|By Marketwired .||
|May 16, 2014 06:29 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/16/14 -- CWC Energy Services Corp. (TSX VENTURE: CWC) ("CWC" or the "Company") is pleased to announce that the Board of Directors have approved the granting of 3,550,000 stock options and 465,000 restricted share units of the Company on May 16, 2014 to certain directors, officers and employees of the Company. The stock options have an exercise price of $1.04 per common share and expire five years from the date of grant with one-third vesting on each of the first, second and third anniversaries from the date of grant. One third of the restricted share units vest annually on each of the first, second and third anniversaries from the date of grant and expire on December 31 of the year in which they vest.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including drilling rigs, service rigs, coil tubing, snubbing and well testing. The Company's corporate office is located in Calgary, Alberta, with operational locations in Nisku, Grande Prairie, Slave Lake, Red Deer, Lloydminster, Provost, and Brooks, Alberta and Weyburn, Saskatchewan. The Company's shares trade on the TSX Venture Exchange under the symbol "CWC".
READER ADVISORY - Neither 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.
Certain statements contained in this press release, including statements which may contain such words as "could", "should", "believe", "expect", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking statements, including, but not limited to, statements as to: the Company's present stated business objectives of becoming a pure play well servicing company in Western Canada, future capital expenditures, including the amount and nature thereof; revenue growth; equipment additions; business strategy; expansion and growth of the Corporation's business and operations; service rig utilization rates, outlook for natural gas prices and general market conditions and other matters. Management has made certain assumptions and analyses which reflect their experiences and knowledge in the industry, including, without limitations, assumptions pertaining to well services demand as a result of commodity prices. These assumptions and analyses are believed to be accurate and truthful at the time, but the Company cannot assure readers that actual results will be consistent with these forward-looking statements. However, whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to known and unknown risks and uncertainties which could cause actual results to differ materially from the Company's expectations. All forward-looking statements made in the press release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected outcomes to, or effects on, the Company or its business operations. The Company does not intend and does not assume any obligation to update these forward-looking statements, except as expressly required to do so pursuant to applicable securities laws. Any forward-looking statements made previously may be inaccurate now.
CWC Energy Services Corp.
Duncan T. Au, CA, CFA
President & Chief Executive Officer
CWC Energy Services Corp.
Ryan A. Michaluk, CA, CMA
Chief Financial Officer