New West Energy Services Inc.Announces Its Second Quarter Results
CALGARY, ALBERTA--(Marketwire - Dec. 29, 2011) - New West Energy Services Inc. (TSX VENTURE:NWE) (the "Corporation") is pleased to announce the results for the Corporation for the three and six month period ended October 31, 2011.
Revenue for the three month period ended October 31, 2011 totaled $5,184,095 and for the six month period ended October 31, 2011 totaled $9,793,827. The comparative number for the three month period ended October 31, 2010 was $2,527,254 and for the six month period ended October 31, 2010 was $5,075,144.
Net income for the three month period ended October 31, 2011 totaled $595,986 and for the six month period ended October 31, 2011 totaled $807,203. The comparative number for the three month period ended October 31, 2010 was $(42,725) and for the six month period ended October 31, 2010 was $218,257.
The Corporation has two operating entities: BearStone Environmental Solutions Inc. ("BearStone"), established on June 9, 2010, which provides environmental services and operates a fleet of specialized vacuum and water trucks to the upstream oil and gas industry throughout Western Canada and New West Drilling Fluids Inc. ("NWDF"), which sells chemicals and provides field engineering services.
But trying to reduce US oil consumption by targeting the petroleum industry in northern Alberta makes about as much sense as trying to stop cocaine use in Los Angeles by eradicating coca plantations in Bolivia. Which is to say: It doesn't.