Calmena Announces Borrowing Update

CALGARY, ALBERTA--(Marketwired - Nov. 28, 2014) - Calmena Energy Services Inc. (TSX:CEZ) ("Calmena" or the "Company") announces an update on the status of its senior credit facilities ("Credit Facilities").

On October 29, 2013 Calmena and its senior lender (the "Senior Lender") entered into an agreement whereby the Senior Lender agreed to forbear from demanding payment or enforcing security with respect to amounts owing by Calmena under its Credit Facilities with the Senior Lender on certain terms. Calmena and the Senior Lender subsequently entered into extension agreements pursuant to which the Senior Lender agreed to continue to forbear from demanding payment or enforcing its security under the Credit Facilities until November 30, 2014 (the "Deadline").

Calmena and the Senior Lender have agreed to an extension of the Deadline to December 15, 2014 to enable continued discussions with respect to a potential further extension of the Deadline.

ABOUT CALMENA ENERGY SERVICES INC.

Calmena is a diversified energy services company that provides contract drilling and directional drilling services to its customers operating in the United States, Latin America and the Middle East and North Africa. The common shares of Calmena trade on the Toronto Stock Exchange under the symbol "CEZ".

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements relating to Calmena's plans, strategies, objectives, expectations and intentions. Expressions such as "may", "anticipate", "expect", "project", "believe", "hope", "estimate", "intend", "will", "continue", "foresee", and "forecast" and similar expressions and statements are intended to identify forward looking statements. Such statements represent Calmena's internal projections, estimates or beliefs concerning, among other things, an outlook for Calmena's operations and other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Calmena believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Calmena's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Calmena.