Hanwei Energy Services Provides Update on Acquisition of Additional Entice Assets
VANCOUVER, British Columbia, Nov. 09, 2020 (GLOBE NEWSWIRE) — Hanwei Energy Services Corp. (TSX: HE) (“Hanwei” or the “Company”), today provided an update as to its acquisition of certain additional Entice assets.
As previously reported, the Company completed its agreement to acquire out of a receivership proceeding certain oil and gas facilities, wells, and rights adjacent to its Entice Lands on June 30, 2020.The transfer of the assets from the receivership were subject to regulatory approval. The application for such approval has been rejected by the regulator, following the assessment of the Liability Management Rating relating to the oil and gas assets of the Company.The Company’s Entice Lands have been shut in as an adjacent gas handling plant accommodating gas production from these wells remains closed. The acquisition of the above mentioned additional Entice assets was to allow the Company to place its current wells within its Entice Lands back on production by way of additional improvements for gas disposal.About Hanwei Energy Services Corp.Hanwei Energy Services Corp.’s principal business operations are in two complementary key segments of the oil and gas industry as both an equipment supplier to the industry (as a manufacturer of high pressure, fiberglass reinforced plastic (“FRP”) pipe products serving energy customers in the global energy market) and as an and gas producer with properties in Alberta and joint venture interests in Manitoba.www.hanweienergy.comNeither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURESCertain information in this press release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions a description of which is set out in the risk factors section of the Company’s Annual Information Form dated June 25, 2020 and Management Discussion and Analysis for the year ended March 31, 2020 both of which are filed with Canadian securities regulators and available on SEDAR at www.sedar.com. The forward-looking information in this press release describes the Company’s expectations as of the date of this press release.THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LEGISLATION.For more information, please contact: Graham Kwan
Executive Vice President, Strategic Development and Corporate Affairs
604-685-2239 Irene Mai
Chief Financial Officer