Market Overview

CWC Well Services Corp. Releases Third Quarter 2012 Financial Results and Declares Quarterly Dividend

CALGARY, ALBERTA--(Marketwire - Nov. 15, 2012) - CWC Well Services Corp. (TSX VENTURE:CWC)("CWC" or the "Company") is pleased to release its operational and financial results for the three and nine months ended September 30, 2012. The Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for the three and nine months ended September 30, 2012 are filed on SEDAR at www.sedar.com.

Highlights for Q3 2012 and YTD 2012



-- Revenue for the nine month period of 2012 was $82.9 million, an increase
of 13% over the same period of 2011. The third quarter of 2012 revenue
decreased 14% to $26.9 million compared to the same quarter of 2011;
-- EBITDAS for the nine month period of 2012 is $18.0 million, an increase
of 1% compared to the same period of 2011. EBITDAS for the third quarter
of 2012 was $6.3 million, decreasing from $8.1 million in the same
period of 2011;
-- Net income for the nine months ended September 30, 2012 was $3.1
million, a decrease of 32% compared to the same period of 2011 due
primarily to a charge for deferred income tax expense in 2012 with no
similar expense in 2011. The third quarter of 2012 net income decreased
to $1.3 million compared to $3.2 million for the same quarter of 2011;
-- In Q1 of 2012 the Board of Directors initiated a quarterly dividend
policy of $0.01625 per common share to shareholders resulting in an
annualized dividend of $0.065 per common share. To date the Company has
declared and paid dividends totaling $7.7 million or $0.04875 per share.
The declaration of dividends reflects CWC's positive view of the
sustainability of its cash flows and earnings in the future and the
Company's ability to provide a meaningful return on investment for its
shareholders without impacting the Company's ability to pursue long-term
growth opportunities;
-- The Company continues to grow its well servicing fleet with the addition
of a new double service rig and a new slant service rig which were both
put into service in Q2 2012. Recertification of an existing single
service rig was also completed in November 2012 and put into service.
CWC expects to complete the building of two more service rigs by the end
of 2012 increasing the active service rig count to 68 service rigs by
year end. In addition, a new Class III, 2" coil tubing unit is scheduled
to be put into service in Q1 2013 increasing the fleet to 9 coil tubing
units. CWC continues to upgrade and replace various support equipment to
ensure CWC's fleet remains among the newest and most technologically
advanced in the industry.



Financial and Operating Highlights



THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
$ thousands, except
per share amounts, % %
margins and ratios 2012 2011 Change 2012 2011 Change
----------------------------------------------------------------------------

FINANCIAL RESULTS
Revenue
Well servicing $24,921 $25,419 (2%) $75,672 $59,909 26%
Other oilfield
services 1,966 5,805 (66%) 7,264 13,605 (47%)
--------------------------------------------------------
26,887 31,224 (14%) 82,936 73,514 13%
EBITDAS (1) 6,348 8,141 (22%) 17,998 17,850 1%
EBITDAS margin (%)
(1) 24% 26% 22% 24%
Funds from (used
in) operations
(2) 6,348 8,139 (30%) 17,996 17,846 (11%)

Net income 1,255 3,174 (60%) 3,054 4,503 (32%)
Net income margin
(%) 5% 10% 4% 6%

Dividends declared 2,670 - 7,724 -
Dividends paid 5,038 - 5,038 -

Per share
information
Weighted average
number of shares
outstanding -
basic 154,987 156,576 155,521 157,180
Weighted average
number of shares
outstanding -
diluted 154,987 160,048 160,111 159,331

EBITDAS (1) per
share - basic and
diluted 0.04 0.05 0.12 0.11
Funds from
operations per
share - basic and
diluted 0.04 0.05 0.12 0.11
Net income per
share - basic and
diluted 0.01 0.02 0.02 0.03
----------------------------------------------------------------------------


SEPTEMBER DECEMBER
30, 31,
2012 2011

FINANCIAL POSITION
AND LIQUIDITY
Working capital
(excluding debt)
(3) 9,105 22,414
Working capital
(excluding debt)
ratio 1.8:1 3.4:1
Total assets 147,566 159,774
Total long-term
debt (including
current portion) 37,987 47,941
Shareholders'
equity 97,272 102,624

Notes 1 to 3 - Please refer to the Notes to Financial Highlights at the end
of this release.





2012 2011
OPERATING Quarter Quarter Quarter Quarter Quarter Quarter Quarter
HIGHLIGHTS 3 2 1 4 3 2 1
----------------------------------------------------------------------------
WELL SERVICING
Service Rigs
Number of service
rigs, end of
period 65 65 63 63 63 63 41
Hours worked 31,347 21,186 37,543 34,047 33,595 15,333 26,630
Utilization % 52% 36% 65% 59% 58% 38% 72%

Coil Tubing Units
Number of units,
end of period
(1) 8 8 8 7 6 6 6
Hours worked 1,034 417 3,956 2,404 1,448 567 2,960
Utilization % 22% 9% 90% 37% 26% 10% 55%
----------------------------------------------------------------------------
OTHER OILFIELD
SERVICES
Snubbing Units
Number of units,
end of period
(2) 7 7 7 5 5 5 5
Hours worked 574 241 2,065 2,421 1,692 293 1,950
Utilization % 11% 5% 46% 53% 37% 6% 43%

Well Testing Units
Number of units,
end of period 11 11 12 12 12 12 12
Number of tickets
billed 410 238 468 429 421 178 467
----------------------------------------------------------------------------

Notes 1 - For the purposes of calculating utilization 2 units were omitted
from the calculation from Q1 to Q3 2011 and one unit was omitted
from the calculation for the fourth quarter of 2011 as they were
undergoing retrofit to be converted to Class III 2" coil;

2 - For the purposes of calculating utilization units requiring
recertification before being available for use and units
undergoing conversion from 3,000 psi to 5,000 psi were omitted
from the calculation. For f 2011 this resulted in two units being
omitted; an additional unit has been excluded as it is used for
training purposes



Q3 2012 Overview

Q3 2012 started out with a seasonal pickup in activity in July 2012. In August and September 2012, these activity levels, which would normally increase throughout the quarter, showed a slight decrease throughout the latter part of Q3 2012 reflecting a less urgent desire for completions oriented work by our E&P customers and a general overall slowdown in drilling activities throughout the oilfield services sector. Drilling rig activity was down nearly 30% in Q3 2012 compared to Q3 2011. Service rig activity was less affected with the CAODC reporting activity was down approximately 8% in Q3 2012 compared to Q3 2011. Third quarter results reflect the decline in producer demand, a slower seasonal recovery and continued reductions in natural gas and liquids rich gas activities. Oil prices have remained relatively flat year-over-year, however, customers have moderated their spending in the second half of 2012 in an effort to operate within their stated 2012 budgets due to uncertainty over commodity price forecasts driven in part by global economic uncertainty. Our service rig results were only marginally impacted during Q3 2012 by the reduction in spending as they are more leveraged to oil-related activities whereas our snubbing units were significantly affected by its inherent exposure to natural gas related activities. The decrease in revenue and EBITDAS were primarily affected by the sale of our nitrogen assets in December 2011 which contributed to the Q3 2011 results without a similar contribution in Q3 2012. The nitrogen assets account for 47% of the revenue decrease in Q3 2012 and 48% of the EBITDAS decrease with snubbing accounting for 27% of the revenue decrease and 43% of the EBITDAS decrease.

Year-to-date revenue is up 13% due primarily to the addition of 22 service rigs from the Trinidad Well Servicing ("TWS") acquisition in June 2011 which contributed to a 26% increase in revenue in the Well Servicing segment. This overall revenue increase is offset by the sale in December 2011 of our nitrogen assets in our Other Oilfield Services segment that no longer contribute to revenue in 2012. In addition declines in snubbing activity in 2012 contributed to the 47% decrease in year-to-date revenue in the Other Oilfield Services segment. The nitrogen assets in 2011 contributed $5.0 million in year-to- date revenue. While revenue growth has increased 13%, EBITDAS has only increased 1% due primarily to the lower activity levels in snubbing in 2012 compared to 2011 and the higher margin nitrogen business which did not contribute to EBITDAS in 2012.

Oil-related work, which is more maintenance and service oriented, is where the vast majority of the service rig hours were achieved and is expected to continue in 2012 and beyond. CWC continues to minimize its exposure to depressed natural gas prices through its focus on oil. The slowdown in drilling activity for the second half of 2012 has inevitably resulted in a lag on completion oriented work. In anticipation of this slowdown, CWC started positioning itself to do more production maintenance, workover and abandonment services to offset the anticipated decline in completion work for its service rigs.

Revenue

Total revenue for the three and nine months ended September 30, 2012 decreased 14% and increased 13% respectively year-over-year. Q3 2012 activity was affected by lower spending and a lack of urgency by customers on programs overall for both new well completions and production and maintenance related activities compared to that of 2011. The year-to-date increase is primarily due to the 22 service rigs acquired from TWS in the second quarter of 2011. Revenue in the third quarter was down primarily as a result of low utilization on coil tubing and snubbing assets and was further affected by no revenue contributions from nitrogen assets in 2012 as these assets were sold in December 2011.

CWC continues to focus on providing services to better capitalized and financed senior and intermediate exploration and production ("E&P") companies. In the third quarter of 2012, over 64% of our revenue was derived from our top ten customers all of whom are large or intermediate E&P companies. The Company also focuses on customers with higher exposure to oil opportunities instead of dry natural gas plays given the strong pricing for oil compared to that of dry natural gas.

EBITDAS

EBITDAS for the third quarter of 2012 was $6.3 million (24% of revenue) compared to $8.1 million (26% of revenue) in the third quarter of 2011, a decline of $1.8 million or 22%. Year-to-date, EBITDAS was $18.0 million (22% of revenue) versus $17.9 million (24% of revenue). EBITDAS was lower in the current year as a result of the sale of the nitrogen assets in Dec 2011 which contributed $0.9 million and $1.6 million for the three and nine month periods of 2011 respectively. Further impacts were from lower activity levels, particularly in snubbing, as a result of reduced producer spending in response to lower commodity prices driven by uncertain macroeconomic conditions. Also impacting year-to-date EBITDAS was fixed salary costs for field employees in the coil tubing division when activity did not fully materialize and recertification costs being incurred in the second quarter ahead of planned timing.

Net Income

Net income for the three months ended September 30, 2012 was $1.3 million compared to $3.2 million for the third quarter of 2011; a decline of $1.9 million or 60%, primarily impacted by the sale of nitrogen assets in December 2011 and a decline in activity levels in Q3 2012. Net income on a year-to-date basis compared to 2011 declined 32% due primarily to a charge for deferred income tax expense in 2012 with no similar expense in 2011. Management remains focused on driving higher levels of profitability by capitalizing on its young and technologically advanced equipment fleet and high quality labour force.

Outlook

Approximately 90% of CWC's work is currently derived from oil-related activities. Despite oil prices remaining at healthy levels averaging $92.26 per barrel for West Texas Intermediate in Q3 2012 compared to $89.59 per barrel in Q3 2011, the urgency from our exploration and production ("E&P") customers to get wells drilled and completed in Q3 2012 subsided compared to Q3 2011. Many global economic factors such as the high levels of European government debt, slowdown in China's GDP growth, uncertainty over the U.S. fiscal cliff combined with the potential results of the U.S. election, and the likelihood of Keystone XL and Northern Gateway pipelines being built on a timely basis if at all, likely contributed to the decision by our E&P customers to slowdown the pace of activity levels in Q3 2012. The result for the overall oilfield services industry was lower utilization levels in Q3 2012 compared to Q3 2011 as reflected in CWC's service rig utilization rate of 52% in Q3 2012 compared to Q3 2011 of 58%. Normally, activity levels would start to increase in Q4 and continue throughout the winter months. However, so far this quarter, an increase in Q4 2012 activity level above those of Q3 2012 appears to be delayed until later in the winter months. While there is a delay in spending by our E&P customers, every indication they have given CWC suggests a return to higher activity levels in Q1 2013. Supporting this thesis is the record number of oil well licenses issued in October 2012 of 1,003 wells compared to 943 wells in October 2011 and 780 wells in September 2012 in Western Canada. Year-to-date ended October 31, 2012 8,779 oil well permits were approved in Western Canada resulting in the second highest oil well permits issued in the last 10 years according to Daily Oil Bulletin.

During Q3 2012, CWC shifted its sales and operations focus towards maintenance, workover and abandonment activity as opposed to completions oriented work in its Service Rig division. CWC is not currently experiencing any pricing pressure in its Service Rigs division from its E&P customers nor do we expect to incur any material reductions to our hourly rates with an average rate of $755 per hour year-to-date in 2012 (2011 - $727 per hour). CWC also took the opportunity, during a slower Q3 2012, to build a better quality leadership and safety team in several areas of its Service Rig, Coil Tubing and Snubbing divisions, which management believes will have a positive impact in achieving future incremental revenue and cash flow. CWC intends to continue providing best-in-class services to our E&P customers through "Quality People Delivering Quality Service" with the most relevant, youngest and advanced fleet of equipment. In Q4 2012, CWC expects to take delivery of three additional service rigs and have two more service rigs, which were down for upgrades in Q3 2012, back in service. By year end 2012, CWC should have a total active service rig fleet of 68. We will continue to evaluate opportunities to grow the Well Servicing business segment through a disciplined approach in 2013, which may include the addition of new slant service rigs to service the growing number of steam assisted gravity drainage ("SAGD") wells.

Quarterly Dividend

The Company is pleased to announce that its Board of Directors has declared a quarterly dividend of $0.01625 per common share. The dividend will be paid on January 15, 2013 to shareholders of record on December 31, 2012. The ex-dividend date is December 27, 2012. This dividend is an eligible dividend for Canadian income tax purposes.

The declaration of dividends is determined on a quarter-by-quarter basis by the Board of Directors and reflects CWC's positive view on the sustainability of its cash flow and earnings in the future.

Financial Measures Reconciliations



THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30 SEPTEMBER 30
$ thousands 2012 2011 2012 2011
----------------------------------------------------------------------------
NON-IFRS MEASURES

(1) EBITDAS:
Net income 1,255 3,174 3,054 4,503
Add:
Depreciation 3,624 3,818 10,595 10,097
Finance costs 719 940 2,193 2,525
Income tax expense (recovery) 519 - 1,406 -
Stock based compensation 201 185 603 651
Loss on sale of equipment 35 16 142 51
Unrealized (gain) loss on
marketable securities (5) 8 5 23
----------------------------------------

EBITDAS 6,348 8,141 17,998 17,850
----------------------------------------------------------------------------
(2) Funds from (used in) operations:
Cash flows from (used in)
operating activities 5,154 (618) 28,984 15,311
Less:
Change in non-cash working capital (1,194) (8,757) 10,988 (2,535)
----------------------------------------

Funds from (used in) operations: 6,348 8,139 17,996 17,846
----------------------------------------------------------------------------
(3) Gross margin:
Revenue 26,887 31,224 82,936 73,514
Less:
Direct operating expenses (17,197) (19,143) (54,462) (46,006)
----------------------------------------

Gross margin 9,690 12,081 28,474 27,508
----------------------------------------------------------------------------

SEPTEMBER DECEMBER
30 31,
2012 2011
--------------------
(4) Working capital (excluding
debt):
Current Assets 21,078 31,623

Less: Current Liabilities (16,618) (17,586)

Add: Current portion of long-term
debt 4,645 8,377
--------------------

Working capital (excluding debt) 9,105 22,414
--------------------------------------------------------

Notes 1 to 4 - Please refer to the Notes to Financial Highlights at the end
of this release.



About CWC Well Services Corp.

CWC Well Services Corp. is a premier well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including service rigs, coil tubing, snubbing and well testing. The Company's corporate office is located in Calgary, Alberta, with operational locations in Red Deer, Provost, Lloydminster, Brooks, and Grande Prairie, Alberta and Weyburn, Saskatchewan.

Notes to Financial Highlights



1. EBITDAS (Earnings before interest, taxes, depreciation, amortization,
gain/loss on disposal of asset, unrealized gain/loss on marketable
securities, finance costs and stock based compensation) is not a
recognized measure under IFRS. Management believes that in addition to
net earnings, EBITDAS is a useful supplemental measure as it provides an
indication of the Company's ability to generate cash flow in order to
fund working capital, service debt, pay current income taxes, and fund
capital programs. Investors should be cautioned, however, that EBITDAS
should not be construed as an alternative to net income (loss) and
comprehensive income (loss) determined in accordance with IFRS as an
indicator of the Company's performance. CWC's method of calculating
EBITDAS may differ from other entities and accordingly, EBITDAS may not
be comparable to measures used by other entities. For a reconciliation
of EBITDAS to net income (loss) and comprehensive income (loss).
2. Funds from (used in) operations and funds from (used in) operations per
share are not recognized measures under IFRS. Management believes that
in addition to cash flow from operations, funds from (used in)
operations is a useful supplemental measure as it provides an indication
of the cash flow generated by the Company's principal business
activities prior to consideration of changes in working capital.
Investors should be cautioned, however, that funds from (used in)
operations should not be construed as an alternative to cash flow from
(used in) operations determined in accordance with IFRS as an indicator
of the Company's performance. CWC's method of calculating funds from
(used in) operations may differ from other entities and accordingly,
funds from (used in) operations may not be comparable to measures used
by other entities. Funds from (used in) operations is equal to cash flow
from (used in) operations before changes in non-cash working capital
items related to operations, interest and income taxes paid, financing
costs, and income tax expense.
3. Gross margin is calculated from the statement of comprehensive income
(loss) as revenue less direct operating expenses and is used to assist
management and investors in assessing the Company's financial results
from operations excluding fixed overhead costs. Gross margin is a non-
IFRS measure and does not have any standardized meaning prescribed by
IFRS and may not be comparable to similar measures provided by other
companies.
4. Working capital (excluding debt) is calculated based on current assets
less current liabilities excluding the current portion of long-term
debt. Working capital is used to assist management and investors in
assessing the Company's liquidity and its' ability to generated funds.
Working capital (excluding debt) does not have any meaning prescribed
under IFRS and may not be comparable to similar measures provided by
other companies.



Certain statements contained in this press release, including statements which may contain such words as "could", "should", "believe", "expect", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking statements, including, but not limited to, statements as to: future capital expenditures, including the amount and nature thereof; revenue growth; equipment additions; business strategy; expansion and growth of the Company's business and operations; service rig utilization rates, outlook for oil and natural gas prices and general market conditions and other matters. Management has made certain assumptions and analyses which reflect their experiences and knowledge in the industry, including, without limitations, assumptions pertaining to well services demand as a result of commodity prices. These assumptions and analyses are believed to be accurate and truthful at the time, but the Company cannot assure readers that actual results will be consistent with these forward-looking statements. However, whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to known and unknown risks and uncertainties which could cause actual results to differ materially from the Company's expectations. All forward-looking statements made in the press release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected outcomes to, or effects on, the Company or its business operations. The Company does not intend and does not assume any obligation to update these forward-looking statements, except as expressly required to do so pursuant to applicable securities laws. Any forward-looking statements made previously may be inaccurate now.



STATEMENT OF FINANCIAL POSITION
CWC Well Services Corp.
As at September 30, 2012 and December 31, 2011
(unaudited)
September 30, December 31,
in thousands of Canadian dollars 2012 2011
----------------------------------------------------------------------------

ASSETS
Current assets
Marketable securities $ 39 $ 43
Accounts receivable 18,044 28,850
Loans to employees 163 -
Inventory 2,528 2,441
Prepaid expenses and deposits 304 289
----------------------------------
21,078 31,623

Property and equipment 126,488 126,919
Loans to employees - 160
Deferred tax asset - 1,072
----------------------------------
$ 147,566 $ 159,774
----------------------------------

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Bank indebtedness $ 1,551 $ 1,810
Accounts payable and accrued liabilities 7,904 7,399
Dividends payable 2,518 -
Current portion of long-term debt 4,645 8,377
----------------------------------
16,618 17,586

Deferred tax liability 334 -
Long-term debt 33,342 39,564
----------------------------------
50,294 57,150
----------------------------------

SHAREHOLDERS' EQUITY
Share capital 108,081 109,143
Contributed surplus 5,616 5,236
Deficit (16,425) (11,755)
----------------------------------
97,272 102,624
----------------------------------

$ 147,566 $ 159,774
----------------------------------

STATEMENT OF COMPREHENSIVE INCOME
CWC Well Services Corp.
For the three and nine months ended September 30, 2012 and 2011
(unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
----------------------------------------------
in thousands of Canadian
dollars 2012 2011 2012 2011
----------------------------------------------------------------------------

REVENUE $ 26,887 $ 31,224 $ 82,936 $ 73,514

EXPENSES
Direct operating expenses 17,197 19,143 54,462 46,006
Selling and administrative
expenses 3,342 3,940 10,476 9,658
Stock based compensation 201 185 603 651
Finance costs 719 940 2,193 2,525
Depreciation 3,624 3,818 10,595 10,097
Loss on disposal of
equipment 35 16 142 51
Unrealized (gain) loss on
marketable securities (5) 8 5 23
----------------------------------------------
25,113 28,050 78,476 69,011
----------------------------------------------

NET INCOME BEFORE TAXES 1,774 3,174 4,460 4,503

DEFERRED INCOME TAX EXPENSE 519 - 1,406 -
----------------------------------------------

NET INCOME AND COMPREHENSIVE
INCOME 1,255 3,174 3,054 4,503
----------------------------------------------

NET INCOME PER SHARE
Basic and diluted earnings
per share $ 0.01 $ 0.02 $ 0.02 $ 0.03
----------------------------------------------------------------------------

STATEMENT OF CHANGES IN EQUITY
CWC Well Services Corp.
For the nine months ended September 30, 2012 and 2011
(unaudited)
Share Contributed Total
in thousands Shares Capital Surplus Deficit Equity
----------------------------------------------------------------------------
Balance at January 1,
2011 158,739 $110,774 $ 3,657 $ (24,445) $ 89,986

Net income and
comprehensive income
for the period - - - 4,503 4,503

Transactions with
owners, recorded
directly in equity
Stock based
compensation - - 651 - 651
Shares issued 172 72 (29) 43
Shares redeemed (2,304) (1,591) 797 - (794)
-----------------------------------------------------

Balance at September
30, 2011 156,607 $109,255 $ 5,076 $ (19,942) $ 94,389
----------------------------------------------------------------------------

Balance at January 1,
2012 156,444 $109,143 $ 5,236 $ (11,755) $102,624

Net income and
comprehensive income
for the period - - - 3,054 3,054

Transactions with
owners, recorded
directly in equity
Stock based
compensation - - 550 - 550
Shares issued 143 58 (23) - 35
Shares redeemed (1,625) (1,120) (147) - (1,267)
Dividends declared - - - (7,724) (7,724)
-----------------------------------------------------

Balance at September
30, 2012 154,962 $108,081 $ 5,616 $ (16,425) $ 97,272
----------------------------------------------------------------------------

STATEMENT OF CASH FLOWS
CWC Well Services Corp.
For the nine months ended September 30, 2012 and 2011
(unaudited)

in thousands of Canadian dollars 2012 2011
----------------------------------------------------------------------------

CASH PROVIDED BY (USED IN):

OPERATING:
Net income $ 3,054 $ 4,503
Adjustments for:
Stock based compensation 603 651
Interest on employee loans (2) (4)
Finance costs 2,193 2,525
Loss on disposal of equipment 142 51
Unrealized loss on marketable
securities 5 23
Deferred income tax expense 1,406 -
Depreciation 10,595 10,097
----------------------------------
17,996 17,846
Change in non-cash working capital 10,988 (2,535)
----------------------------------
28,984 15,311
----------------------------------

INVESTING:
Acquisitions - (38,000)
Purchase of equipment (10,643) (3,007)
Proceeds on sale of equipment 470 46
----------------------------------
(10,173) (40,961)
----------------------------------

FINANCING:
Issue of long-term debt - 60,000
Repayment of long-term debt (10,000) (33,000)
Increase (decrease) in bank indebtedness (259) 1,666
Finance costs paid (143) (420)
Interest paid (2,033) (2,160)
Finance lease repayments (106) (104)
Common shares repurchased, net of
proceeds on options (1,232) (332)
Dividends paid (5,038) -
----------------------------------
(18,811) 25,650
----------------------------------
CHANGE IN CASH - -
CASH, BEGINNING OF PERIOD - -
----------------------------------
CASH, END OF PERIOD $ - $ -
----------------------------------------------------------------------------



FOR FURTHER INFORMATION PLEASE CONTACT:
CWC Well Services Corp.
Duncan T. Au, CA, CFA
President & Chief Executive Officer


CWC Well Services Corp.
Kevin Howell, CA
Chief Financial Officer


CWC Well Services Corp.
755, 255 - 5 Avenue SW
Calgary, Alberta T2P 3G6
(403) 264-2177
info@cwcwellservices.com

 

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