CALGARY, AB, Nov. 25, 2020 /CNW/ - Calfrac Well Services Ltd.
("Calfrac" or the "Company") (TSX: CFW) confirms
that a hearing was held today, in the Alberta Court of
Appeal, to consider the appeal by Wilks Brothers, LLC, of the
Final Order issued by the Court of Queen's Bench of Alberta on November
2nd, approving the Company's plan of
arrangement, under the Canada Business Corporations
Act.
The Court has reserved its decision, and Calfrac will provide a
further update upon its release.
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
timing of the Court's decision in respect of the appeal. 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, that the Amended Recapitalization Transaction will be
completed as proposed. 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;
actions taken by Wilks Brothers, LLC; decisions by Canadian
securities regulators and/or the courts; default under the
Company's credit facilities and/or the Company's senior secured
notes due to a breach of covenants therein; failure to reach any
additional agreements with the Company's lenders; the impact of
events of defaults in respect of other material contracts of the
Company, including but not limited to, cross-defaults resulting in
acceleration of amounts payable thereunder or the termination of
such agreements; failure to receive any applicable regulatory
approvals in respect of the Amended Recapitalization Transaction;
global economic conditions; along with those risk and uncertainties
identified under the heading "Risk Factors" and elsewhere in the
Management Information Circular dated August
17, 2020, as supplemented by the Material Change Report
dated September 25, 2020, and the
Company's annual information form dated March 10, 2020, each as filed on SEDAR at
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. This press release is not an offer of
securities for sale in the United
States. Securities may not be offered or sold in
the United States absent an
exemption from registration under the Securities Act of 1933.
SOURCE Calfrac Well Services Ltd.