Canadian Energy Services & Technology Corp. Announces Reduced Cash Dividend and Provides 2015 Fourth Quarter Conference Call Details

CALGARY, ALBERTA--(Marketwired - Feb. 11, 2016) - Canadian Energy Services & Technology Corp. ("CESTC" or the "Corporation") (TSX:CEU)(OTCQX:CESDF) announced today that it will pay a cash dividend of $0.0025 per common share on March 15, 2016, to the shareholders of record at the close of business on February 29, 2016. On an annualized basis the new dividend would be $0.03 per common share representing an 86% decrease from the previous annualized level of $0.216 per common share. CESTC estimates that it will conserve approximately $38 million in cash in 2016 based on the new dividend level. CESTC will use the shareholders' cash to preserve balance sheet strength and provide liquidity to fund potential growth initiatives.

"As commodity prices have continued to weaken, conditions for all oilfield suppliers have deteriorated. Our E&P customers are losing money at every turn as they drill, complete, produce and transport oil and gas. As a result the profits of their suppliers are understandably being squeezed out of the system. In this difficult market we are significantly reducing the dividend to strengthen the balance sheet. The money remains shareholders', and it will be used to improve the business and ensure that the company survives this downturn," said Tom Simons, President and Chief Executive Officer of CESTC. "We believe in our business model, which is to leverage our vertically integrated manufacturing capabilities to enhance our technologies, our relationships and our scale. We are committed to growing our capital light business, and to returning cash flow to shareholders as business conditions permit. In balance, the right thing for the business today is to preserve cash until industry conditions improve."

The Corporation will conduct a conference call on March 11, 2016 following the upcoming release of its financial results for the fourth quarter and full-year ended December 31, 2015. The 2015 results are expected to be released after the close of market the day before the conference call. Tom Simons, President and Chief Executive Officer of CESTC, will host the call.

Date:	March 11, 2016
Time:	9:00 a.m. MDT
Dial-in:	[phone] or [phone]
Online:	www.gowebcasting.com/7298

A replay of the conference call will be accessible on CESTC's Investor Relations website at www.CanadianEnergyServices.com by selecting "News Releases".