Canadian Oilfield Solutions Corp.: Corporate and Operations Updates
July 15 2013 - 9:00AM
Marketwired Canada
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Canadian Oilfield Solutions Corp. (the "Corporation") (TSX VENTURE:OTS) is
pleased to provide a corporate and operational update:
The Corporation is pleased to announce that the second major construction
project in Mexico has recently been completed both under budget and ahead of
schedule, and two additional major projects have been awarded for which the
Corporation will provide project management and finance services. The projects,
to be run concurrently, are expected to commence in Q3 with approximate
timelines of 150 days to completion and a combined budget of approximately USD
$11 million. The Corporation earns a financing fee and a share in any profits as
its revenue from the projects. Multiple smaller scope construction projects have
also been completed in 2013.
The Corporation continues to pursue the sale and installation of flexible pipe
in Mexico. One project is scheduled for Q3 with a new client, and additional
sales and installations are anticipated through Q4. The scope of work is
expected to be a mix of 4" and 6" pipe with lengths under 2 km. The Bitzalcobo
pipe project, which began in Q3 2011 as a test project to investigate the
installation capabilities of flexible pipe over various terrain, has evolved
into a revenue-generating project and is on its final phase with completion
expected in late July 2013. The success of the project validates the wide range
of challenging terrain that can be crossed using FlexSteel(TM) products.
The submersible pump business continues to make significant improvements with a
focus on growth and diversification. In the Oil & Gas industry, the Corporation
has added Electric Submersible Progressive Cavity Pumps ("ESPCP") to its product
line, increasing the number of well types that can be serviced. In the
industries of mining, agriculture and municipal/industrial water, the
Corporation continues to grow its distribution network of submersible motors,
including its first sales into the Canadian mining market.
The Corporation is also pleased to announce that as of June 7, 2013, Scott
Hamilton has been appointed Corporate Secretary in addition to his role as Chief
Financial Officer. To assist Mr. Hamilton in his duties the Corporation has
engaged CAS Corporate Governance Services, a Calgary based firm with 30 years of
administration experience.
Headquartered in Calgary, Alberta, Canadian Oilfield Solutions Corp. provides an
array of specialized products and services that are used in the production of
oil and gas reserves.
FORWARD-LOOKING INFORMATION
This document contains information that constitutes forward-looking information
and financial outlook within the meaning of applicable securities legislation.
This forward-looking information and financial outlook is identified by the use
of terms and phrases such as "anticipate," "achieve", "achievable," "believe,"
"estimate," "expect," "intend", "plan", "planned", and other similar terms and
phrases. This information and outlook speaks only as of the date of this
document and we do not undertake to publicly update the forward-looking
information and financial outlook contained in this document except in
accordance with applicable securities laws.
Forward-looking information and financial outlook is based on current
expectations, estimates, projections and assumptions, which we believe are
reasonable but which may prove to be incorrect and therefore such
forward-looking information and financial outlook should not be unduly relied
upon. In addition to other factors and assumptions which may be identified in
this document, assumptions have been made regarding, among other things:
industry activity; the general stability of the economic and political
environment; effect of market conditions on demand for the Company's products
and services; the ability to obtain qualified staff, equipment and services in a
timely and cost efficient manner; the ability to operate its business in a safe,
efficient and effective manner; the performance and characteristics of various
business segments; the effect of current plans; the timing and costs of capital
expenditures; future oil and natural gas prices; currency, exchange and interest
rates; the regulatory framework regarding royalties, taxes and environmental
matters in the jurisdictions in which the Company operates; and the ability of
the Company to successfully market its products and services.
Forward-looking information and financial outlook is subject to a number of
risks and uncertainties, which could cause actual results to differ materially
from those anticipated. These risks and uncertainties include: customers'
completion of expected work programs; fluctuating prices for crude oil and
natural gas; changes in drilling activity; general global economic, political
and business conditions; weather conditions; regulatory changes; the successful
exploitation and integration of technology; customer acceptance of technology;
success in obtaining issued patents; the potential development of competing
technologies by market competitors; and availability of products, qualified
personnel, manufacturing capacity and raw materials, and COS's successful
performance under contracts.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Oilfield Solutions Corp.
Ken Berg
President and Chief Executive Officer
(403) 543-0060
(403) 543-0069 (FAX)
kberg@cotsoilfield.com
Canadian Oilfield Solutions Corp.
Scott Hamilton
Chief Financial Officer and Corporate Secretary
(403) 543-0060
(403) 543-0069 (FAX)
shamilton@cotsoilfield.com
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