CALGARY, ALBERTA -- (Marketwire) -- 03/28/13 -- New West Energy Services Inc. (TSX VENTURE: NWE) (the "Corporation") is pleased to announce the results for the Corporation for its third quarter ended January 31, 2013.
Revenue from continuing operations for the nine month period totaled $13,890,000. Net income from continuing operations for the nine month period totaled $1,580,000. The comparative numbers from continuing operations for the nine month period ended January 31, 2012 were $11,455,000 and $1,170,000. The increase in net income over the previous period is largely due to the recognition of a non-cash item of deferred tax recovery and a deferred tax charge for a net increase of approximately $600,000.
Total revenue of $13,890,000 was comprised of $7,570,000 from Environmental Services, $4,230,000 from Vacuum Services and $2,090,000 from Hauling Services. The Hauling Services division only commenced operation at the end of August in 2012, being the date Porterco Oilfield Services Inc. commenced operations. This new division operates out of Slave Lake and is expected to grow substantially over the next several years.
The Corporation continues to look at new expansion and acquisition opportunities in the environmental and oilfield services area.
Additional information about the Corporation is available on its website at www.newwestenergyservices.com or under its profile on SEDAR at www.sedar.com.
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.
New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
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