ENP Newswire -
Release date- 29082014 -
Leader's second quarter condensed interim financial statements and MD&A will be filed to SEDAR on
In the second quarter of 2014, the Company reported revenues from well stimulation services of
Activity started strong in the second quarter of 2014 as customers completed work delayed in March due to an early spring break-up. The Company was able to coordinate the completion of this work around road restrictions through the second week of April. Activity in the month of May was slow with the exception of an influx of stand-alone fluid pumping work from one customer. In the month of June, the Company started to see a rebound in activity.
For the six month period ended
The Company is in the process of arranging certain pieces of equipment for sale. The Company expects the sale process to be completed in the fourth quarter of 2014. Upon the conclusion of the asset sale, the Company will still offer 1 1/2' - 2 3/8' coiled tubing and related services.
The difference between the
Liquidity and Capital Resources
In addition to the demand non-revolving single advance loans, the Company has a
As a result, the Company was
Improving activity levels are anticipated for the remainder of 2014, supported by stable oil prices, rising natural gas prices and deeper, more complex wells being drilled. The Company continues to analyze its operating expenses. Cost reductions will be achieved through rightsizing initiatives including decreasing administrative personnel levels and lowering of salaries in certain departments.
In addition, the Company is taking the initiative to sell underutilized assets and lower its debt levels. The effect will be higher utilization of remaining assets and lower interest costs, thereby improving cash flow for the Company. Management remains focused on revenue-generating and cost management initiatives, and continues to evaluate various alternatives to reduce its borrowing costs and overall debt levels.
Tel: (403) 265-5400
Tel: (403) 265-5400
This press release contains certain statements or disclosures relating to the Company that are based on the expectations of the Company as well as assumptions made by and information currently available to the Company which may constitute forward-looking information under applicable securities laws.
All such statements and disclosures, other than those of historical fact, which address activities, events, outcomes, results or developments that the Company anticipates or expects may, or will occur in the future (in whole or in part) should be considered forward-looking information.
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