GASFRAC Energy Services Inc., an oil and gas service company, provides liquid petroleum gas fracturing services to oil and natural gas exploration and production companies in Canada and the United States. Its services are designed to enhance oil and natural gas production, and maximize recovery from a range of conventional and unconventional reservoirs. As of December 31, 2013, the company had three 32 tonne and sixteen 100 tonne sand storage vessels, fifty-four fracturing pumpers, and one hundred and eighty LPG storage tanks, and related equipment. GASFRAC Energy Services Inc. was incorporated in 2006 and is headquartered in Calgary, Canada.
801 - 6 Avenue SW
Calgary, AB T2P 3W2
Founded in 2006
GASFRAC Energy Services Inc. Signs Two Year Contract with BlackBrush Oil and Gas, L.P. to Provide Fracturing Services in South Texas
Sep 10 14
GASFRAC Energy Services Inc. announced the signing of a two year contract with BlackBrush Oil and Gas, L.P. (BlackBrush) to provide fracturing services in South Texas. The contract provides for a minimum commitment to GASFRAC of $7.2 million annually, with upside in economics as activity reaches BlackBrush's target levels. BlackBrush is expected to drill 24 new wells annually in the prolific San Miguel Formation, Maverick Basin, South Texas.
GASFRAC Energy Services, Inc. Announces Management Changes
Aug 11 14
GASFRAC Energy Services Inc. appointed an interim chief executive late last week, on the same day former chief executive James Hill left the company's top job. GASFRAC announced that Mark Williamson would serve as the company's interim chief executive and chairman while a search begins for a permanent replacement, expected by year-end. Also the company's board of directors announced that it will oversee a review of the business that is expected to create shareholder value, among other objectives. The company also appointed Larry Lindholm as lead independent director of GASFRACs board of directors and a member of its audit committee.
GASFRAC Energy Services, Inc. Reports Unaudited Consolidated Financial Results for the Second Quarter and Six-Months Ended June 30, 2014; Provides Earnings Guidance for the Third and Fourth Quarter of 2014; Reports Impairment Loss for the Quarter Ended June 30, 2014
Aug 8 14
GASFRAC Energy Services Inc. reported unaudited consolidated financial results for the second quarter and six-months ended June 30, 2014. For the second quarter of 2014, Adjusted EBITDA decreased to a loss of CAD 7.2 million from CAD 1.7 million in the second quarter of 2013. The decrease in adjusted EBITDA was primarily the result of a 76.1% decrease in revenue as well as an increase in the cost of sales. For the second quarter of 2014, the net loss increased to CAD 31.7 million or CAD 0.50 per diluted share compared to a net loss of CAD 4.8 million or CAD 0.08 per diluted share during the second quarter of 2013. The increase in net loss is mainly attributable to the decrease in revenue as well as the impairment of assets of CAD 16.6 million. Net cash used in operating activities was CAD 6.3 million as compared to net cash used in operating activities of CAD 1.7 million in the second quarter of 2013. The decrease is primarily due to the loss in the period caused by the decrease in second quarter 2014 revenue and activity. Revenue was CAD 7,326,000, compared to CAD 30,561,000 for the last year. The decrease in revenue is primarily due to postponements or cancelation of projects with major customers, as well as some of Canadian customers supplying their own propane. Loss before income taxes was CAD 31,689,000, compared to CAD 4,811,000 for the last year. Sale of plant and equipment was CAD 518,000, compared to purchase of plant and equipment of CAD 1,363,000 for the last year. Acquisition of intangible assets was CAD 24,000, compared to CAD 41,000 for the last year.
For the six months, the company reported revenue of CAD 19,499,000, compared to CAD 62,019,000 for the last year. Loss before income taxes was CAD 45,858,000, compared to CAD 12,695,000 for the last year. Loss for the period was CAD 45,858,000 or CAD 0.72 per diluted share, compared to CAD 12,695,000 or CAD 0.20 per diluted share for the last year. Net cash used by operating activities was CAD 9,723,000, compared to net cash provided by operating activities of CAD 2,068,000 for the last year. Purchase of plant and equipment was CAD 1,892,000, compared to CAD 1,831,000 for the last year. Acquisition of intangible assets was CAD 39,000, compared to CAD 82,000 for the last year.
For the third quarter and fourth quarter of 2014, the company expects EBITDA to be improved, certainly, from a margin perspective over first quarter and second quarter.
The company recorded an impairment loss of CAD 16.6 million for the second quarter ended June 30, 2014.