CALGARY, AB, April 28, 2026 /CNW/ – Western Energy Services Corp. (“Western” or the “Company”) (TSX: WRG) is pleased to announce that it has entered into an agreement with its lender, Alberta Investment Management Corporation (“AIMCo”) to amend its second lien term loan facility (the “Second Lien Facility”).
Extension and Amendments to Second Lien Facility
The Company announces that AIMCo has approved an extension of the maturity date of Western’s Second Lien Facility from May 18, 2027 to July 18, 2028 and has entered into an amendment agreement with Western providing for the extension. There are no changes to the quarterly principal payments, the semi-annual interest payments or the interest rate required under the amended agreement.
In conjunction with the Second Lien Facility extension, the maturity date of the Company’s syndicated revolving credit facility and the operating facility (together the “Credit Facilities”), was extended to March 22, 2027 in accordance with the terms of the Credit Facilities. The total commitments under the Company’s Credit Facilities are unchanged and there were no changes to the Company’s financial covenants, other than an additional reporting requirement to provide copies of material information related to the refinancing of the Credit Facilities.
Western believes the extension of the Second Lien Facility and the Credit Facilities improves the Company’s financial flexibility, allowing it to adapt as market conditions change in the future.
About Western
Western is a progressive energy services 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 division, Eagle Well Servicing which provides well servicing and its division Aero Rental Services which provides oilfield rental services.
Forward-Looking Statements and Information
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “believes”, “expected”, “will”, and similar expressions is intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward-looking statements and information relating to the maturity dates of Western’s various credit facilities and the effect of changes on Western’s business prospects and financial flexibility. These forward-looking statements and information are based on certain key expectations and assumptions made by Western in light of its experience and its perception of historical trends, current conditions and expected future developments, as well as other factors that the Company believes are appropriate in the circumstances.
Although Western believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as Western cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Additional information on risk factors that could affect Western’s operations or financial results are included in Western’s annual information form for the year ended December 31, 2025 which may be accessed through SEDAR+ at www.sedarplus.ca. The forward-looking statements and information contained in this press release are made as of the date hereof and Western does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
SOURCE Western Energy Services Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/April2026/28/c0356.html