|By Marketwired .||
|December 27, 2012 08:10 PM EST||
CALGARY, ALBERTA -- (Marketwire) -- 12/28/12 -- New West Energy Services Inc. (TSX VENTURE:NWE) (the "Corporation") is pleased to announce the results for the Corporation for its second quarter ended October 31, 2012.
Revenue from continuing operations for the six month period totaled $8,218,937. Net income from continuing operations for the six month period totaled $1,284,161. The comparative numbers from continuing operations for the six month period ended October 31, 2011 were $7,511,285 and $746,453 respectively. The increase in net income over the previous period is largely due to the recognition of a non-cash item of deferred tax recovery in the amount of $697,188.
On August 24, 2012, the Corporation completed the acquisition of the operating assets of Porterco Welding Ltd. for an aggregate purchase price of $1.4 million. The new subsidiary, under the name Porterco Oilfield Services Inc. ("Porterco"), operates a fleet of trucks and trailers for hauling contaminated drill cuttings as well as providing equipment fabrication and rental services from its base in Slave Lake, 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 truck and trailer fleet and will continue to expand its equipment, trucks and service areas.
The Corporation continues to look at new expansion and acquisition opportunities in the environmental and oilfield services area.
About New West Energy Services Inc.
The Corporation operates in the oilfield service industry in Canada through two wholly owned subsidiaries - BearStone Environmental Solutions Inc. and Porterco Oilfield Services Inc. BearStone provides environmental services to the upstream oil and gas industry and also operates a fleet of specialized vacuum and water trucks. Porterco operates a fleet of trucks and trailers for hauling oil contaminated drill cuttings as well as providing equipment rental and custom fabrication services.
Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.
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