History

  • CenAlta Well Services Corp. was incorporated as a private company on March 1, 2005
  • Acquired coil tubing assets from a private company on March 31, 2005
  • Changed name to Central Alberta Well Services Corp. on April 27, 2005
  • Amalgamated with e-Quisitions Inc. in a reverse takeover to become a public company on September 1, 2005
  • Acquisition of 3 private companies with snubbing, nitrogen, well testing and rental assets in March and April 2006
  • Growth capital program to build the service rig fleet in 2006, 2007, 2008 and 2009 funded primarily by Brookfield Bridge Lending Fund Inc. with a $63 million revolving credit facility
  • $50 million common share issuance subscribed primarily by Brookfield Capital Partners Ltd. (formerly Brookfield Special Situations II L.P. and Tricap Partners II L.P.) in June 2007
  • 1 for 4 common share consolidation on July 11, 2007
  • Acquired 9 service rigs from Wellco Energy Services Partnership on January 8, 2008
  • Acquired 3 service rigs from Akita Drilling Ltd. on July 3, 2008
  • $33 million rights offering to existing shareholders to purchase 4.855 common shares for each right held. Offering subscribed primarily by Brookfield Captial Partners Ltd. (formerly Brookfield Special Situations II L.P.) in December 2009
  • $40 million credit facility with a syndicate of lenders led by ATB Financial to replace the $63 million revolving credit facility with Brookfield Bridge Lending Fund Inc. on April 21, 2010
  • New Board of Directors approved by shareholders at the Annual General Meeting on July 6, 2010
  • New President and Chief Executive Officer announced on October 4, 2010
  • New Senior Management Team announced in January 2011
  • Changed name to CWC Well Services Corp. on June 8, 2011
  • $69 million credit facility with a new syndicate of lenders led by ATB Financial to replace the existing $40 million credit facility on June 14, 2011
  • Acquired 22 service rigs from Trinidad Drilling Ltd. on June 15, 2011
  • Sale of nitrogen assets to a private company on December 9, 2011
  • CWC Well Services Corp. makes the 2012 TSX Venture Top 50 Companies list on February 15, 2012
  • Initiation of a quarterly dividend to shareholders announced on March 20, 2012.  The declaration of dividends will be determined by the Board on a quarter-by-quarter basis based on sustainable cash flow and earnings of CWC.
  • On June 3, 2013, PROFIT Magazine listed CWC Well Services Corp. on its PROFIT 500 list of Canada's Fastest-Growing Companies with a five-year revenue growth of 137%.
  • TSX Venture Exchange approves CWC Well Services Corp.'s graduation to Tier 1 status on June 10, 2013.
  • $75 million credit facility with a new syndicate of lenders led by ATB Financial to replace existing $69 million credit facility on June 21, 2013.
  • Closed a $28.8 million bought deal equity financing, led by FirstEnergy Capital, to support the acquisition of Ironhand Drilling Inc., a private drilling rig contractor with 8 telescopic double drilling rigs on April 10, 2014.
  • Closed the acquisition of Ironhand Drilling Inc., a private company with 8 telescopic double drilling rigs on May 15, 2014.
  • Amalgamated CWC Well Services Corp. with Ironhand Drilling Inc. and changed name to CWC Energy Services Corp. on May 15, 2014.
  • $100 million credit facility with a syndicate of 4 lenders led by ATB Financial to replace the existing $75 million credit facility on May 15, 2014.
  • Reorganized CWC's business segments into 2 divisions: Contract Drilling and Production Services. The Contract Drilling division will operate under the trade name CWC Ironhand Drilling. The Production Services division will operate under the trade name CWC Well Services effective May 16, 2014.
  • Sale of the snubbing division to a private company on September 24, 2014
  • Initiation of Dividend Reinvestment Plan ("DRIP") and Stock Dividend Program ("SDP") on December 23, 2014. Election to participate in the DRIP or SDP is at the discretion of the shareholder.
  • Suspended Well Testing operations in March 2015 and sold all of these assets in October 2015.
  • Reduced $100 million credit facitlity to $75 million with an additional $50 million accordion available subject to approval by the banking syndicate on November 25, 2015.
  • Suspended quarterly dividend on November 25, 2015.
  • Reduced $75 million credit facilty to $65 million with an additional $60 million accordion available subject to approval by the banking syndicate on April 25, 2016.
  • $14.6 million rights offering to existing shareholders to purchase 1 common share for every 3 rights held.  Offering fully subscribed primarily by Brookfield Capital Partners Ltd. on May 31, 2016.