Western Energy Services Corp. announces completion of private offering of additional senior unsecured notes

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, Sept. 18, 2013 /CNW/ - Western Energy Services Corp. ("Western") (TSX: WRG) announced today that it has completed the previously announced private offering of $90.0 million aggregate principal amount of 7⅞% senior unsecured notes due January 30, 2019 (the "Notes").  The Notes were issued at $1,016.25 per $1000.00 principal amount plus accrued interest from and including July 30, 2013. Western intends to use the net proceeds from the offering to repay its outstanding indebtedness under its secured credit facilities, incurred as a result of the acquisition of IROC Energy Services Corp. in April 2013, and for general corporate purposes. The issuance of the Notes is in addition to $175.0 million principal amount of Notes which were issued on January 30, 2012.

The offering was underwritten by RBC Capital Markets, as sole lead bookrunning manager, in a syndicate that included Scotia Capital Inc. and HSBC Securities (Canada) Inc.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer or sale of the Notes in any jurisdiction which such offer, solicitation or sale would be unlawful.

About Western Energy Services Corp.:

Western is an oilfield service company which provides contract drilling services in Canada through its division Horizon Drilling and in the United States through its wholly owned subsidiary Stoneham Drilling Corporation.  In Canada, Western also provides well servicing through its division Eagle Well Servicing and oilfield rental services through its division AERO Rental Services.

FORWARD-LOOKING STATEMENTS AND INFORATION:

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws.  All statements other than statements of historical fact contained in this press release may be forward-looking statements and forward-looking information.  In particular, forward-looking information and statements in this press release include, but are not limited to, the use of the net proceeds from the offering.  These forward-looking statements and information are based on certain key expectations and assumptions made by Western, including the assumption that the proceeds will be used as currently intended.  Although Western believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward- looking statements and information as Western cannot give any assurance that they will prove to be correct. Since forward-looking statements and information 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, general economic, market and business conditions.  Readers are cautioned that the foregoing list of risk and uncertainties is not exhaustive.  Additional information on these and other risks factors that could affect Western's operations, financial results and the completion of the offering are included in Western's annual information form and the other disclosure documents filed by Western with securities regulatory authorities which may be accessed through the SEDAR website at www.sedar.com.  The forward-looking statements and information contained in this press release are made as of the date hereof and Western does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. 

SOURCE: Western Energy Services Corp.

Dale E. Tremblay
Chief Executive Officer
403.984.5929
[email protected]

Alex MacAusland
President and COO
403.984.5932
[email protected] 

Jeffrey K. Bowers
Senior VP Finance and CFO
403.984.5933
[email protected] 

Western Energy Services Corp.
#1700, 215 - 9th Avenue SW 
Calgary, AB T2P 1K3
PH: 403.984.5916  Fax: [phone]