrac's common shares and warrants are publicly traded on the
Toronto Stock Exchange under the trading symbols "CFW" and
"CFW.WT", respectively.
Calfrac provides specialized oilfield services to exploration
and production companies designed to increase the production of
hydrocarbons from wells with continuing operations focused
throughout western Canada,
the United States and Argentina. During the first quarter of 2022,
management committed to a plan to sell its Russian division,
resulting in the associated assets and liabilities being classified
as held for sale and presented in the Company's financial
statements as discontinued operations.
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or statements.
More particularly, this press release contains forward-looking
statements relating to the Company's operational and financial
outlook and strategy.
These forward-looking statements and information are based on
certain key expectations and assumptions made by Calfrac in light
of its experience and perception of historical trends, current
conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances,
including, but not limited to, the following: the economic and
political environment in which the Company operates, including the
anticipated impacts of inflation on the Company's operations and
demand for its services; the Company's expectations for its current
and prospective customers' capital budgets, schedule and
geographical areas of focus; the seasonal weather patterns
affecting the Company's operations; industry equipment levels; the
effect of competition on the Company's ability to retain current
clients and obtain new ones; the effect of environmental, social
and governance factors on customer and investor preferences and
capital deployment; the Company's existing contracts and the status
of current negotiations with key customers and suppliers; the
continued effectiveness of cost reduction measures instituted by
the Company; the Company's ability to obtain and retain qualified
staff; the Company's future capital expenditures and sources of
financing thereof; the effect of the military conflict in the
Ukraine and related Canadian, U.S.
and international sanctions involving Russia and counter-sanctions by Russia on the broader markets for the
Company's services; and the likelihood that the current tax and
regulatory regime will remain substantially unchanged.
The Company's actual results could also differ materially from
those anticipated in these forward-looking statements due to the
risk factors set forth under the heading "Risk Factors" in
Calfrac's Annual Information Form for the year ended December 31, 2021 dated March 18, 2022 and under the heading "Business
Risks" in Calfrac's Management's Discussion and Analysis for the
year ended December 31, 2021 dated
March 18, 2022, which are available
at www.sedar.com and are incorporated herein by reference.
SOURCE Calfrac Well Services Ltd.