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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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New West Energy Services Inc. Announces Its Second Quarter Results

CALGARY, ALBERTA -- (Marketwire) -- 12/28/12 -- New West Energy Services Inc. (TSX VENTURE:NWE) (the "Corporation") is pleased to announce the results for the Corporation for its second quarter ended October 31, 2012.

Revenue from continuing operations for the six month period totaled $8,218,937. Net income from continuing operations for the six month period totaled $1,284,161. The comparative numbers from continuing operations for the six month period ended October 31, 2011 were $7,511,285 and $746,453 respectively. The increase in net income over the previous period is largely due to the recognition of a non-cash item of deferred tax recovery in the amount of $697,188.

On August 24, 2012, the Corporation completed the acquisition of the operating assets of Porterco Welding Ltd. for an aggregate purchase price of $1.4 million. The new subsidiary, under the name Porterco Oilfield Services Inc. ("Porterco"), operates a fleet of trucks and trailers for hauling contaminated drill cuttings as well as providing equipment fabrication and rental services from its base in Slave Lake, Alberta. For the nine week period ending October 31, 2012, Porterco had revenues of $941,497 and net income of $153,244. Porterco has recently added productive capacity related to the truck and trailer fleet and will continue to expand its equipment, trucks and service areas.

The Corporation continues to look at new expansion and acquisition opportunities in the environmental and oilfield services area.

Additional information about the Corporation is available on its website at www.newwestenergyservices.com or under its profile on SEDAR at www.sedar.com.

About New West Energy Services Inc.

The Corporation operates in the oilfield service industry in Canada through two wholly owned subsidiaries - BearStone Environmental Solutions Inc. and Porterco Oilfield Services Inc. BearStone provides environmental services to the upstream oil and gas industry and also operates a fleet of specialized vacuum and water trucks. Porterco operates a fleet of trucks and trailers for hauling oil contaminated drill cuttings as well as providing equipment rental and custom fabrication services.

Neither the TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
403.984.9799 (FAX)
gkerkhoff@bearstoneenviro.com
www.newwestenergyservices.com

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Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

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