Canadian Energy Services & Technology Corp. ("CES" or the "Company") (TSX:CEU)
(OTCQX:CESDF) is pleased to report on its financial and operating results for
the three and twelve months ended December 31, 2012. CES is also pleased to
announce that Mr. Jason Waugh has been appointed as a Vice President and Officer
of Canadian Energy Services & Technology Corp. effective March 7, 2013. Further,
CES announced today that it will pay a cash dividend of $0.055 per common share
on April 15, 2013 to the shareholders of record at the close of business on
March 28, 2013.
During Q4 2012, the Company completed two strategic acquisitions. On November
21, 2012, in order to expand the Company's Canadian drilling fluid division, the
Company completed the acquisition of the business assets of Tervita
Corporation's ("Tervita") drilling fluids division, ProDrill Fluid Technologies
("ProDrill"). On December 31, 2012, in order to expand the Company's US
operations, the Company completed the acquisition of all of the business assets
of Mega Fluids Mid-Continent, LLC ("Mega Fluids"), a privately-held drilling
fluids services company which designs and implements drilling fluid systems for
oil and gas operators in the Mid-Continent region.
CES generated gross revenue of $95.0 million during the fourth quarter of 2012,
compared to $138.8 million for the three months ended December 31, 2011, a
decrease of $43.8 million or 32% on a year-over-year basis. Revenue from
Canadian operations for the three months ended December 31, 2012, decreased
$21.2 million or 32% to $44.2 million while the US revenue decreased $22.6
million or 31% to $50.8 million. The decreases were indicative of lower
year-over-year activity levels due to reduced customer spending as 2012 capital
programs came to a close. In Canada this was further affected by the suspension
of operations of one of CES's largest customers during the quarter. In the US,
the slowdown was mostly sharply experienced in the Marcellus where activity
continued to drop in a basin focused predominantly on dry gas targets.
Q4 2012 was a difficult quarter for CES with a number of events as described
above that contributed to weaker quarterly results. However, with a shift in
activity in the US to new work in the Eagle Ford; the addition of significant
work in the Mississippi Lime as a result of the Mega Fluids acquisition; and a
pick-up of activity in the other regions the US drilling fluids business is back
on track. In Canada a combination of the ProDrill acquisition and a pick-up of
activity in the traditionally robust winter drilling season has Canadian
drilling fluids also back on track.
"We don't take the financial results of Q4 lightly. However, based on the
actions we have taken, we are very pleased with the current operational and
financial position of the company. We are also very excited about the prospects
for 2013, particularly in light of the new opportunities we see as a result of
the JACAM acquisition," said Tom Simons, President and Chief Executive Officer
of CES.
Net income before interest, taxes, amortization, gains and losses 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, 2012 was $10.1 million as compared to
$24.4 million for the three months ended December 31, 2011, representing a
decrease of $14.4 million or 59%. For the twelve month period ended December 31,
2012, EBITDAC totalled $64.9 million as compared to $76.3 million in 2011
representing a decrease of $11.4 million or 15%. CES recorded EBITDAC per share
of $0.18 ($0.17 diluted) for the three months ended December 31, 2012 versus
EBITDAC per share of $0.44 ($0.43 diluted) in 2011, a decrease of 59% (60%
diluted). For 2012, CES recorded EBITDAC per share of $1.17 ($1.13 diluted)
versus EBITDAC per share of $1.39 ($1.35 diluted) in 2011, a decrease of 16%.
CES recorded net income of $2.8 million for the three month period ended
December 31, 2012 as compared to $14.9 million in the prior year. CES recorded
net income per share of $0.05 ($0.05 diluted) for the three months ended
December 31, 2012 versus $0.27 ($0.26 diluted) in 2011. For the twelve month
period ended December 31, 2012, CES recorded net income of $27.9 million,
compared with the $41.7 million generated for the same period last year.
Year-over year, basic net income per share was $0.50 ($0.49 diluted), a decrease
from $0.76 ($0.74 diluted) per share for the same period in 2011. Year-over-year
net income was negatively impacted by weaker gross margins, higher tax expense,
and higher non-cash depreciation and amortization expenses and stock-based
compensation.
Revenue from drilling fluids related sales of products and services in Western
Canada was $35.1 million for the three months ended December 31, 2012 compared
to $54.9 million for the three months ended December 31, 2011, representing a
decrease of $19.8 million or 36%. Average revenue per Operating Day for the
three months ended December 31, 2012, was $4,040 compared to $4,176 for the
three months ended December 31, 2011, representing a decrease of 3%. As noted
above, drilling fluid sales were negatively affected by lower year-over-year
activity levels due to reduced customer spending as 2012 capital programs came
to a close. Despite a slowdown in Canadian Operating Days during 2012, year to
date daily average revenue per Operating Day was $4,419 compared to $4,050 in
2011, representing a year-over-year increase of 9%. Average revenue per
Operating Day has trended upward over the last several years as operators
continue to drill more complex, deeper and longer horizontal wells in the WCSB.
These wells require more fluids in general but also more technically advanced
fluids in order for the wells to be successfully drilled and cased. The trend
though does appear to be flattening out as most drilling operations have turned
to horizontal drilling and efficiencies are being implemented.
CES' estimated Canadian Market Share was approximately 30% in 2012, up from 28%
in 2011. Estimated market share in Western Canada averaged 27% in Q4 2012, down
from 30% in Q4 2011. CES' Operating Days were estimated to be 8,697 for the
three month period ended December 31, 2012, a decrease of 34% from 13,156
Operating Days during the same period last year. The year-over-year decline in
Q4 revenue is correlated to the decline in operating days experienced. CES'
year-to-date Operating Days in Western Canada were estimated to total 38,139 for
2012 compared to 42,702 during the same period last year, representing a
decrease of 11%. In Q4 2012, overall industry activity decreased approximately
26% from an average monthly rig count in Q4 2011 of 489 to 363 based on CAODC
published monthly data for Western Canada. For 2012, the CAODC average monthly
rig count for Western Canada has averaged 353 as compared to 417 in 2011,
representing a year-over-year decrease of 15%.
Revenue generated in the US from drilling fluid sales of products and services
for the three months ended December 31, 2012 was $50.8 million as compared to
the fourth quarter of 2011 with revenue of $73.4 million, representing a
decrease of $22.5 million or 31% on a year-over-year basis. As noted below, the
reduction in operating days correlates to the decline in revenues in Q4 2012.
Daily average revenue per Operating Day for the three months ended December 31,
2012, was $6,163 compared to $6,973 for the three months ended December 31,
2011, representing a decrease of 12%. This too is reflective of the shift of
activity away from the Marcellus which, based on the technically advanced fluids
deployed there, is the highest revenue per day region for the Company. Despite a
slowdown in revenue generated in the US from drilling fluid sales in Q4 2012,
for 2012, year-to-date revenue generated in the US totalled $266.7 million as
compared to $250.2 million in the previous year representing an increase of
$16.5 million or 7%. For 2012, daily average revenue per Operating Day was
$6,934 compared to $6,414 in 2011, representing a year-over-year increase of 8%.
CES' estimated United States Market Share was approximately 6% in 2012,
consistent with 6% in 2011. Estimated market share in the United States averaged
5% in Q4 2012, down slightly from 6% in Q4 2011. Operating Days in the United
States were estimated to be 8,244 Operating Days for the three month period
ended December 31, 2012, a decrease of 22% from 10,520 Operating Days during the
same period last year. CES' Operating Days in the United States and estimated
United States Market Share declined in October and November of 2012
predominantly in the Marcellus where activity continued to drop in a basin
focused predominantly on dry gas targets. Consequently, CES' Operating Days and
United States Market Share declined until additional work started to be picked
up in the Eagle Ford region in December 2012. This pick-up has continued in Q1
2013, and the Mega Fluids acquisition related work has also been added effective
January 1, 2013. Estimated Operating Days during 2012 were 38,469 as compared to
39,013 Operating Days in 2011, representing a decrease of 1%.
EQUAL Transport's ("EQUAL") trucking revenue for the three month period ended
December 31, 2012, gross of intercompany eliminations, totalled $4.1 million, a
decrease of $1.5 million or 26% from the $5.6 million for the three months ended
December 31, 2011. For 2012, revenue from trucking operations, gross of
intercompany eliminations, totalled $17.9 million as compared to $19.4 million
during 2011 representing a decrease of $1.6 million or 8%. The decrease in
trucking revenue is tracking the overall reduction in the industry wide Canadian
drilling activity.
Clear Environmental Solutions division ("Clear") recorded $5.1 million of
revenue for the three month period ended December 31, 2012, consistent with $5.1
million during the prior year. Revenue from Clear for the twelve month period
ended December 31, 2012 totalled $19.0 million as compared to $17.4 million for
the same period in 2011, representing an increase of $1.6 million or 9%. Clear
has continued to market its services aggressively and has capitalized on new
regulations in Alberta that have required additional environmental disclosures
and procedures by operators.
As previously announced, subsequent to December 31, 2012, the Company acquired
the production and specialty oilfield chemical business of JACAM Chemical
Company, Inc. and its subsidiaries (the "JACAM Acquisition") pursuant to the
terms of an asset purchase agreement dated March 1, 2013. JACAM is a private
company that manufactures and distributes oilfield related specialty chemicals.
JACAM designs and manufactures its products in Sterling, Kansas which also
serves as its corporate head office. JACAM was established in 1982 and provides
its products and delivers services to a large number of companies in the oil and
natural gas business. JACAM's customers are predominantly producers but JACAM
also sells products to service companies and to the pipeline industry. JACAM has
over 350 employees and operates in Kansas, Oklahoma, Texas, New Mexico,
Colorado, Wyoming, Montana, Utah, California, and North Dakota.
CES also announced today that it has declared a cash dividend of $0.055 per
common share to shareholders of record on March 28, 2013. CES expects to pay
this dividend on or about April 15, 2013.
CES is focused on being the leading provider of technically advanced consumable
chemical solutions throughout the life-cycle of the oilfield. This includes
total solutions at the drill-bit, at the point of completion and stimulation, at
the wellhead and pump-jack, and finally through to the pipeline and midstream
market.
CES has been able to capitalize on the growing market demand for both drilling
fluids and production and specialty chemicals in North America. CES' business
model is relatively asset light and requires limited re-investment capital to
grow while generating significant free cash flow. CES returns much of this free
cash flow back to shareholders through its monthly dividend.
CES operates two core businesses. The first core business is operated by the
drilling fluids divisions which design and implement drilling fluid systems for
the North American oil and natural gas industry. CES operates in the Western
Canadian Sedimentary Basin ("WCSB") and in various basins in the United States
("US"), with an emphasis on servicing the ongoing major resource plays.
Horizontal drilling is the primary method utilized to drill formations like
tight gas, liquids rich 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. The Company
operates this business under the CES and Moose Mountain Mud brands in Canada and
as AES Drilling Fluids ("AES") in the US.
The second core business is operated by the production and specialty chemicals
divisions which design, develop, and manufacture technically advanced solutions
and products for completions and stimulations, production chemicals for
consumption at the wellhead or pump-jack, and specialty chemicals for the
pipeline and mid-stream market. Key solutions include corrosion inhibitors,
demulsifiers, H2S scavengers, paraffin control products, surfactants, scale
inhibitors, biocides and other specialty products. The Company's production and
specialty chemical business' main manufacturing and reacting facility is located
in Sterling, Kansas and its Canadian blending facility is located in Carlyle,
Saskatchewan. The Company operates this business under the JACAM brand in the US
and as PureChem in Canada.
With the addition of JACAM's state of the art laboratory in Sterling, Kansas,
CES now operates four separate lab facilities across North America which also
includes, Carlyle, Saskatchewan; Calgary, Alberta; and Houston, Texas. CES also
leverages third party partner relationships to drive innovation in the
consumable chemicals business.
The other complimentary business units of CES are Clear Environmental Solutions
("Clear") and EQUAL Transport ("EQUAL"). Clear is CES' environmental division,
providing 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 carrying out various related services
necessary to dispose of drilling fluids.
EQUAL is CES' transport division, providing its customers with 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.
CES' corporate head office and its 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' head office is located in Houston, Texas and
conducts operations in thirteen states with stock point facilities located in
Oklahoma, Texas, Louisiana, Pennsylvania, West Virginia, Colorado, North Dakota,
New Mexico, and Utah. CES' indirect wholly-owned subsidiary, JACAM head office
is located in Sterling, Kansas and conducts operations in Kansas, Oklahoma,
Texas, New Mexico, Colorado, Wyoming, Montana, Utah, California, and North
Dakota.
Financial Highlights
Three Months Ended Years Ended
December 31, December 31,
----------------------------------------------------
($000's, except per
share amounts) 2012 2011 2012 2011
----------------------------------------------------------------------------
Revenue 95,028 138,793 471,299 459,257
Gross margin (1) 21,401 37,300 110,167 123,415
Income before taxes 4,193 20,565 43,890 61,145
per share - basic (2) 0.07 0.37 0.79 1.12
per share - diluted
(2) 0.07 0.36 0.76 1.08
Net income 2,847 14,873 27,869 41,695
per share - basic (2) 0.05 0.27 0.50 0.76
per share - diluted
(2) 0.05 0.26 0.49 0.74
EBITDAC (1) 10,050 24,426 64,928 76,320
per share - basic (2) 0.18 0.44 1.17 1.39
per share - diluted
(2) 0.17 0.43 1.13 1.35
Funds flow from
operations (1) 8,603 22,705 48,234 68,663
per share - basic (2) 0.15 0.41 0.87 1.25
per share - diluted
(2) 0.15 0.40 0.84 1.22
Dividends declared 9,029 7,156 33,476 26,118
per share (2) 0.16 0.13 0.60 0.48
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Three Months Ended Years Ended
December 31, December 31,
----------------------------------------------------
Shares Outstanding 2012 2011 2012 2011
----------------------------------------------------------------------------
End of period 56,847,853 55,138,435 56,847,853 55,138,435
Weighted average
- basic 56,193,530 55,001,647 55,693,220 54,745,391
- diluted 57,792,055 56,870,630 57,395,332 56,483,369
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Financial Position ($000's) December 31, 2012 December 31, 2011
----------------------------------------------------------------------------
Net working capital 114,899 153,660
Total assets 354,642 385,351
Long-term financial liabilities (3) 71,575 96,779
Shareholders' equity 215,420 204,060
----------------------------------------------------------------------------
Notes:
(1) CES uses certain performance measures that are not recognizable under
International Financial Reporting Standards ("IFRS"). These performance
measures include net income before interest, taxes, depreciation and
amortization, gains and losses on disposal of assets, goodwill
impairment, unrealized foreign exchange gains and losses, unrealized
derivative gains and losses, and 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 IFRS
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 three and twelve months ended December 31,
2012.
(2) Pursuant to the three-for-one split of CES' outstanding common shares
effective July 13, 2011 all per share data has been retroactively
adjusted to reflect the stock split.
(3) Includes long-term portion of the Amended Senior Facility, vehicle
financing loans, committed loans, and finance leases, excluding current
portions.
Outlook
Q4 2012 was a difficult quarter for CES with a number of events as described
above that contributed to weaker quarterly results. However, with a shift in
activity in the US to new work in the Eagle Ford; the addition of significant
work in the Mississippi Lime as a result of the Mega Fluids acquisition; and a
pick-up of activity in the other regions the US drilling fluids business is back
on track. In Canada a combination of the ProDrill acquisition and a pick-up of
activity in the traditionally robust winter drilling season has Canadian
drilling fluids also back on track. With respect to the production and specialty
chemical business, PureChem closed out 2012 with annual sales of approximately
$24 million and has begun to make a positive EBITDAC contribution. In the US,
the Company has made a significant break-through into the market with the JACAM
Acquisition.
Taking into consideration the JACAM Acquisition, and based on the premise that
2013 drilling activity as a whole across the Canadian and US markets will remain
fairly consistent with activity levels achieved in 2012, CES' expected range of
consolidated gross revenue for 2013 will be approximately $580 million to $620
million and expected consolidated EBITDAC will be approximately $95 million to
$105 million.
Going forward, CES sees significant growth opportunities in the production and
specialty chemical space through both its PureChem and JACAM divisions. CES has
vertically integrated manufacturing capabilities with unutilized throughput at
both its Carlyle and Sterling plants. CES has a full suite of technically
advanced solutions for completions and stimulations, production chemicals for
consumption at the wellhead or pump-jack, and specialty chemicals for the
pipeline and mid-stream market. These markets are all growing on a
year-over-year basis and CES believes over time it can grow its market share
within each of these sub-segments.
In the Company's drilling fluids business, Q4 2012 results reflect the decrease
in activity over the comparable period in 2011. Despite the slowdown the
drilling fluids segment, on a year-over-year basis, it has experienced increases
in revenue per day as the industry trend to drill more complex, deeper, and
longer horizontal wells continues. CES has benefited from this trend as these
types of wells require more fluids in general, but also more technically
advanced fluids in order to be successfully drilled and cased. The result is the
drilling fluids portion of the typical well cost has increased, while the
average well cost has also increased. Based on the reported well economics of
the different North American play types and the reported drilling plans of
operators, this trend looks to continue. CES' strategy is to utilize its
patented and proprietary technologies and superior execution to increase market
share in North America. As a larger percentage of the wells being drilled
require more complex drilling fluids to best manage down hole conditions,
drilling times, and costs, CES will leverage its superior customer service and
its unique products to demonstrate its superior performance. CES believes that
its unique value proposition in this increasingly complex drilling environment
makes it the premier independent drilling fluids provider in North America.
The Clear Environmental Solutions division continues to complement CES' core
drilling fluids business and has maintained consistently strong results. 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.
Despite the decrease in activity in the WCSB, the EQUAL Transport division has
remained profitable. It is expected this business will continue to be
instrumental in supporting the core businesses and be economically viable.
As challenges faced by oil and gas producers become more complex, advanced
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 and production chemical
markets. With the addition of JACAM's state of the art laboratory in Sterling,
Kansas, CES now operates four separate lab facilities across North America which
also includes, Carlyle, Saskatchewan; Calgary, Alberta; and Houston, Texas. CES
also leverages third party partner relationships to drive innovation in the
consumable chemicals business.
On a corporate level, CES continually assesses integrated business opportunities
that will keep CES competitive and enhance profitability. However, all
acquisitions must meet our stringent financial and operational metrics. CES will
also closely manage its dividend levels and capital expenditures in order to
preserve its financial strength, its low capital re-investment model and its
strong 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 28, 2013; 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; the effect of the JACAM Acquisition on the
Corporation, the Corporation's plans to integrate JACAM with the operations of
CES and management of CES' expectation of the effect of the JACAM Acquisition on
CES's cash flow, revenues, EBITDAC and net income; 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 Canada 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, 2011, 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 Q4 2012 condensed consolidated financial statements and notes
thereto as at and for the three months and twelve months ended December 31,
2012, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Energy Services & Technology Corp.
Tom Simons
President and Chief Executive Officer
(403) 269-2800
Canadian Energy Services & Technology Corp.
Craig F. Nieboer, CA
Chief Financial Officer
(403) 269-2800
info@ceslp.ca
www.CanadianEnergyServices.com
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