CALGARY, Alberta, July 14, 2022 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp. (“Divergent”, the "Company", or “DVG”) is pleased to provide the following operations update.
The Company continues to experience quarter on quarter activity growth, with clients within our service region demonstrating a renewed urgency in returning wells to production in response to the prolonged increase in oil and gas prices. The Company’s largest client has indicated that it intends to continue its workover program for the next 12 months at a pace which may exceed recent quarters. In addition to the growing demand from its existing customer base, the Company continues to draw sales from new customers within our service region.
These factors have resulted in second quarter activity being marginally higher than the first quarter activity of 2022, and one-third higher than the second quarter activity of the previous year. The Company is currently working at maximum capacity and is actively expanding its workforce and equipment fleet to meet the increased demand.
The positive commodity pricing trends the industry is currently experiencing is in part caused by a structural shortfall in supply, which will be difficult for the industry to overcome in the near term. As a result, the demand for energy services continues to increase and the ability for the sector to improve over the next few years is seen as highly likely.
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.
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)
