April 19, 2014 9:18 PM ET

Energy Equipment and Services

Company Overview of GASFRAC Energy Services, Inc.

Company Overview

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

Suite 1900

Calgary, AB T2P 3W2

Canada

Founded in 2006

Phone:

403-237-6077

Fax:

403-269-3722

Key Executives for GASFRAC Energy Services, Inc.

Chief Executive Officer
Age: 54
Total Annual Compensation: $225.0K
Senior Vice President of Operations
Total Annual Compensation: $210.8K
Compensation as of Fiscal Year 2012.

GASFRAC Energy Services, Inc. Key Developments

James Hill Intends to Retire as Chief Executive Officer of GASFRAC Energy Services, Inc. at the End of 2014

GASFRAC Energy Services Inc. announced that James Hill, Chief Executive Officer, intends to retire from the office of Chief Executive Officer at the end of 2014. The advisory committee of the board of directors will be working with Mr. Hill and the executive team during this transition as part of succession process.

GASFRAC Energy Services, Inc. Reports Audited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013

GASFRAC Energy Services, Inc. reported audited consolidated earnings results for the year ended December 31, 2013. For the year, the company reported revenue of CAD 121,823,000 compared to CAD 149,442,000 a year ago. Loss before income taxes was CAD 24,429,000 compared to CAD 79,233,000 a year ago. Loss for the year was CAD 24,429,000 or CAD 0.38 cent basic and diluted per share compared to CAD 77,469,000 or 1.23 cents basic and diluted per share a year ago. Net cash used in operating activities was CAD 1,079,000 compared to net cash provided by operating activities of CAD 19,006,000 a year ago. Purchases of plant and equipment were CAD 2,995,000 compared to CAD 48,338,000 a year ago. Acquisition of intangible assets was CAD 155,000 compared to CAD 776,000 a year ago. Adjusted EBITDA was CAD 7,943,000 compared to CAD 566,000 a year ago. For the quarter, revenue decreased 37.3% to CAD 29.4 million from CAD 46.9 million in the fourth quarter of 2012. During the quarter, the company earned revenues from five customers with the top three customers representing 96.7% of the total revenue. The reduction reflects fewer smaller oil companies utilizing the company's services due to capital constraints. Adjusted EBITDA decreased to CAD 1.1 million from CAD 7.7 million in the fourth quarter of 2012. Net loss was CAD 6.7 million compared to a net loss of CAD 48.5 million during the fourth quarter of 2012. The net loss in 2012 is primarily due to the impairment of the assets in the Canadian and U.S. cash generating units as well as an increase in depreciation due to the deployment of additional frac equipment.

GASFRAC Seeks Acquisitions

GASFRAC Energy Services, Inc. (TSX:GFS) is seeking acquisitions. GASFRAC Energy Services, Inc. might raise capital to take advantage of further opportunities or acquisitions.

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