CALGARY, AB, May 27, 2021 /CNW/ - Calfrac Well Services Ltd.
("Calfrac" or the "Company") (TSX: CFW) announces
that the Supreme Court of Canada
has dismissed the leave to appeal application by Wilks Brothers,
LLC ("Wilks Brothers") with costs. Wilks Brothers'
proposed appeal related to the decision of the Court of Appeal of
Alberta upholding the order of the
Court of Queen's Bench of Alberta,
which approved Calfrac's Plan of Arrangement pursuant to the
Canada Business Corporations Act ("CBCA Final
Order").
The Supreme Court of Canada's
dismissal of the leave to appeal application means that the CBCA
Final Order, pursuant to which Calfrac implemented its
Recapitalization Transaction, is no longer subject to any further
Canadian appeal rights, and remains in full force and effect.
As previously disclosed, Wilks Brothers' has applied to the
Ontario Securities Commission (the "OSC") requesting a hearing and
review by the OSC of the decision of the Toronto Stock Exchange
granting relief in respect of the rescission of the purchase of 1.5
Lien Notes of Calfrac acquired by an institutional
shareholder.
Calfrac believes that the TSX acted appropriately within its
jurisdiction in granting such relief. Therefore,
Calfrac is opposing the application to the OSC, which is
anticipated to be heard in July. Calfrac has similarly opposed
other litigation by Wilks Brothers, and has prevailed in each case.
Calfrac will provide a further update upon any material
developments.
. . .
Calfrac's common shares and warrants are publicly traded on the
Toronto Stock Exchange under the trading symbols "CFW" and
"CFW.WT", respectively.
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
Wilks Brothers' OSC application.
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. 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 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 default 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,
court, third party and other stakeholder approvals or decisions in
respect of the Recapitalization Transaction or the court order
granting enforcement thereof; global economic conditions; along
with those risk and uncertainties identified under the heading
"Risk Factors" and elsewhere in the Company's annual information
form dated March 26, 2021, 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.