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Essential Energy Services to be Acquired by Element Technical Services

September 15, 2023 via Globenewswire Tagged With: TSX:ESN

CALGARY, Alberta, Sept. 15, 2023 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces that it has entered into a definitive amalgamation agreement (the “Amalgamation Agreement”) with Element Technical Services Inc. (“Element”) under which Element, through a wholly-owned subsidiary, will acquire all of the issued and outstanding common shares of Essential (each, an “Essential Share”) for a purchase price of $0.40 per Essential Share, payable in cash (the “Consideration”). Element is a privately held entity that has fracturing and coiled tubing operations in western Canada and the United States.

Garnet Amundson, President and CEO of … Continue Reading

Essential Energy Services Announces Second Quarter Financial Results

August 4, 2023 via Globenewswire Tagged With: TSX:ESN

CALGARY, Alberta, Aug. 03, 2023 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces second quarter financial results.

SELECTED INFORMATION

(in thousands of dollars except
per share and percentages) For the three months ended For the six months ended June 30, June 30, 2023   2022   2023   2022                     Revenue $ 28,573   $ 28,642   $ 74,435   $ 66,383   Gross margin   3,208     4,220     12,066     10,241   Gross margin %   11 %   15 %   16 %   15 % EBITDAS (1)   630     1,920     6,453     5,535   EBITDAS % (1)   2 %   7 %   9 %   8 % Net loss $ (4,825 )… Continue Reading

Essential Energy Services Issues Inaugural ESG Report

June 29, 2023 via Globenewswire Tagged With: TSX:ESN

CALGARY, Alberta, June 29, 2023 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) is pleased to announce the release of its inaugural Environmental, Social and Governance (“ESG”) Report. While Essential has been reporting its ESG highlights through the Company’s Annual Information Form since 2019, this formalized report is a significant milestone for Essential as it demonstrates to shareholders and other stakeholders its commitment to meeting evolving ESG reporting expectations.

The ESG Report showcases the work of Essential’s employees who provide services in an ESG responsible manner to meet the expectations of customers and communities in … Continue Reading

Essential Energy Services Announces Executive Changes

June 19, 2023 via Globenewswire Tagged With: TSX:ESN

CALGARY, Alberta, June 19, 2023 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces the following executive changes effective immediately:

  • Ms. Laura Ingram, currently Controller, has been appointed Chief Financial Officer; and
  • Mr. Jeff Newman, currently Chief Financial Officer, has been appointed Senior Vice President.
  • Ms. Ingram joined Essential in 2020 as Controller. She has over 15 years of financial and business experience, including four years in public practice and seven years with a publicly traded oilfield service company. Ms. Ingram has strong financial and business acumen and fostered excellent operational relationships since joining Essential. … Continue Reading

    Essential Energy Services Announces Election of Board of Directors

    May 10, 2023 via Globenewswire Tagged With: TSX:ESN

    CALGARY, Alberta, May 09, 2023 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential”) announces that at its annual general meeting of shareholders on May 9, 2023, each of the six nominees proposed as members (“Directors”) of the board of directors and listed in the information circular dated March 3, 2023 were elected as Directors.

    Detailed results of the vote are set out below.

      VOTES FOR VOTES WITHHELD   Number Percent Number Percent Nominee:         Garnet K. Amundson 44,041,126 88.06% 5,969,966 11.94% James A. Banister 43,509,882 87.00% 6,501,210 13.00% Felicia B. Bortolussi 33,942,737 67.85% 16,082,905 32.15% Robert T. German 33,676,513 67.32%… Continue Reading

    Essential Energy Services Announces First Quarter Financial Results

    May 4, 2023 via Globenewswire Tagged With: TSX:ESN

    CALGARY, Alberta, May 04, 2023 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces first quarter financial results.

    SELECTED INFORMATION

    (in thousands of dollars except
    per share and percentages) For the three months ended March 31, 2023   2022              Revenue $ 45,862     $ 37,741   Gross margin   8,858       6,021   Gross margin %   19%       16%   EBITDAS (1)   5,823       3,615   EBITDAS % (1)   13%       10%   Net income (loss) $ 2,035     $ (3,921 ) Per share – basic and diluted $ 0.02     $ (0.03 ) Operating hours           Coiled tubing rigs   9,654       10,016   Pumpers   12,392       13,014         As at March 31, 2023    … Continue Reading

    Essential Energy Services Announces Fourth Quarter and Year End Financial Results and Its 2023 Capital Budget

    March 3, 2023 via Globenewswire Tagged With: TSX:ESN

    CALGARY, Alberta, March 03, 2023 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces fourth quarter and year end financial results and its 2023 capital budget.

    SELECTED INFORMATION

    (in thousands of dollars except
    per share and percentages) For the three months ended For the years ended December 31, December 31, 2022   2021   2022   2021   2020                         Revenue $ 40,345   $ 35,104   $ 150,097   $ 121,208   $ 96,173   Gross margin   7,759     5,105     28,090     23,228     20,418   Gross margin %   19%     15%     19%     19%     21%   EBITDAS (1)   5,103     2,423     18,056     15,181     13,530   EBITDAS % (1)   13%     7%     12%     13%    … Continue Reading

    Essential Energy Services Announces Renewal of its Normal Course Issuer Bid

    December 21, 2022 via Globenewswire Tagged With: TSX:ESN

    CALGARY, Alberta, Dec. 21, 2022 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) is pleased to report completion of its 2021 – 2022 normal course issuer bid (“NCIB”) that was announced on December 17, 2021. Pursuant to the NCIB, Essential purchased and cancelled 8,490,216 common shares (“Shares”), which is 82 percent of the maximum allowed under the 2021 – 2022 NCIB (10,374,478 Shares). Total consideration was $3.4 million at a weighted average cost per Share of $0.40. The Shares were purchased through the facilities of the Toronto Stock Exchange (the “TSX”) and alternative Canadian trading … Continue Reading

    Essential Energy Services Announces Board Member Changes

    November 15, 2022 via Globenewswire Tagged With: TSX:ESN

    CALGARY, Alberta, Nov. 15, 2022 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) is pleased to announce the appointment of Ms. Sophia Langlois to the Company’s Board of Directors effective immediately.  

    Ms. Langlois was a partner at KPMG LLP from 2006 to 2020. She currently sits on the board of directors of Loop Energy Inc. and Alaris Equity Partners Income Trust and has served on a number of not-for-profit boards. Ms. Langlois holds the Chartered Professional Accountant (CPA, CA) designation and the ICD.D designation from the Institute of Corporate Directors.

    “We are very pleased to … Continue Reading

    Essential Energy Services Announces Third Quarter Financial Results

    November 2, 2022 via Globenewswire Tagged With: TSX:ESN

    CALGARY, Alberta, Nov. 02, 2022 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces third quarter financial results.

    SELECTED INFORMATION

    (in thousands of dollars except
    per share and percentages) For the three months ended For the nine months ended September 30, September 30, 2022   2021   2022   2021                     Revenue $ 43,369   $ 33,513   $ 109,752   $ 86,104   Gross margin   10,090     6,094     20,331     18,123   Gross margin %   23%     18%     19%     21%   EBITDAS (1)   7,418     4,441     12,953     12,758   EBITDAS % (1)   17%     13%     12%     15%   Net income (loss) $ 5,225   $ 684   $ (272 ) $ (6,928 )… Continue Reading

    Essential Energy Services Announces Second Quarter Financial Results and Updated 2022 Capital Spending Forecast

    August 3, 2022 via Globenewswire Tagged With: TSX:ESN

    CALGARY, Alberta, Aug. 03, 2022 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces second quarter financial results and its updated 2022 capital spending forecast.

    SELECTED INFORMATION

    (in thousands of dollars except
    per share and percentages) For the three months ended For the six months ended June 30, June 30, 2022   2021   2022   2021                     Revenue $ 28,642   $ 22,441   $ 66,383   $ 52,591   Gross margin   4,220     5,291     10,241     12,029   Gross margin %   15%     24%     15%     23%   EBITDAS (1)   1,920     3,429     5,535     8,317   EBITDAS % (1)   7%     15%     8%     16%   Net loss $ (1,576)   $ (5,019)  … Continue Reading

    Essential Energy Services Announces Election of Board of Directors

    May 17, 2022 via Globenewswire Tagged With: TSX:ESN

    CALGARY, Alberta, May 17, 2022 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential”) announces that at its annual general meeting of shareholders on May 17, 2022, each of the six nominees proposed as directors and listed in the information circular dated March 9, 2022 (the “Circular”) were elected as directors. Detailed results of the vote are set out below.

      VOTES FOR VOTES WITHHELD Nominee Number Percent Number Percent Garnet K. Amundson 50,180,921 97.42% 1,327,313 2.58% James A. Banister 48,895,524 94.93% 2,612,710 5.07% Felicia B. Bortolussi 50,062,423 97.19% 1,445,811 2.81% Robert T. German 50,071,746 97.21% 1,436,488 2.79% Nicholas G.… Continue Reading
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