Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX:SES) today
announced financial and operational results for the three months ended March 31,
2014. The following should be read in conjunction with the management's
discussion and analysis ("MD&A"), the condensed consolidated financial
statements and notes of Secure which are available on SEDAR at www.sedar.com.
FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE FIRST QUARTER ENDED MARCH 31, 2014
The first quarter of 2014 was the strongest quarter on record for Secure.
Activity levels remained robust through the end of the first quarter due to a
late spring break-up allowing all three divisions to deliver solid results.
Revenue (excluding oil purchase and resale) and EBITDA increased 40% and 43%
respectively, over the 2013 comparative period. In addition, Secure completed
two strategic acquisitions in the quarter that positively contributed to overall
results, and added complimentary services to the OS division. The operating and
financial highlights for the first quarter ending March 31, 2014 can be
summarized as follows:
Three Months Ended March 31,
($000's except share and per share data) 2014 2013 % change
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Revenue (excludes oil purchase and
resale) 205,632 147,122 40
Oil purchase and resale 320,580 175,856 82
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Total revenue 526,212 322,978 63
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EBITDA (1) 56,691 39,705 43
Per share ($), basic 0.48 0.38 26
Per share ($), diluted 0.47 0.37 27
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Net earnings 22,989 17,758 29
Per share ($), basic 0.20 0.17 18
Per share ($), diluted 0.19 0.17 12
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Funds from operations (1) 56,357 34,744 62
Per share ($), basic 0.48 0.33 45
Per share ($), diluted 0.47 0.32 47
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Cash dividends per common share 0.04 nil 100
Capital Expenditures (1) 66,737 42,268 58
Total assets 1,171,891 828,058 42
Long term borrowings 219,486 168,353 30
Total long term liabilities 304,319 229,822 32
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Common Shares - end of period 118,020,638 104,894,191 13
Weighted average common shares
basic 117,235,063 104,734,964 12
diluted 120,436,149 107,363,836 12
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(1)Refer to "Non GAAP measures and operational definitions" and "Additional
GAAP measures" for further information
REVENUE INCREASES
-- 40% INCREASE IN REVENUE (EXCLUDING OIL PURCHASE AND RESALE) OVER THE
2013 COMPARATIVE QUARTER
-- PRD division revenue (excluding oil purchase/resale) for the period
ended March 31, 2014 increased 43% from the 2013 comparative period.
Processing volumes increased 22% as increasing demand for services
and the addition of six new facilities that were completed and
commissioned after the first quarter of 2013 all contributed to the
increase. Recovery revenues increased by 27% attributed to a 45%
increase in throughput at the Corporation's facilities. Disposal
volumes increased 56% as a direct result of increased activity and
the addition of the 13 Mile Landfill in North Dakota in October 2013
and the Saddle Hills Landfill in November 2013.
-- DS division Canadian market share was 31% and revenue increased 27%
from the 2013 comparative period. Drilling fluids revenue increased
22% as a result of an increase in meters drilled per well by the
Corporation's customers and a 25% increase in revenue per operating
day. Overall there was higher field activity as meters drilled per
well in Canada increased by 9% for the period ended March 31, 2014
compared to the prior year comparative period as reported by the
Canadian Association of Drilling Contractors ("CAODC"). Revenue from
equipment rentals increased by 111% relating to higher utilization
and an increase in the rental fleet mainly from the acquisition of
Target completed in the second quarter of 2013.
-- OS division revenue increased 149% from the 2013 comparative period.
The acquisition of Frontline on April 1, 2013 and two private
oilfield service companies during the quarter accounted for the
significant increase. Frontline was able to complete large projects
that were delayed in the fourth quarter of 2013 due to unfavourable
weather while overall equipment in Frontline and rental asset
utilization from the current quarter asset acquisitions was strong
throughout the quarter contributing to the solid results.
-- Oil purchase and resale revenue in the PRD division increased 82%
from the 2013 comparative period. Increased pipeline capacity added
at the Judy Creek FST in the third quarter of 2013, a 4% increase in
crude oil prices, increased oil throughput at the Corporation's
pipeline connected FSTs, and increasing crude oil volumes shipped
via rail all contributed to the increase.
-- EBITDA INCREASES 43% TO $56.7 MILLION
-- For the period ended March 31, 2014, EBITDA increased 43% from the
2013 comparative period. The increase in EBITDA is attributable to
higher demand for services and the addition of new facilities in the
PRD division, the increase in revenue per operating day and rentals
revenue in the DS division, and the performance of the OS division
with the newly acquired assets from two acquisitions executed in the
quarter and the acquisition of Frontline in April of 2013.
-- 2014 CAPITAL BUDGET AND STRATEGIC AQUISITIONS
-- In December 2013, the Corporation announced the 2014 capital
expenditure budget of $225.0 million which includes $20.0 million of
carry over capital from 2013 projects related to the Kindersley,
Edson, and Keene FSTs. Total capital expenditures for the first
quarter totaled $66.7 million for both growth and expansion capital
and acquisitions. Growth and expansion capital expenditures totaled
$49.8 million for the period ended March 31, 2014 and included the
following:
-- Kindersley FST was completed and operational during the first
quarter;
-- Edson and Keene FST's are expected to be commissioned and
operational during the second quarter of 2014;
-- Rycroft Full Service Rail ("FSR") facility is the Corporation's
first heavy oil rail facility. The FSR facility will offer
treating, storage, disposal and transloading services. It is
expected the facility will be commissioned and operational in
the fourth quarter of 2014;
-- The Brazeau and Stanley SWDs are currently under construction to
convert to FSTs with the expectation the waste portion of the
facilities will be operational in the fourth quarter of 2014;
-- Construction of a new oil based mud blending plant in Fox Creek,
completion of the plant is anticipated in the third quarter of
2014; and
-- Various rental and long lead equipment for 2014 capital
projects.
-- During the quarter, Secure executed two strategic acquisitions
for a total of $29.2 million paid in cash and shares of the
Corporation. These acquisitions fall into the OS division with
assets that will grow the Corporation's integrated water
solutions service line and establish an onsite market presence
in the US. These two strategic acquisitions are a continuation
of the Corporation's strategy to add complementary services
along the energy services value chain. It will support and
expand the existing water solutions and environmental management
services of the Corporation's OS division, and allow the OS
division to expand into the US market.
-- SOLID BALANCE SHEET
-- Secure's debt to trailing twelve month EBITDA ratio was 1.55 as of
March 31, 2014 compared to 1.38 as of December 31, 2013.
-- As at March 31, 2014, the Corporation had $162.8 million available
under its credit facility.
-- Effective April 1, 2014, the Corporation's board of directors
approved a dividend increase of $0.05 per share to $0.20 per share
on an annualized basis.
-- SUBSEQUENT EVENTS
-- On April 1, 2014, Secure closed the acquisition of a mineral
products plant located in Alberta and closed the acquisition of an
environmental contracting business for total consideration of $15.7
million comprised of cash and shares. The mineral products plant
mainly processes barite which is a product used in drilling fluids.
The mineral products plant allows Secure to vertically integrate the
operations in the DS division to improve supply logistics and
quality. The environmental contracting business provides services
relating to spill cleanup, pond construction, and contaminated soil
excavation, stockpiling, treatment, transportation and disposal.
PRD DIVISION OPERATING HIGHLIGHTS
Three months ended Mar 31,
($000's) 2014 2013 % Change
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Revenue
Processing, recovery and disposal services
(a) 63,302 44,354 43
Oil purchase and resale service 320,580 175,856 82
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Total PRD division revenue 383,882 220,210 74
Operating Expenses
Processing, recovery and disposal services
(b) 23,735 14,781 61
Oil purchase and resale service 320,580 175,856 82
Depreciation, depletion, and amortization 13,739 9,017 52
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Total operating expenses 358,054 199,654 79
General and administrative 6,767 4,959 36
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Total PRD division expenses 364,821 204,613 78
Operating Margin (1) (a-b) 39,567 29,573 34
Operating Margin (1)as a % of revenue (a) 63% 67%
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(1) Refer to "Non GAAP measures and operational definitions" and "Additional
GAAP measures" for further information
Highlights for the PRD division included:
-- Processing: For the three months ended March 31, 2014, processing
volumes increased 22% from the comparative period in 2013. The increase
in revenue is a result of an increase in overall demand for the PRD
division's services and the addition of new facilities and expansions at
current facilities subsequent to the first quarter of 2013 which
include: completion of the Rocky and Judy Creek FSTs in May 2013; Kaybob
SWD in August 2013; Stanley SWD in North Dakota in September 2013; Keene
SWD in North Dakota in November 2013; and the Kindersley FST in December
2013.
-- Recovery: Revenue from recovery for the three months ended March 31,
2014 increased by 27% from the comparative period in 2013. The increase
in recovery revenue for the three months ended March 31, 2014 is a
result of a 45% increase in throughput at Secure facilities, an increase
in the price of crude oil of 4% as compared to the first quarter of
2013.
-- Disposal: Secure's disposal volumes increased by 56% for the three
months ended March 31, 2014 from the comparative period of 2013. The
increase in volumes is related to increased demand and a portion of the
increase is due to the addition of the 13 Mile Landfill in North Dakota
in October 2013; and the Saddle Hills Landfill in November 2013.
-- Oil purchase/resale service: Revenue from oil purchase and resale
services increased 82% to $320.6 million from $175.9 million in the
comparative period of 2013. The increase in the period is due to
increased pipeline capacity added at the Judy Creek FST in the third
quarter of 2013, a 4% increase in crude oil prices, increased oil
throughput at the Corporation's pipeline connected FSTs, and increased
crude oil volumes shipped via rail. The revenue from this service line
will fluctuate monthly based on the factors described above.
-- Operating margin as a percentage of revenue for the three months ended
March 31, 2014 was 63% compared to 67% in the comparative period of
2013. The slightly lower operating margin is a direct result of the non-
recurring maintenance expenses incurred in the quarter of approximately
$1.4 million related to liner repairs at one of the Corporation's
landfills and the increase in trucking and commissioning costs
associated with facilities coming on- line.
-- General and administrative ("G&A") expenses increased 36% for the three
months ended March 31, 2014 to $6.8 million from $5.0 million in the
comparative period of 2013. Major drivers are an increase of 59% in
wages & salaries to support the opening of new facilities; organic
growth at existing facilities both in Canada and the US; and a 123%
increase in building and lease costs to accommodate growth of staff in
Canada and the US.
DS DIVISION OPERATING HIGHLIGHTS
Three months ended Mar 31,
($000's) 2014 2013 % Change
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Revenue
Drilling services (a) 118,683 93,254 27
Operating expenses
Drilling services (b) 88,381 70,872 25
Depreciation and amortization 4,996 3,671 36
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Total DS division operating expenses 93,377 74,543 25
General and administrative 7,854 6,150 28
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Total DS division expenses 101,231 80,693 25
Operating Margin (1) (a-b) 30,302 22,382 35
Operating Margin % (1) 26% 24%
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(1) Refer to "Non GAAP measures and operational definitions" and "Additional
GAAP measures" for further information
Highlights for the DS division included:
-- Revenue from the DS division for the three months ended March 31, 2014
increased 27% to $118.7 million from $93.3 million in the comparative
period of 2013. The increase in revenue for the three months ended March
31, 2014 is the result of a combined 22% increase in the drilling fluids
service line revenue and a 111% increase in revenue for the equipment
rentals service line from the comparative period in 2013.
-- The drilling fluids service line revenue will fluctuate each quarter
based on market share, meters drilled and the type of wells drilled
which in turn drives revenue per operating day. The DS division market
share in Canada was 31% for the quarter ended March 31, 2014 which was
unchanged from the 2013 comparative period. While the market share
remained unchanged, meters drilled per well by the DS division's
customers increased by 10% over the prior year comparative period. As
meters drilled per well increases, there are higher product usages,
increased probability of lost circulation events and a higher usage of
specialty chemicals. Additionally, the number of SAGD wells increased by
9% over the prior year comparative period. SAGD wells are more complex
and require more costly drilling fluids which contribute to the increase
in revenue per operating day. As a result of the increase in meters
drilled and SAGD wells, the revenue per operating day increased to
$7,253 for the three months ended March 31, 2014 from $5,815 in the
comparative period of 2013.
-- The equipment rentals service line revenue is driven by the size of the
available rental fleet, utilization, and rental rates in any given
quarter. The increase in the equipment rentals service line revenue for
the three months ended March 31, 2014 over the comparative period of
2013 is a direct result of the acquisition of Target on July 2, 2013
which significantly increased the rental asset base and contributed 48%
of the rentals revenue for the quarter. Additionally, overall rental
asset utilization increased over the comparative period of 2013.
-- For the three months ended March 31, 2014, operating margins increased
to 26% from 24% in the 2013 comparative period. Equipment rentals
contribute to higher operating margins. As equipment rentals contributed
significantly to the growth in revenues from the comparative period due
to the acquisition of Target and an increase in equipment utilization,
this has driven the 2% increase in operating margin.
-- G&A expense for the three months ended March 31, 2014 increased 28% to
$7.9 million from $6.2 million in the comparative period of 2013. As a
percentage of revenue for the three months ended March 31, 2014, G&A
expenses were 7% which remained consistent from the comparative period
of 2013.
OS DIVISION OPERATING HIGHLIGHTS
Three months ended Mar 31,
($000's) 2014 2013 % Change
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Revenue
Onsite services (a) 23,647 9,514 149
Operating expenses
Onsite services (b) 17,129 7,511 128
Depreciation and amortization 1,885 205 820
--------------------------------
Total OS division operating expenses 19,014 7,716 146
General and administrative 1,763 1,105 60
--------------------------------
Total OS division expenses 20,777 8,821 136
Operating Margin (1) (a-b) 6,518 2,003 225
Operating Margin % (1) 28% 21%
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(1) Refer to "Non GAAP measures and operational definitions" and "Additional
GAAP measures" for further information
Highlights for the OS division included:
-- Revenue for the three months ended March 31, 2014 increased 149% to
$23.6 million from $9.5 million in the comparative period of 2013. The
increase is a result of the acquisition of Frontline on April 1, 2013
and the two acquisitions executed in the quarter. Frontline, along with
the two acquisitions completed in the quarter, contributed to 97% of the
increase in revenue over the 2013 comparative period. The prior year
comparative figures include environmental services revenue and
integrated water solutions revenue. The environmental services and
integrated water solutions groups were previously included in other
divisions but were allocated into the OS division in conjunction with
the Frontline acquisition.
-- Frontline utilization for the three months ended March 31, 2014 was
higher than the fourth quarter of 2013 due to a few large projects that
began in the first quarter of 2014 that were previously delayed due to
unfavourable weather relating to pipeline integrity, a spill clean-up,
and reclamation work.
-- Integrated water solutions equipment utilization was strong for the two
months post acquisition with projects focused in the Northern WCSB. As
the drilling season was extended due to a late spring break-up, this
positively contributed to results for the quarter.
-- For the three months ended March 31, 2014, operating margins increased
to 28% from 21% in the 2013 comparative period. The operating margin for
the OS division is expected to fluctuate depending on the volume and
type of projects undertaken and the blend of business between
remediation and reclamation projects, demolition projects, pipeline
integrity projects, site clean-up, and other services in any given
period. The majority of the 7% increase in the quarter is a result of
the acquisitions executed in the quarter. The more significant
acquisition is a rentals based business which achieves higher margins
than the other service lines in the OS division.
-- G&A expenses for the three months ended March 31, 2014 increased to $1.8
million from $1.1 million in the comparative period of 2013. G&A
expenses increased due to the Frontline in 2013 and the two acquisitions
executed in the quarter. G&A is expected to fluctuate based on the
growth of the division.
OUTLOOK
Activity levels in the oil and gas industry were very robust in the first
quarter. Total meters drilled per well as reported by the CADOC was up 9% in the
first quarter from the previous year comparative period. Longer and deeper well
bores require specialized drilling fluids and result in increased drilling waste
and completion fluid waste per well which creates demand for the Corporation's
products and services and is a key driver that impacts the Corporation's
results. Horizontal wells comprised 74% of all wells drilled in the quarter
compared to 66% in the comparative year period, which is continuing to show a
long term upward trend.
Horizontal well licenses in the deep basin for the first quarter were up 15%
compared to the previous year period. The increase is another indicator that
there is a continued focus on deeper drilling activity which bodes well for
drilling fluids and waste disposal services and points to a strong second half
of 2014 as licenses convert into drilling and completion activity. Additionally,
spending levels by producers are anticipated to hold strong into the second half
of 2014 with a higher backlog of work entering spring break-up than has been
seen in the past few years.
The cold weather in March resulted in a later spring break-up providing
producers extra time to finish up winter drilling projects therefore, results
for the first quarter finished out stronger than anticipated. Spring break-up is
not expected to deviate substantially in length than the historical average
however, it is hard to predict with certainty given it is dependent on weather
trends that can be highly volatile. Depending on the length of spring break-up,
results in both the DS and OS divisions may be impacted if equipment cannot be
moved to site.
As heavy oil differentials continue to hold and pipeline projects are delayed,
crude transport by rail has positively impacted activity levels and continues to
provide an alternative method to transport production to maximize profits.
Secure has commenced construction of its first full service rail terminal in
Rycroft with commissioning anticipated in the fourth quarter of 2014. This is
another example of how Secure is continuing to meet and exceed the needs and
expectations of its customers and take advantage of these opportunities to
maximize shareholder returns.
Secure's recently completed acquisitions in the quarter add complimentary
components to the integrated water solutions service line. OS is now able to
deliver complete in field water management including fluids storage, pumping and
heating, providing source and engineered fluids and disposal at the
Corporation's FSTs.
Secure is committed to developing water recycling initiatives at its FSTs and
has commissioned its first pilot project to develop water recycling technology
at the Grande Prairie FST. By being able to recycle water, this ultimately
reduces the amount of disposal volumes which will increase the capacity of the
disposal wells. Secure is excited about the potential that exists in this
initiative, the ability to further recycle and reduce waste in the drilling
process, provide innovative solutions for its customers, and continue to
strengthen the value chain of services Secure is able to provide to its
customers.
FINANCIAL STATEMENTS AND MD&A
The condensed consolidated financial statements and MD&A of Secure for the three
and months ended March 31, 2014 are available immediately on Secure's website at
www.secure-energy.ca. The condensed consolidated financial statements and MD&A
will be available tomorrow on SEDAR at www.sedar.com.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this document constitute "forward-looking
statements" and/or "forward-looking information" within the meaning of
applicable securities laws (collectively referred to as forward-looking
statements). When used in this document, the words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and
similar expressions, as they relate to Secure, or its management, are intended
to identify forward-looking statements. Such statements reflect the current
views of Secure with respect to future events and operating performance and
speak only as of the date of this document. In particular, this document
contains forward-looking statements pertaining to: corporate strategy; goals;
general market conditions; the oil and natural gas industry; activity levels in
the oil and gas sector, including market fundamentals, drilling levels,
commodity prices for oil, natural gas liquids ("NGLs") and natural gas; the
increase in meters drilled for the first quarter of 2014; demand for the
Corporation's services; expansion strategy; the amounts of the PRD, DS and OS
divisions' proposed 2014 capital budgets and the intended use thereof; debt
service; capital expenditures; completion of facilities; the impact of new
facilities on the Corporation's financial and operational performance; use of
proceeds from the 2013 offering; future capital needs; access to capital;
acquisition strategy; capital spending on the new Kindersley, Edson, and Keene
FSTs, Rycroft FSR, conversion of Brazeau to an FST, and construction of the oil
based mud blending plant in Fox Creek; oil purchase and resale revenue; and the
impact of the OWL program.
Forward-looking statements concerning expected operating and economic conditions
are based upon prior year results as well as the assumption that increases in
market activity and growth will be consistent with industry activity in Canada,
United States, and internationally and growth levels in similar phases of
previous economic cycles. Forward-looking statements concerning the availability
of funding for future operations are based upon the assumption that the sources
of funding which the Corporation has relied upon in the past will continue to be
available to the Corporation on terms favorable to the Corporation and that
future economic and operating conditions will not limit the Corporation's access
to debt and equity markets. Forward-looking statements concerning the relative
future competitive position of the Corporation are based upon the assumption
that economic and operating conditions, including commodity prices, crude oil
and natural gas storage levels, interest rates, the regulatory framework
regarding oil and natural gas royalties, environmental regulatory matters, the
ability of the Corporation and its subsidiaries' to successfully market their
services and drilling and production activity in North America will lead to
sufficient demand for the Corporation's services and its subsidiaries' services
including demand for oilfield services for drilling and completion of oil and
natural gas wells, that the current business environment will remain
substantially unchanged, and that present and anticipated programs and expansion
plans of other organizations operating in the energy service industry will
result in increased demand for the Corporation's services and its subsidiary's
services. Forward-looking statements concerning the nature and timing of growth
are based on past factors affecting the growth of the Corporation, past sources
of growth and expectations relating to future economic and operating conditions.
Forward-looking statements in respect of the costs anticipated to be associated
with the acquisition and maintenance of equipment and property are based upon
assumptions that future acquisition and maintenance costs will not significantly
increase from past acquisition and maintenance costs.
Forward-looking statements involve significant risks and uncertainties, should
not be read as guarantees of future performance or results, and will not
necessarily be accurate indications of whether such results will be achieved.
Readers are cautioned not to place undue reliance on these statements as a
number of factors could cause actual results to differ materially from the
results discussed in these forward-looking statements, including but not limited
to those factors referred to and under the heading "Business Risks" and under
the heading "Risk Factors" in the Corporation's annual information form ("AIF")
for the year ended December 31, 2013. Although forward-looking statements
contained in this document are based upon what the Corporation believes are
reasonable assumptions, the Corporation cannot assure investors that actual
results will be consistent with these forward-looking statements. The
forward-looking statements in this document are expressly qualified by this
cautionary statement. Unless otherwise required by law, Secure does not intend,
or assume any obligation, to update these forward-looking statements.
Non GAAP Measures and Operational Definitions
1. The Corporation uses accounting principles that are generally accepted
in Canada (the issuer's "GAAP"), which includes, International Financial
Reporting Standards ("IFRS"). These financial measures are Non-GAAP
financial measures and do not have any standardized meaning prescribed
by IFRS. These non-GAAP measures used by the Corporation may not be
comparable to a similar measures presented by other reporting issuers.
See the management's discussion and analysis available at www.sedar.com
for a reconciliation of the Non-GAAP financial measures and operational
definitions. These non-GAAP financial measures and operational
definitions are included because management uses the information to
analyze operating performance, leverage and liquidity. Therefore, these
non-GAAP financial measures and operational definitions should not be
considered in isolation or as a substitute for measures of performance
prepared in accordance with GAAP.
ABOUT SECURE ENERGY SERVICES INC.
Secure is a TSX publicly traded energy services company that provides safe and
environmentally responsible fluids and solids solutions to the oil and gas
industry. The Corporation owns and operates midstream infrastructure and
provides environmental services and innovative products to upstream oil and
natural gas companies operating in the Western Canadian Sedimentary Basin
("WCSB") and the Rocky Mountain Region in the United States. The Corporation
operates three divisions:
Processing, Recovery and Disposal Division: Operating under the name Secure
Energy Services Inc., the Processing, Recovery and Disposal Services division
owns and operates midstream infrastructure that provides processing, storing,
shipping and marketing of crude oil, oilfield waste disposal and recycling.
Specifically these services are clean oil terminalling, custom treating of crude
oil, crude oil marketing, produced and waste water disposal, oilfield waste
processing, landfill disposal, and oil purchase/resale service. Secure currently
operates a network of facilities throughout western Canada and in North Dakota,
providing these services at its full service terminals ("FST"), landfills and
stand-alone water disposal facilities ("SWD").
Drilling Services Division: Operating under the name Marquis Alliance Energy
Group Inc. (together with its wholly owned subsidiaries "Marquis Alliance"), the
trade name XL Fluid Systems ("XL Fluids"), and the name Target Rentals Ltd.
("Target"), the DS division provides equipment and chemicals for building,
maintaining, processing and recycling of drilling and completion fluids. The
drilling fluids service line comprises the majority of the revenue for the
division which includes the design and implementation of drilling fluid systems
for producers drilling for oil, bitumen and natural gas. The DS division focuses
on providing products and systems that are designed for more complex wells, such
as medium to deep wells, horizontal wells and horizontal wells drilled into the
oil sands.
OnSite Division: The OnSite division, operating under the name of Frontline,
offers environmental services which include pre-drilling assessment planning,
drilling waste management, remediation and reclamation of former wellsites,
facilities, commercial, and industrial properties, and laboratory services;
integrated water solutions which include water management, recycling, pumping
and storage solutions; "CleanSite" waste container services; pipeline integrity
(inspection, excavation, repair, replacement and rehabilitation); demolition and
decommissioning. These services are offered throughout the WCSB.
FOR FURTHER INFORMATION PLEASE CONTACT:
Secure Energy Services Inc.
Rene Amirault
Chairman, President and Chief Executive Officer
(403) 984-6100
(403) 984-6101 (FAX)
Secure Energy Services Inc.
Allen Gransch
Chief Financial Officer
(403) 984-6100
(403) 984-6101 (FAX)
www.secure-energy.ca
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