CALGARY, Alberta, Oct. 26, 2017 (GLOBE NEWSWIRE) -- Essential Energy Services Ltd. (“Essential” or the “Company”) wishes to provide a timing update with regard to the litigation process between Essential and Packers Plus Energy Services Inc. (“Packers Plus”), previously disclosed in its Management’s Discussion and Analysis (“MD&A”) for the three and six months ended June 30, 2017. Packers Plus alleges that certain methods associated with the Tryton Multi-Stage Fracturing System (“MSFS”) infringe on a patent issued to Packers Plus (the “Packers Plus Claim”). A trial was held in February and March 2017 to determine if the patent is valid and whether Essential infringed on the patent.
The MD&A disclosed the Company’s expectation that the Federal Court of Canada (the “Court”) would render a decision on validity and infringement prior to October 2017. The Court has not yet rendered its decision and today indicated that the decision will be released the week of October 30, 2017. In addition, the previously scheduled trial to quantify damages (the “Quantification of Damages Trial”) that was expected to commence in January 2018 has been rescheduled to April 30, 2018. The Quantification of Damages Trial will only be required if the Court finds that the Packers Plus patent is valid and Essential infringed on it.
Essential continues to believe that the case is without merit. If Essential were to receive an unfavorable decision in respect of both validity and infringement, it will appeal such a decision.
The Packers Plus Claim targets only the Tryton MSFS® ball & seat system, which Essential commenced using in 2009. It does not target past or future operations of Essential’s conventional tools, other Tryton MSFS® tools or the rentals service line.
For more information on the Packers Plus Claim, readers are referred to the Company’s MD&A which can be found under the Company’s SEDAR profile at www.sedar.com.
FORWARD LOOKING STATEMENTS AND INFORMATION
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: the Packers Plus Claim, timing with regard to a decision and timing and process with regard to a Quantification of Damages Trial; the Company’s belief that the Packers Plus Claim is without merit; and Essential’s intention to appeal an unfavorable decision, if necessary.
Although Essential believes that the material factors, expectations and assumptions informing such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results and such statements are not guarantees of future performance. Essential’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: risks and uncertainties with respect to the judicial process and the timing thereof, and certain other risks detailed from time to time in Essential's public disclosure documents including, without limitation, those risks identified in this news release, and in Essential's annual information form, copies of which are available on Essential's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.
Statements including forward-looking statements are made as of the date they are given and, except as required by applicable securities laws, Essential disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
ABOUT ESSENTIAL
Essential provides oilfield services to oil and natural gas producers, primarily in western Canada. Essential offers completion, production and abandonment services to a diverse customer base. Services are offered with coil tubing, fluid and nitrogen pumping and the sale and rental of downhole tools and equipment. Essential offers the largest coil tubing fleet in Canada. Further information can be found at www.essentialenergy.ca.
® MSFS is a registered trademark of Essential Energy Services Ltd.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Garnet K. Amundson
President and CEO
Phone: (403) 513-7272
service@essentialenergy.ca
Karen Perasalo
Investor Relations
Phone: (403) 513-7272
service@essentialenergy.ca
The TSX has neither approved nor disapproved the contents of this news release.