LDRXF. $0.6362 This changes everything.. Bought 51,552..
Been following for over 18 mo's and this is the iceing on the cake.. Selling for LESS THAN 3PE BECAUSE OF THIS REPURCHASE OF CONV. DEBT..
01/25/11 11:59 AM EST Buy 388 LDRXF Executed @ $0.6362 Details | Edit
01/25/11 11:59 AM EST Buy 12500 LDRXF Executed @ $0.6302 Details | Edit
01/25/11 11:56 AM EST Buy 12888 LDRXF Executed @ $0.635 Details | Edit
01/25/11 11:37 AM EST Buy 12500 LDRXF Executed @ $0.6159 Details | Edit
01/25/11 11:37 AM EST Buy 388 LDRXF Executed @ $0.6159 Details | Edit
01/25/11 11:35 AM EST Buy 8000 LDRXF Executed @ $0.6158 Details | Edit
01/25/11 11:35 AM EST Buy 4500 LDRXF Executed @ $0.6158 Details | Edit
01/25/11 11:35 AM EST Buy 388 LDRXF Executed @ $0.6158 Details | Edit
PRESS RELEASE: Leader Energy Services Announces Repurchase of Convertible Debentures and Financing
Dow Jones and Company, Inc. - Jan 25 at 10:24
Company Symbols: OtherOTC:LDRXF, TorontoVE:LEA
CALGARY, ALBERTA--(Marketwire - Jan. 25, 2011) - (TSX VENTURE:LEA) - Leader Energy Services Ltd. ("Leader" or the "Company") today announced it has reached an agreement with holders of its 10% convertible subordinated debentures to repurchase 95.4% of the total amount outstanding. Leader issued $15,000,000 of debentures on February 28, 2007, of which $13,160,000 is outstanding. The debentures are convertible at $0.40 per share and mature on March 31, 2012.
In addition, the Company has entered into a term sheet with a new lender for a three-year secured debt facility agreement in the principal amount of $15,000, 000. The facility bears interest at an annual rate of 12% compounded and payable quarterly, and is repayable at any time without penalty. At closing the lender shall be issued 4 million share purchase warrants exercisable at a 15% premium to the five-day volume weighted average share price on the term sheet signature date for three years. Closing is expected to occur on or before February 15, 2011 and is subject to certain customary conditions including the receipt of all necessary approvals, including the approval of the TSX Venture Exchange. In addition to the proceeds of the new facility, Leader will use existing working capital to refinance its existing convertible debt.
Upon closing of the financing, Leader will pay $12,560,000 of debenture principal plus $1,400,000 of deferred interest at 110% of face value, for a total of $15,356,000. Additionally the Company will pay accrued interest owing per the debenture agreement up until the closing date of the transaction totalling approximately $630,000. As of January 24, 2011, a total of $1,840,000 of debentures has been converted to common shares of the Company.
Rod Hauser, President of Leader Energy Services said, "These are two significant developments for our Company. In addition to extending the term of our debt facility by two years we will be able to eliminate the likelihood of significant dilution in the number of shares outstanding had our debentures remained in place. More than 31 million shares could have been issued at a conversion price of $0.40 had these remaining debentures been converted."
Whitehorn Merchant Capital Inc. provided financial advisory services to Leader with regards to the new debt facility.
Further information can be found under the Company's listing at www.sedar.com and on the Company's website at www.leaderenergy.com. The number of common shares issued and outstanding at the date hereof is 17,865,000.
Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "estimate", "believe", " likely", "will", or estimates of business activity, and similar expressions and statements relating to matters that are not historical facts, are forward looking statements. Such statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Leader to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors include commodity prices, demand for oil and gas related products and service, competition, political and economic conditions, demand and acceptance of new products and ways of doing business, changes in laws and regulations to which Leader is subject, and the ability to attract and retain key personnel.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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PRESS RELEASE: Leader Energy Services Ltd.- Options Granted
Dow Jones and Company, Inc. - Jan 13 at 17:26
Company Symbols: OtherOTC:LDRXF, TorontoVE:LEA
CALGARY, ALBERTA--(Marketwire - Jan. 13, 2011) - Leader Energy Services Ltd. ( "Leader" or the "Company") (TSX VENTURE:LEA) announced that it has recently granted a total of 375,000 stock options at an exercise price of $0.55 per share to directors, officers and employees of the Corporation. The options will expire on January 12, 2016, and are subject to 3-year vesting provisions.
Further information about Leader can be found under the Company's listing at www.sedar.com and on the Company's website at www.leaderenergy.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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PRESS RELEASE: Leader Energy Services Announces Partial Conversion of Debentures
Dow Jones and Company, Inc. - Jan 04 at 08:00
Company Symbols: OtherOTC:LDRXF, TorontoVE:LEA
CALGARY, ALBERTA--(Marketwire - Jan. 4, 2011) - Leader Energy Services Ltd. ( TSX VENTURE:LEA) ("Leader" or the "Company") announced that it has received additional exercise notices for partial conversions of its outstanding senior unsecured convertible debentures in the face amount of $1,000,000, or 2,500,000 shares. When these partial conversions are completed, the Company will have 17, 215,000 shares outstanding.
Leader issued $15,000,000 of debentures on February 28, 2007 of which $13,420, 000 remains outstanding. The debentures bear interest at 10% per annum, are convertible at $0.40 per share, and mature on March 31, 2012.
Further information can be found under the Company's listing at www.sedar.com and on the Company's website at www.leaderenergy.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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PRESS RELEASE: Leader Energy Services Secures Credit Facility; Options Granted
Dow Jones & Company, Inc. - Nov 03 at 16:00
Company Symbols: OtherOTC:LDRXF, TorontoVE:LEA
CALGARY, ALBERTA--(Marketwire - Nov. 3, 2010) - Leader Energy Services Ltd. (" Leader" or the "Company") (TSX VENTURE:LEA) announces it has secured a $3 million revolving credit facility from a Canadian chartered bank. The interest rate applicable to funds borrowed is the bank's prime rate plus 2.75% with the borrowing based on funds available as determined in reference to the Company's accounts receivable balance. This loan has an expiry date of January 31, 2012.
The Company has recently granted a total of 125,000 stock options at an exercise price of $0.31 per share to an officer of the Corporation. The options will expire on November 3, 2015, and are subject to 2-year vesting provisions.
Further information can be found under the Company's listing at www.sedar.com and on the Company's website at www.leaderenergy.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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PRESS RELEASE: Leader Energy Services Announces Executive Appointment
Dow Jones & Company, Inc. - Nov 01 at 07:00
Company Symbols: OtherOTC:LDRXF, TorontoVE:LEA
CALGARY, ALBERTA--(Marketwire - Nov. 1, 2010) - Leader Energy Services Ltd. (" Leader" or the "Company") (TSX VENTURE:LEA) today announced the appointment of Mr. Graham Reid as an Executive of the Company, who will be assuming the role of Chief Financial Officer effective November 15, 2010. Mr. Reid has extensive experience in oilfield service and equipment businesses with an excellent record of financial reporting in public company environments. Prior to this appointment, Mr. Reid was Vice President Finance and Chief Financial Officer of Norex Exploration Services Inc. located in Calgary, Alberta. Mr. Reid is a Chartered Accountant and holds a Bachelor of Commerce degree from the University of Calgary.
Mr. Reid will succeed Mr. Don Baird as Chief Financial Officer of the Company as he pursues other opportunities. The Board of Directors of Leader would like to thank Don for his efforts over the course of his engagement with the Company, and wishes him well in his future endeavours.
Leader Energy Services Ltd. provides well stimulation services in western Canada. Further information on Leader can be found under the Company's listing at www.sedar.com and on the Company's website at www.leaderenergy.com.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
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On Friday November 12, 2010, 4:17 pm EST
CALGARY, ALBERTA--(Marketwire - Nov. 12, 2010) - Leader Energy Services Ltd. ("Leader" or the "Company") (TSX VENTURE:LEA - News) today announced financial and operating results for the three and nine-month periods ended September 30, 2010. Third quarter revenue and EBITDAS increased by $4.5 million (250%) and $3.1 million (495%) respectively over the comparable period last year. For the nine months to date, revenue and EBITDAS increased by $8.4 million (91%) and $5.3 million (1,873%) respectively over the comparable period last year.
Overview
Headquartered out of Calgary, Alberta, Leader's operations are managed from its base in Grande Prairie, Alberta. From this base the Company offers well stimulation services across the Western Canadian Sedimentary Basin ("WCSB").
For the quarter ended September 30, 2010 the Company recorded a profit from continuing operations before interest, taxes, amortization and stock based compensation ("E(L)BITDAS") of $2.5 million and a net income of $1.1 million as compared to a loss of E(L)BITDAS of $622,000 and a net loss from continuing operations of $2.5 million in the prior year third quarter. The improvement in E(L)BITDAS over the prior year third quarter results is due to increased industry activity levels with a greater concentration of operations on deeper wells. The net income of $1.1 million for the current period was also an improvement over the prior year's third quarter loss of $791,000 predominantly due to an improved E(L)BITDAS in the current period.
As a result of the Company's improved E(L)BITDAS, cash flow from continuing operating activities before changes in non-working capital balances was positive $1.8 million in the 2010 third quarter which was a significant improvement over the prior year's third quarter cash flow from continuing operations of negative $1.3 million. Management continues to take all action possible to further increase its revenues while minimizing or reducing its administrative overhead costs and related operational costs in order to improve its cash flow from continuing operations.
Subsequent to the balance sheet date the Company secured a $3.0 million revolving credit facility from a Canadian chartered bank. The interest rate applicable to funds borrowed is the bank's prime rate plus 2.75% with the borrowing based on funds available as determined in reference to the Company's accounts receivable balance. The loan facility has an expiry date of January 31, 2012.
Liquidity and Capital Resources
As at the end of the third quarter of 2010, the Company held cash of $1.5 million and positive working capital of $3.4 million as compared to $1.0 million and $1.8 million respectively as at December 31, 2009.
The 2010 third quarter cash flow from continuing operating activities before changes in non-cash working capital balances was positive $1.8 million while the cash flow from continuing operating activities before changes in non-cash working capital for the nine months ended September 30, 2010 was positive $4.2 million a significant improvement over the 2009 amounts of negative $1.3 million and negative $1.7 million for the respective three and nine month periods.
The improved 2010 cash flows and cash balance were due to increased activity levels and the resulting improvement in income from continuing operations and the effect that the improved operations had on accounts receivable and cash balances.
Management is pleased with the current results of operations and will continue to take action wherever possible to increase the Company's revenues and reduce administrative and operational costs.
Outlook
Leader continues to show much-improved financial results relative to 2009. The Petroleum Services Association of Canada estimates 7,915 wells will be drilled in Alberta in 2011, with the number of oil wells increasing 18% and natural gas wells decreasing 5%. Our client base continues to grow due to increased horizontal drilling in the Cardium, Bakken and other oil resource plays. Our operational activity outlook is encouraging. By the end of 2010 Leader will expand its service capabilities by offering a new 2-3/8" coiled tubing unit to assist in longer horizontal wells that are being drilled in areas where our clients are active.
While improved industry conditions will directly benefit the Company through higher utilization rates, Leader will continue to focus on advancing operational efficiencies where possible, and managing its capital in a prudent manner. Management is grateful for the dedication and hard work of Leader's entire workforce; their efforts are reflected in our customers' satisfaction and in our financial performance. The Company is optimistic that results will show continued improvement during the balance of 2010 and into 2011.
Other
Additional information can be found on SEDAR at www.sedar.com or the Company web site at www.leaderenergy.com. The number of common shares issued and outstanding at the date hereof was 13,265,000 which does not include 1,315,000 unexercised stock options.
Certain statements contained in this press release, including statements which may contain words such as "could", "should", "expect", "estimate", "believe", "likely", "will", or estimates of business activity, and similar expressions and statements relating to matters that are not historical facts, are forward looking statements. Such statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Leader to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Factors include commodity prices, demand for oil and gas related products and service, competition, political and economic conditions, demand and acceptance of new products and ways of doing business, changes in laws and regulations to which Leader is subject, and the ability to attract and retain key personnel.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Leader Energy Services Ltd.
Rod Hauser
President & CEO
(403) 265-5400
r.hauser@leaderenergy.com
or
Leader Energy Services Ltd.
Jason Krueger, CFA
Director, Investor Relations
(403) 374-1234
jason@redwood-capital.com
or
Leader Energy Services Ltd.
Don Baird, CA
Chief Financial Officer
(403) 265-5400
d.baird@leaderenergy.com
www.leaderenergy.com
