Rights Offering - Expiring May 31, 2016
CWC Energy Services Corp. ("CWC") provides drilling rigs, service rigs, and coil tubing 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: Contract Drilling and Production Services.
The Contract Drilling division operates under the trade name CWC Ironhand Drilling and is comprised of 9 telescopic double drilling rigs with depth ratings from 3,200 to 5,000 metres with an average age of 7 years. 8 of the 9 drilling rigs have top drives. All of the drilling rigs are ideally suited for the most active depths for horizontal drilling in the WCSB. With an operational base out of Nisku, Alberta, CWC Ironhand Drilling is ideally positioned for the deeper depths of the WCSB.
The Production Services division operates under the trade name CWC Well Services and is comprised of 74 service rigs and 9 coil tubing units. With 74 service rigs at an average age of 9 years, CWC is the second largest well servicing company offering the youngest and most technologically advanced service rig fleet in the WCSB. These service rigs provide completions, maintenance, 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, Drayton Valley, Lloydminster, Provost and Brooks, Alberta. CWC also operates 9 coil tubing units to a maximum capacity of 2 inch coil and depth rating from 1,500 to 4,000 metres. CWC's coil tubing units are ideally suited for the SAGD wells in the oilsands as well as other shallower depths of the WCSB. CWC's Well Services division is well positioned for the changing demands of our oil and gas customers for horizontal drilling and deeper depths as well as servicing SAGD wells.