CALGARY, Dec. 5, 2019 /CNW/ - (TSXV: CWC) CWC Energy
Services Corp. ("CWC" or the "Company") is pleased to announce that
the Board of Directors has approved the granting of 267,000 stock
options and 4,339,545 restricted share units of the Company on
December 4, 2019 to certain
directors, officers and employees of the Company. The stock options
have an exercise price of $0.10 per
common share and expire five years from the date of grant with
one-third vesting on each of the first, second and third
anniversaries from the date of grant. Of the 4,339,545 restricted
share units granted, 874,545 units vest immediately and 3,465,000
units vest one third annually on each of the first, second and
third anniversaries from the date of grant. All 4,339,545
restricted share units expire on December
15 of the third year following the year in which the
restricted share units were granted.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and
well servicing company operating in the WCSB and the United States with a complementary suite
of oilfield services including drilling rigs, service rigs,
swabbing rigs and coil tubing. The Company's corporate office is
located in Calgary, Alberta with a
U.S. office in Houston, Texas and
operational locations in Nisku,
Grande Prairie, Slave Lake, Sylvan
Lake, Drayton Valley,
Lloydminster, Provost, and Brooks,
Alberta. The Company's shares trade on the TSX Venture
Exchange under the symbol "CWC".
READER ADVISORY - Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Information and Statements
This news release contains certain forward-looking
information and statements within the meaning of applicable
Canadian securities legislation. Certain statements contained in
this news release may contain such words as "anticipate", "could",
"continue", "should", "seek", "may", "intend", "likely", "plan",
"estimate", "believe", "expect", "will", "objective", "ongoing",
"project", "view" and similar expressions are intended to identify
forward-looking information or statements. In particular, this news
release contains forward-looking statements involving the intended
capital expenditures to be made in 2018 and intentions with respect
to financing such expenditures. Although the Company believes that
the expectations and assumptions on which such forward-looking
information and statements are based are reasonable, undue reliance
should not be placed on the forward-looking information and
statements because the Company can give no assurances that they
will prove to be correct. Since forward-looking information and
statements 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, the risks associated with the drilling and oilfield
services sector (i.e. demand, pricing and terms for oilfield
drilling and services; current and expected oil and gas prices;
exploration and development costs and delays; reserves discovery
and decline rates; pipeline and transportation capacity; weather,
health, safety and environmental risks), integration of
acquisitions, competition, and uncertainties resulting from
potential delays or changes in plans with respect to acquisitions,
development projects or capital expenditures and changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations, stock market volatility and the
inability to access sufficient capital from external and internal
sources. Accordingly, readers should not place undue reliance on
the forward-looking statements. Readers are cautioned that the
foregoing list of factors is not exhaustive. Additional information
on these and other factors that could affect the Company's
financial results are included in reports on file with applicable
securities regulatory authorities and may be accessed through SEDAR
at www.sedar.com. The forward-looking information and statements
contained in this news release are made as of the date hereof and
the Company undertakes no obligation to update publicly or revise
any forward-looking information or statements, whether as a result
of new information, future events or otherwise, unless so required
by applicable securities laws. Any forward-looking statements made
previously may be inaccurate now.
SOURCE CWC Energy Services Corp.