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Our company

Calmena Energy Services is a growth-oriented international oilfield services company. We provide our customers with a wide range of services, including Well Construction Engineering and Planning, Contract Drilling, Directional Drilling, Drilling Technologies, Wireline Technologies, MicroSeismic, Frac Fluids Management and Equipment Rentals.

Calmena's headquarters are in Calgary, Alberta, Canada. We have operations in Canada, the United States, Mexico, Latin America, the Middle East, and North Africa.



North America

  • Calmena will continue to focus on providing innovative well construction services that enable efficient exploitation of oil and gas reserves.
  • We will offer engineering and planning expertise, which will enhance our service offering and differentiate Calmena from other service companies.
  • We will capitalize on the growing stimulation market by positioning ourselves as a superior provider of associated support services.
  • We will continue to seek innovative service offerings that will help fuel our domestic and international growth.


  • Calmena will introduce and provide proven well construction techniques to evolving markets that demonstrate a high demand for innovative services.
  • We will concentrate on offering our services in regions that have multi-client environments.
  • We will position our offering between that of traditional multinational service providers and smaller, local, service companies.
  • Our local teams will lead, execute, and deliver while leveraging our global expertise.


Our name

The name Calmena is derived from the acronym CALAMENA.

CA: Canada AL: Alberta CAL: Calgary
LA: Latin America ME: Middle East, Mexico NA: North Africa, North America

The name describes the company's global vision and reach, as well as our unique approach to doing business in international markets.




Calmena shares trade on the TSX under the ticker symbol CEZ.

Calmena Energy Services Inc. is an energy services company providing well construction services for the exploration, exploitation, and development of oil and gas reserves. The Company's customers operate in the Western Canadian Sedimentary Basin, the United States, Latin America, and the Middle East and North Africa.

Calmena's service offering includes well construction engineering and planning, contract drilling, directional drilling, drilling technologies, wireline technologies, microseismic, frac fluids management, and equipment rentals. Calmena also offers its clients project management solutions and a variety of commercial applications, including day rate, turnkey, and fixed price projects.

See a complete list of Calmena's services



Calmena Announces Second Quarter 2013 Results

August 14, 2013

CALGARY, ALBERTA--(Marketwired - Aug. 14, 2013) - Calmena Energy Services Inc. (TSX:CEZ) ("Calmena" or the "Company") is pleased to announce its financial results for the second quarter ended June 30, 2013. All figures are reported in Canadian dollars unless otherwise stated. Our unaudited condensed consolidated financial statements and related management's discussion and analysis for the period will be filed separately on SEDAR (www.sedar.com), which should be reviewed in conjunction with this press release.


The tables below provide a summary of Calmena's financial and operating results as at June 30, 2013 and for the three and six months ended June 30, 2013 and 2012.

    Three months ended June 30,     Six months ended June 30,    
($ thousands, except per share amounts)   2013     2012     2013     2012    
Revenue   28,064     34,154     67,574     83,296    
EBITDAS*   (2,071 )   2,017     2,201     11,789    
Net (loss) income for the period   (34,571 )   (5,472 )   (36,200 )   (1,954 )  
Funds flow from operations*   (3,747 )   1,058     (1,440 )   9,512    
Net (loss) income per share - basic and diluted   (0.11 )   (0.02 )   (0.12 )   (0.01 )  
Funds flow from operations per share - basic and diluted*   (0.01 )   0.00     (0.00 )   0.03    
* see non-GAAP measures section of this release for a description of this term.
    June 30,   December 31,
($ thousands)   2013   2012
Total assets   184,505   230,328
Borrowings and debt, net of cash   51,891   59,289
Shareholders' equity   102,369   129,763


  • For the three and six months ended June 30, 2013, the Company recorded revenue of $28.1 million and $67.6 million and EBITDAS of negative $2.1 million and positive $2.2 million respectively compared to revenue of $34.2 million and $83.3 million and EBITDA of $2.0 million and $11.8 million respectively for the comparable periods in 2012. The decreases in the period were the result of decreases in activity in all segments except MENA, and several onetime charges totaling $2.3 million for relocating a drilling rig from Colombia to Texas, disputed customer invoices in Colombia and Libya and a labour settlement in Libya.
  • As part of the ongoing process to identify, examine and consider a range of strategic alternatives available to the Company with a view to enhancing shareholder value the Company completed several transactions and used the cash proceeds to reduce corporate debt:
    • In April 2013, Calmena completed the disposition of its wireline technologies service line for cash proceeds of $12.1 million.
    • During the second quarter of 2013 Calmena divested of certain Canadian contract drilling assets for total proceeds of $3.4 million. Proceeds were comprised of $1.4 million in cash and $2.0 million in settlement of other payables.
    • In July 2013, Calmena completed the disposition of its remaining Canadian contract drilling assets for cash proceeds of $15.0 million.
  • Net debt* as at June 30, 2013 was $40.7 million. Proforma net debt, after giving effect to the sale of its remaining Canadian contract drilling assets, would be $25.7 million.
  • During the second quarter, the Company recorded impairment losses of $25.4 million on certain contract drilling assets. At June 30, 2013 the Company identified indicators of impairment on certain contract drilling assets related to contract cancellations and local market conditions. As a result, the Company assessed the recoverable amount of these contract drilling assets based on estimated fair value less cost to sell ("FLS"). Based on the FLS, the Company recorded impairment losses of $25.2 million and $0.2 million in its Latin America and Canada reportable segments, respectively.

* see non-GAAP measures of this report for description of this term.


In Canada, equipment rentals and frac fluids are seeing increased activity from its Sundre and Valleyview locations due to their proximity to major resource plays. As a result, we are beginning to see improvements in service and fluid handling revenue, even with the weighting of sales shifting from higher revenue oil based applications to water fracs.

The US showed significant revenue and margin improvements in the second quarter of 2013 compared to the first quarter of 2013, as activity picked up with our customers in Oklahoma and we executed on a contract with a major independent in west Texas. We are forecasting utilization to continue to improve and margins to stabilize in both Oklahoma and west Texas throughout the remainder of 2013.

Budgetary issues between Pemex and the Mexican government resulted in a suspension of drilling operations in Chicontepec for all contractors that was implemented in May of 2013. As a result, all five of our drilling contracts in Mexico were terminated in the second quarter of 2013. In addition, previously announced tender rounds for production sharing agreements ("PSA"s) and integrated services agreements ("ISA"s) have been delayed which will delay related spending. While we continue to have discussions with customers about potential work in other areas of Mexico we believe that activity could remain low for most of the remainder of 2013.

In Colombia our directional services business is currently working for one customer and has successfully completed a test program with a second customer that we believe will result in additional awarded work for this customer. During the second quarter we discontinued contract drilling operations in Colombia and relocated the drilling rig to Texas to consolidate with our Mexico Fleet.

In Brazil, our heli-portable drilling rig contract was terminated and is racked in one of our yards in Brazil. Currently none of our five rigs is working in Brazil. We are rationalizing costs and marketing all of these rigs in Brazil and elsewhere.

In Libya there is continued uncertainty as to 2013 drilling plans in the Waha field. One of our rigs is operating under a contract that extends until the middle of the fourth quarter of 2013. The second rig is currently without a contract after being idle since February 2013 as a result of labour issues. We reached an agreement on our labour issues late in the second quarter and are working to secure a new contract for the rig.


Calmena is a diversified energy services company that provides well construction services to its customers operating in Canada, the United States, Latin America and the Middle East and North Africa. The common shares of Calmena trade on the Toronto Stock Exchange under the symbol "CEZ".


This press release contains certain forward-looking statements relating to Calmena's plans, strategies, objectives, expectations and intentions. Expressions such as "may", "anticipate", "expect", "project", "believe", "hope", "estimate", "intend", "will", "continue", "foresee", and "forecast" and similar expressions and statements are intended to identify forward-looking statements. Such statements represent Calmena's internal projections, estimates or beliefs concerning, among other things, an outlook for Calmena's operations in 2013, and other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Calmena believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Calmena's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Calmena.

In particular, forward-looking statements included in this press release include, but are not limited to, statements with respect to the Company's plans to identify, examine and consider strategic alternatives; the Company's expectations as to utilization and margins in Oklahoma and west Texas for the remainder of 2013; Calmena's plans to continue discussions with customers about potential work in Mexico and the Company's expectations regarding activity levels in Mexico for the remainder of 2013; the Company's beliefs regarding its ability to obtain additional work from a current customer in Colombia; outlook for drilling activity in the Waha field in Libya; and the outlook for Calmena's operations, including the statements under the heading "Outlook" in this press release.

These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Calmena's control, including, but not limited to, failure to realize the anticipated benefits of strategic dispositions; failure to successfully negotiate and/or complete further transactions pursuant to the Company's strategic alternatives process; failure to achieve an increase in demand for the Company's drilling rigs; the impact of general economic conditions; industry conditions and changes in industry conditions; volatility of commodity prices; decreased demand for energy services; competition from other energy services providers; the lack of availability of qualified personnel or management; ability of Calmena to re- finance or extend the maturity date of its senior debt and generate positive cash flow; failure of counter parties to perform on contracts; failure to successfully negotiate new contracts or renew existing contracts; failure to successfully deploy rigs; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; risks associated with international operations, including, but not limited to, effect of civil unrest on the Company's operations in Libya; seasonality; loss of key customers; fluctuations in foreign exchange or interest rates and stock market volatility; supply and demand for oilfield services relating to the drilling, completion and maintenance of oil and gas wells as well as services related to, oilfield equipment rentals and production and ancillary services; liabilities and risks, including environmental liabilities and risks inherent in oil and natural gas operations; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; ability to access sufficient capital from internal and external sources; and the other risks considered under "Risk Factors" in our annual information form for the year ended December 31, 2012 which is available on www.sedar.com.

With respect to forward-looking statements contained in this press release, Calmena has made assumptions regarding, but not limited to: the implementation of the Company's business strategies; current commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; ability of Calmena to re-finance or extend the maturity date of its senior debt; ability of Calmena to renew existing contracts and enter into new contracts; rig utilization and pricing; future exchange rates; the impact of increasing competition; conditions in general economic and financial markets; industry conditions; supply and demand for oilfield services relating to the drilling, completion and maintenance of oil and gas wells as well as services related to oilfield equipment rentals and production and ancillary services; effects of regulation by governmental agencies; trends in Calmena's operations; and future operating costs.

Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide shareholders with a more complete perspective on Calmena's current and future operations and such information may not be appropriate for other purposes. Calmena's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Calmena will derive therefrom. Readers are cautioned that the foregoing lists of factors are not exhaustive.

These forward-looking statements are made as of the date of this press release and Calmena disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.


The following measure is used within this release, but not recognized under GAAP. As a result, the method of calculation may not be comparable with other companies. This measure should not be considered alternatives to net loss and net loss per share as calculated in accordance with GAAP:

EBITDAS (Earnings before interest, income taxes, depreciation and amortization, other items of income and expense and share based compensation) - Management believes that EBITDAS as derived from information reported in the unaudited condensed Consolidated Statement of Operations is a useful supplemental measure as it provides an indication of the Company's ability to generate funds by the Company's core business activities prior to consideration of how those activities are financed, the impact of foreign exchange, how the results are taxed, how funds are invested or how non-cash depreciation and amortization charges affect results. See the reconciliation of EBITDAS to net loss in the Company's management's discussion and analysis for the three and six months ended June 30, 2013.

Funds flow from continuing operations: Management believes that in addition to cash generated from operations, funds flow from operations is a useful supplemental measure because it provides an indication of the funds generated by the Corporation's principal business activities prior to the consideration of working capital, which is primarily made up of highly liquid balances. See the reconciliation of funds flow from operations in the Company's management's discussion and analysis for the three and six months ended June 30, 2013.

Net debt: Management believes that net debt is a useful supplemental measure because it provides an indication of the Company's leverage compared to liquid assets. Net debt is computed by taking current assets less current liabilities and long-term borrowings and debt. See the calculation of net debt in the Company's management's discussion and analysis for the three and six months ended June 30, 2013.

The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.



Calmena Energy Services Inc.
John King
President and Chief Executive Officer
(403) 225-3879
(403) 366-2066 (FAX)

Calmena Energy Services Inc.
Peter Balkwill
Vice President, Finance & CFO
(403) 225-3879
(403) 366-2066 (FAX)
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