CALGARY, April 28, 2020 /CNW/ - Calfrac Well Services
Ltd. ("Calfrac") (TSX-CFW) is announcing a change in the
location for its annual and special meeting (the "Meeting") of
shareholders which will be held on Tuesday,
May 5, 2020 at 3:30 p.m.
(Calgary time). Due to the
ongoing COVID-19 pandemic, the original meeting location is no
longer available. The date and time of the Meeting remain
unchanged. Calfrac does not intend to prepare or mail an
amended management information circular as a result of the change
in Meeting location. The Meeting will now be held at
Calfrac's head office at 411 – 8th Avenue S.W.,
Calgary, Alberta.
As described in the management information circular for the
Meeting, due to the current and rapidly evolving COVID-19 pandemic,
Calfrac asks that shareholders consider the advice and instructions
of the Public Health Agency of Canada (www.canada.ca/en/public-health.html)
and Alberta Health Services (www.albertahealthservices.ca) when
deciding whether to attend the Meeting in person.
Access to the Meeting will, subject to Calfrac's by-laws, be
limited to essential personnel and registered shareholders and duly
appointed proxyholders entitled to attend and vote at the
Meeting. Calfrac encourages registered shareholders and
duly appointed proxyholders to not attend the Meeting in person,
particularly if they are experiencing any of the described COVID-19
symptoms. As always, Calfrac encourages shareholders to
vote their common shares prior to the Meeting following the
instructions set out in the form of proxy or voting instruction
form received by such shareholders.
Calfrac may take additional precautionary measures in relation
to the Meeting in response to further developments with the
COVID-19 pandemic. In the event it is not possible or
advisable to hold the Meeting in person, Calfrac will announce
alternative arrangements for the Meeting as promptly as
practicable, which may include holding the Meeting entirely by
electronic means, telephone or other communication
facilities. Please monitor Calfrac's website at
www.calfrac.com for updated information.
Calfrac will be providing a live webcast of the Meeting.
Shareholders not attending the Meeting in person are
encouraged to listen to the webcast. However, shareholders
will not be able to vote through the webcast or otherwise
participate in the Meeting. A link to the webcast will be
available on Calfrac's website at www.calfrac.com.
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, Argentina and
Russia.
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 relating to
fact that Calfrac does not intend to prepare or mail an amended
management information circular and regarding additional
precautionary measures that may be required to safely hold the
Meeting, including the potential to hold the meeting entirely by
electronic means.
These forward-looking statements and information are based on
certain key expectations and assumptions made by Calfrac in light
of its experience and perception of historical trends, current
conditions and expected future developments as well as other
factors it believes are appropriate in the circumstances,
including, but not limited to, the following: the economic
and political environment in which Calfrac operates; Calfrac's
expectations for its customers' capital budgets and geographical
areas of focus; the effect unconventional oil and gas projects have
had on supply and demand fundamentals for oil and natural gas;
Calfrac's existing contracts and the status of current negotiations
with key customers and suppliers; the effectiveness of cost
reduction measures instituted by Calfrac; and the likelihood that
the current tax and regulatory regime will remain substantially
unchanged.
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 associated
with: Calfrac's ability to continue to manage the effect of the
COVID-19 pandemic on its operations; global economic conditions;
the level of exploration, development and production for oil and
natural gas in Canada,
the United States, Argentina and Russia; the demand for fracturing and other
stimulation services during drilling and completion of oil and
natural gas wells; volatility in market prices for oil and natural
gas and the effect of this volatility on the demand for oilfield
services generally; pandemics, natural disasters or other
unanticipated events, such as cyberattacks, fires, terrorist
attacks or railway blockades; excess oilfield equipment levels;
regional competition; the availability of capital on satisfactory
terms; restrictions resulting from compliance with debt covenants
and risk of acceleration of indebtedness; direct and indirect
exposure to volatile credit markets, including credit rating risk;
sourcing, pricing and availability of raw materials, component
parts, equipment, suppliers, facilities and skilled personnel;
currency exchange rate risk; risks associated with foreign
operations; operating restrictions and compliance costs associated
with legislative and regulatory initiatives relating to hydraulic
fracturing and the protection of workers and the environment;
changes in legislation and the regulatory environment; dependence
on, and concentration of, major customers; liabilities and risks,
including environmental liabilities and risks, inherent in oil and
natural gas operations; uncertainties in weather and temperature
affecting the duration of the service periods and the activities
that can be completed; liabilities and risks associated with prior
operations; liabilities relating to legal and/or administrative
proceedings; failure to maintain Calfrac's safety standards and
record; failure to realize anticipated benefits of acquisitions and
dispositions; the ability to integrate technological advances and
match advances from competitors; intellectual property risks; third
party credit risk; and the effect of accounting pronouncements
issued periodically. 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.