CALGARY, Jan. 6, 2016 /CNW/ - Calfrac Well Services
Ltd. ("Calfrac") (TSX–CFW) announced today that that
Michael J. (Mick) McNulty, Calfrac's
Chief Financial Officer, has advised Calfrac's board of directors
and executive management team that he intends to retire by March
2016. Mr. McNulty has made significant contributions to
Calfrac since being appointed as Chief Financial Officer
in December of 2013.
Fernando Aguilar, Calfrac's
President and Chief Executive Officer commented: "On behalf of
everyone at Calfrac, I would like to thank Mick for his
contributions during his tenure as CFO and wish him all the best in
his upcoming retirement."
Calfrac has initiated a search process, and further information
will follow once an appointment has been made.
Calfrac's common shares are publicly traded on the Toronto Stock
Exchange under the trading symbol "CFW". Calfrac provides
specialized oilfield services to exploration and production
companies designed to increase the production of hydrocarbons from
wells drilled throughout western Canada, the United
States, Russia,
Argentina and Mexico.
This press release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends" and similar expressions are
intended to identify forward-looking information or statements.
More particularly and without limitation, this press release
contains forward-looking statements and information related to the
retirement of Calfrac's Chief Financial Officer as well as the
search process and appointment of a replacement Chief Financial
Officer. Although Calfrac believes that the expectations and
assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information as Calfrac
cannot give any assurance that they will prove to be correct. Since
forward-looking statements and information address future events
and conditions, by their very nature they involve inherent risks
and uncertainties. Actual results could differ materially from
those currently anticipated due to a number of factors and risks.
These include, but are not limited to, risks related with
prevailing economic conditions; commodity prices; sourcing, pricing
and availability of raw materials, component parts, equipment,
suppliers, facilities and skilled personnel; dependence on major
customers; uncertainties in weather and temperature affecting the
duration of the service periods and the activities that can be
completed; health, safety and environmental risks; exchange rate
fluctuations; marketing and transportation; loss of markets;
environmental risks; governmental regulations; competition;
incorrect assessment of the value of acquisitions; failure to
realize the anticipated benefits of acquisitions; ability to access
sufficient capital from internal and external sources; failure to
obtain required regulatory and other approvals; and changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations.
Readers are cautioned that the foregoing list of risks and
uncertainties is not exhaustive. Additional information on these
and other risk factors that could affect Calfrac's operations or
financial results are included in Calfrac's annual information form
and may be accessed through the SEDAR website (www.sedar.com). The
forward-looking statements and information contained in this press
release are made as of the date hereof and Calfrac does not
undertake any obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
SOURCE Calfrac Well Services Ltd.