CALGARY, AB, June 9, 2020 /CNW/ - Calfrac Well
Services Ltd. ("Calfrac" or the "Company") (TSX:
CFW) provides the following comment on the recent increase in
the trading volume and price of the Company's common shares on the
Toronto Stock Exchange.
While the Company is not aware of any material change that would
account for the recent trading activity in its common shares, the
Company confirms that it has retained Perella Weinberg Partners LP
and Tudor, Pickering, Holt & Co., along with RBC Capital
Markets, as financial advisors to advise the Company on
alternatives for addressing its capital structure. The Company will
inform the market as required of any material developments, and
does not have any further comment at this time.
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 the disclosure of any material developments related to
the Company.
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.