Calmena Energy Services Inc. reported consolidated unaudited earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of CAD 39,510,000 compared to CAD 49,142,000 a year ago. EBITDAS was CAD 4,272,000 compared to CAD 9,772,000 a year ago. Net loss for the period was CAD 1,629,000 or CAD 0.01 per basic and diluted share compared to net income of CAD 3,518,000 or CAD 0.01 per basic and diluted share a year ago. Funds flow from continuing operations was CAD 2,307,000 or CAD 0.01 per basic and diluted share compared to CAD 8,454,000 or CAD 0.03 per basic and diluted share a year ago. The decrease in the period was the result of decreases in revenue and EBITDAS in Canada, the US and Latin America offset in part by an increase in Libya.

Calmena Energy Services Inc. announced audited consolidated earnings results for the fourth quarter and full year ended December 31, 2012. For the quarter, the company announced revenue of CAD 40,901,000 compared to CAD 39,408,000 for the same period a year ago. EBITDAS was CAD 467,000 compared to CAD 6,097,000 for the same period a year ago. Net loss for the period was CAD 5,837,000 compared to CAD 1,974,000 for the same period a year ago. Funds flow used in continuing operations was CAD 1,575,000 or CAD 0.01 per basic and diluted share compared to funds flow generated from operating activities of CAD 5,493,000 or CAD 0.02 per basic and diluted share for the same period a year ago. Net loss per share, basic and diluted was CAD 0.02 compared to CAD 0.01 for the same period a year ago. For the full year, the company announced revenue of CAD 163,924,000 compared to CAD 124,704,000 for the same period a year ago. EBITDAS was CAD 14,664,000 compared to CAD 13,967,000 for the same period a year ago. Net loss for the period was CAD 11,128,000 compared to CAD 8,959,000 for the same period a year ago. Funds flow generated from continuing operations was CAD 8,942,000 or CAD 0.03 per basic and diluted share compared to CAD 10,718,000 or CAD 0.04 per basic and diluted share for the same period a year ago. Net loss per share, basic and diluted was CAD 0.04 compared to CAD 0.03 for the same period a year ago. Revenue compared to comparable period in 2011, led by year over year growth in the US and Latin America offset in part by lower revenue in Canada.

The Board of Directors of Calmena Energy Services Inc. initiated a process to identify, examine and consider a range of strategic alternatives available to Calmena for enhancing its shareholder value. The various strategic alternatives might include but are not limited to, a sale of all or a material portion of the assets of Calmena, either in one transaction or in a series of transactions, the outright sale of Calmena or a merger or other business combination transaction involving Calmena and a third party. For considering strategic alternatives and overseeing the process, Calmena established a special committee of directors. Calmena appointed Peters & Co., Limited as its financial advisor to assist in the review process. The strategic alternative review process has no assurances that a transaction will be undertaken.