DIVERGENT Energy Services Announces an Operations Update
CALGARY, Alberta, Dec. 10, 2020 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp. (“Divergent”, the "Company", or “DVG”) is pleased to announce the following update on its electric submersible pump (“ESP”) operations in Wyoming, USA.
Despite the negative impact of COVID-19 on the oil and gas industry generally, and a very challenging second quarter at Divergent, the Company doubled the number of ESP’s installed in Q3/20 versus Q2/20. In addition, fourth quarter ESP installations have already surpassed Q3/20, indicating that customers are responding to recovering market confidence in oil and gas pricing. The Company expects that (a) in the near-term, monthly ESP installations could be at or near its pre-COVID pace of work and (b) revenues on a per job basis will remain negatively affected until overall industry activity improves.
Divergent, through its wholly owned subsidiary Extreme Pump Solutions LLC, continues to expand its client base and deliver its recognized brand of safe, reliable and repeatable service.
Ken Berg, President and CEO, commented “The resilience, dedication, and loyalty of our staff has led the Company through a time of unprecedented volatility, with the Extreme team in Gillette demonstrating an unwavering ability to deliver top quality services to our clients.”
For Further Information:
Ken Berg, President and Chief Executive Officer, email@example.com
Lance Mierendorf, Interim Chief Financial Officer, firstname.lastname@example.org
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, Divergent provides Artificial Lift products and services that are used in the oil and gas industry. Product lines including Electric Submersible Pumps, Electric Submersible Progressing Cavity Pumps, and the future development of an Electromagnetic Pump technology.
DIVERGENT Energy Services Corp., 2020, 715 – 5th Ave SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including, without limitation, statements pertaining to anticipated future operational activity levels of Divergent and of a majority of its customers, and statements pertaining to interest payments on the Company’s debentures. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties, including: the risk that the anticipated slowdown in sales and service of submersible pumps by Divergent’s customers lasts longer than expected or impacts Divergent’s revenues more severely than expected, the risk that the COVID-19 pandemic and the low oil and gas price environment cause additional negative effects on Divergent’s business, the risk that the suspension of trading of the Company’s common shares by the TSXV cannot be lifted in a timely manner or at all, and the risk that the Company cannot remedy the outstanding interest payments under the terms of its debenture indenture in a timely manner or at all . There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Company at the time the information is presented, including expectations provided to Divergent by its customers. The Company may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.