CALGARY, Alberta, March 03, 2021 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces fourth quarter and year end results and its 2021 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, 2020   2019   2020   2019   2018                         Revenue $ 24,554   $ 27,323   $ 96,173   $ 141,133   $ 189,894   Gross margin⁽ⁱ⁾   5,810     3,016     20,418     26,055     32,681   Gross margin %   24%     11%     21%     18%     17%   EBITDAS⁽¹â¾â½â±â¾   4,105     1,729     13,530     16,975     19,719   EBITDAS %   17%     6%     14%     12%     10%   Net loss⁽ⁱ⁾⁽ⁱⁱ⁾  … Continue Reading

CALGARY, Alberta, Jan. 26, 2021 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces that Mr. Steven Sharpe has resigned from its Board of Directors. The Company would like to thank Mr. Sharpe for his contributions and wishes him well in his future endeavors.

ABOUT ESSENTIAL
Essential provides oilfield services to oil and natural gas producers, primarily in western Canada. Essential offers completion, production and wellsite restoration services to a diverse customer base. Services are offered with coil tubing, fluid and nitrogen pumping and the sale and rental of downhole tools and equipment. Essential has … Continue Reading

CALGARY, Alberta, Nov. 09, 2020 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces third quarter 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, 2020   2019   2020   2019                     Revenue $ 19,241   $ 39,278   $ 71,619   $ 113,810   Gross margin   5,314     8,873     14,608     23,039   Gross margin %   28%     23%     20%     20%   EBITDAS (1)   4,033     6,294     9,425     15,246   Net (loss) income before impairment loss (1)   (1,529)     1,555     (3,763)     1,605   Per share – basic and diluted   (0.01)     0.01     (0.03)     0.01  … Continue Reading

CALGARY, Alberta, Aug. 10, 2020 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces second quarter results.

SELECTED INFORMATION

  (in thousands of dollars except For the three months ended
June 30, For the six months ended
June 30, per share and percentages)   2020     2019     2020     2019                     Revenue $ 10,955   $ 27,086   $ 52,378   $ 74,532                     Gross margin   876     3,607     9,294     14,166   Gross margin %   8%     13%     18%     19%                     EBITDAS(1)   (492 )   1,408     5,392     8,952                     Net (loss) income before impairment loss(1)   (6,030 )   (1,357 )   (2,232 )   50   Per share – basic and diluted   (0.04 )   … Continue Reading

CALGARY, Alberta, July 09, 2020 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces it has entered into an amending agreement to its June 26, 2018 credit facility agreement (together the “Amended Credit Facility”) with a syndicate of lenders comprised of National Bank of Canada, ATB Financial and Canadian Western Bank. The Amended Credit Facility provides Essential an extension of the maturity date of the revolving secured credit facility to June 30, 2022 along with revisions to certain terms and conditions.

Primary Amendments
The primary changes in the Amended Credit Facility include, among others:

a

… Continue Reading

CALGARY, Alberta, June 15, 2020 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential”) announced that at its annual general and special meeting of shareholders on June 15, 2020 each of the six nominees proposed as directors and listed in the information circular dated April 29, 2020 (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 62,533,328 95.89% 2,681,605 4.11% James A. Banister 62,788,397 96.28% 2,426,536 3.72% Robert T. German 63,011,278 96.62% 2,203,655 3.38% Nicholas G. Kirton 62,957,920 96.54% 2,257,013 3.46%… Continue Reading

CALGARY, Alberta, May 13, 2020 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) announces first quarter results.

SELECTED INFORMATION   (in thousands of dollars except
per share and percentages) For the three months ended
March 31,   2020  2019             Revenue $ 41,423   $ 47,446             Gross margin   8,418     10,559 Gross margin %   20%     22%             EBITDAS(1)   5,884     7,544             Net income before impairment loss(1)   3,744     1,407 Per share – basic and diluted   0.03     0.01             Net (loss) income $ (5,025)   $ 1,407 Per share – basic and diluted $ (0.04)   $ 0.01             Operating hours           Coil tubing rigs   13,013     13,418 Pumpers   15,892    … Continue Reading

CALGARY, Alberta, April 16, 2020 (GLOBE NEWSWIRE) — Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) provides a business update and reduces its 2020 capital spending forecast.

The combined effects of the reduction in worldwide demand for oil due to the COVID-19 global health pandemic and the increase in global oil supply has resulted in a sharp decline in the price of oil. This is negatively affecting current and forecasted drilling and production levels in Canada and the United States and is decreasing the demand for oilfield services by exploration and production companies.

In response to the anticipated … Continue Reading