On June 3, 2013, PROFIT Magazine recognized CWC Well Services Corp. ("CWC") for making it on their 25th annual PROFIT 500 list, the definitive ranking of Canada's Fastest-Growing Companies. The PROFIT 500 ranks Canadian businesses by their revenue growth over five years. CWC Well Services Corp. made the PROFIT 500 list with a five-year revenue growth of 137%. "CWC is honoured to be on the PROFIT 500 ranking," said Duncan Au, President and Chief Executive Officer. "This achievement follows on the heels of making the 2012 TSX Venture 50 list last year where CWC placed fifth in the Diversified Industries category being recognized for its strong performance in the areas of market capitalization growth, share price appreciation, trading volume and analyst coverage. We are extremely proud of what CWC has accomplished and the dedication of all of our employees, customers and investors that made this ranking possible."
CWC provides service rigs, coil tubing, snubbing and well testing to established oil and gas producers in the Western Canadian Sedimentary Basin ("WCSB"). These oilfield service activities are necessary to complete newly drilled wells and to maintain ongoing servicing of producing wells. CWC's services are provided through 2 divisions: Well Servicing and Other Oilfield Services.
The Well Servicing division is comprised of service rigs and coil tubing. With 71 service rigs, CWC is the sixth largest well servicing company offering the youngest and most technologically advanced service rig fleet in the WCSB. These service rigs provide completions, workovers and abandonments with depths ranging from 1,500 to 5,000 metres and are well positioned throughout the WCSB with operating locations in Grande Prairie, Slave Lake, Red Deer, Lloydminster, Provost and Brooks, Alberta and Weyburn, Saskatchewan. CWC also operates 8 coil tubing units to a maximum capacity of 2 inch coil and depth rating from 1,500 to 4,000 metres. CWC's Well Servicing division is well positioned for the changing demands of our oil and gas customers for horizontal drilling and deeper depth capabilities.
The Other Oilfield Services division is comprised of snubbing units and well testing packages. With 7 rig assist and stand-alone snubbing units, 6 of which operate at 5,000 psi, CWC is one of the larger snubbing companies in the WCSB. All 5,000 psi snubbing units are equipped with the most effective egress safety systems that are above and beyond the established safety standards in the industry. CWC also operates 11 well testing packages ranging from 200 to 285 psi trailer-mounted pressure tanks and 18 metre freestanding flare stacks.