CALGARY, Alberta, July 08, 2021 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp. (“Divergent”, the "Company", or “DVG”) is pleased to announce the following operations update.
The Company continues to benefit from the improvement in oil and gas commodity pricing, which is in turn generating consistent levels of pump installations for the first half of the year and has exceeded management’s expectations for the period. Our client base has demonstrated ongoing improvements in their operating budgets that includes maintaining and/or increasing production with the ongoing replacement of ESPs. As a result, we expect activity levels to continue to be strong in the second half of the year assuming oil and gas prices continue on their current trend.
At the Company’s recent AGM on June 15, 2021, shareholders supported the Company in all resolutions, including the re-election of all Directors. Prior to the AGM, and in lieu of a CEO’s presentation at the meeting, shareholders were invited to review the corporate presentation found on the website (www.divergentenergyservices.com) and submit questions for which the answers would be provided in a follow up presentation. As no questions have been received, no update has been posted on our website.
The Company also announces a correction to its press release dated May 17, 2021 announcing the granting of stock options. The referenced effective date of stock options of May 11, 2021 was in fact the date of Board approval whereas the effective date is May 17, 2021.
For Further Information:
Ken Berg, President and Chief Executive Officer, kberg@divergentenergyservices.com
Ken Olson, Interim Chief Financial Officer, ken.olson@divergentenergyservices.com
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, Divergent provides fluids management products and services for the water, gas and oil industries through its wholly owned subsidiary Extreme Pump Solutions LLC. Product lines including Electric Submersible Pumps and the future development of an Electromagnetic Pump technology.
DIVERGENT Energy Services Corp., 2020, 715 – 5th Ave SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements,including, without limitation, statements pertaining to anticipated future operational activity levels of Divergent and of a majority of its customers. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties, including the risk that the ongoing COVID-19 pandemic causes additional negative effects on Divergent’s business. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Company at the time the information is presented, including expectations provided to Divergent by its customers. The Company may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(Not for dissemination in the United States of America)
