RED DEER, ALBERTA--(Marketwire - Nov. 28, 2011) - Parkland Energy Services Inc. (TSX VENTURE:PKE) today announced its business performance for the third quarter of 2011.
The Company has generated revenues of $3,538,183 in the three months ended September 30, 2011 compared to the $860,952 in the prior year equivalent quarter. The net loss for the third quarter is $208,765 while the nine month period experienced a $260,944 net income. The net loss for the prior year equivalent quarter was $1,034,566.
EBITDAC for the current third quarter was $276,526 compared to the EBITDAC of $(196,261) in the prior year third quarter.
President and CEO Sandra Woitas commented "Revenues and earnings have been meeting expectations due to the increase in demand for our product, repeat customers and the aggressive streamlining of operations. We have revamped our management and have taken on strong team members during 2011 which have great experience in our line of work and are dedicated to makingbParkland a strong competitor in our field."
For complete details on the interim financial statements and MD&A for the 2011 Third Quarter please refer to SEDAR at www.sedar.com.
Parkland is a company based in Red Deer, Alberta that specializes in the manufacturing of separator packages, metering skids, production tanks and pressure vessels, and the provision of sandblasting and painting, coating, welding and fabrication services. Through its wholly owned subsidiary Ace Oilfield Construction Ltd. provides lease site construction and reclamation, as well as, small inch pipeline construction and facility work. The company's common shares are listed on the TSX Venture Exchange and trade under the symbol "PKE".
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward- looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of hydrocarbon reserves and resources, the realization of reserve and resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of drilling and development operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of hydrocarbon resources; production or recovery rates; accidents, Labour disputes and other risks of the oil and gas industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forwardlooking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.