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FOR IMMEDIATE RELEASE: June 29, 2022
CALGARY, ALBERTA – Western Energy Services Corp. (“Western” or the “Company”) (TSX: WRG) today announces the director election results from its 2022 annual meeting of shareholders held on June 29, 2022. According to the proxies received and ballots cast at the meeting, the following seven nominees were elected as directors to hold office until the next annual meeting of shareholders or until their successors are elected or appointed, unless such office is earlier vacated in accordance with the by‐laws of the Company:
|Nominee||# Votes For||% Votes For||# Votes Withheld||% Votes|
|Lorne A. Gartner||3,304,793,808||90.61%||342,617,075||9.39%|
|Alex R.N. MacAusland||2,678,772,414||73.44%||968,638,469||26.56%|
|Ronald P. Mathison||3,278,398,192||89.88%||369,012,691||10.12%|
|John R. Rooney||3,304,763,494||90.61%||342,647,389||9.39%|
Western wishes to warmly recognize the service of two directors who did not stand for re‐election at this meeting. Donald D. Copeland served as a director of Western since 2011. His extensive background and experience, in the drilling industry, in other oilfield services, and in hydrocarbon exploration and production, have proven invaluable to the Company for more than a decade. Mr. George S. Armoyan and his family represent the second‐largest shareholder of Western. He is a seasoned investor and entrepreneur, with significant expertise in real estate, oil and gas and oilfield services. Mr. Armoyan has been well‐engaged in the recent transformative transactions at Western.
The full results on all matters voted upon at the meeting will be filed on Western’s profile on SEDAR (www.sedar.com).
In addition, the resolution to approve a consolidation of Western’s common shares was approved by 90.79% of the votes cast at the meeting. The resolution authorized Western to effect a consolidation at a ratio, to be determined by Western’s directors, of between 75 and 120 pre‐consolidation shares to one post‐consolidation share. The resolution also granted the directors the discretion to determine not to proceed with the consolidation. Western expects that its board will meet to determine whether to proceed with the consolidation, and if it determines to proceed, the final consolidation ratio and the effective date for the consolidation. Western will issue a further news release following these determinations.
Western is a progressive energy service company which provides contract drilling services through its division, Horizon Drilling in Canada, and its wholly owned subsidiary, Stoneham Drilling Corporation in the United States. Additionally, Western provides production services in Canada through its wholly owned subsidiary Western Production Services Corp. and through its division Eagle Well Servicing which provides well servicing and its division Aero Rental Services which provides oilfield rental services.
For more information, please contact: Alex R.N. MacAusland, President and CEO, or Jeffrey K. Bowers, Senior VP Finance and CFO at 403.984.5916.
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