RED DEER, ALBERTA--(Marketwire - Nov. 30, 2011) - Subsequent to the Press Releases filed on November 1, 2011, Parkland Energy Services Inc. (TSX VENTURE:PKE.V - News) ("Parkland" or the "Corporation") announces that as of November 7, 2011 the Corporation began inventory operations under the name of Pace Oilfield Supply Inc. ("Pace"), a wholly owned subsidiary of Parkland.
Due to the fabricating and manufacturing nature of the Corporation, a significant amount of inventory is purchased and consumed. In order to seek the most efficient means of controlling costs and monitoring ordering, this new inventory segment will provide the Corporation with the means to do so without significantly changing the processes or procedures in place.
Pace has taken over the majority of ordering and purchasing of all but sheet metal product for the Parkland operations. Pace is selling this product to Parkland at a fair market value thereby cutting out the time it takes to place orders with the middleman as well as control the cost and businesses the products are ordered from. Pace is also selling to outside sources through the use of a front office and intends to streamline costs and operations to make this new department an integral part of Parkland's performance from this point forward.
Parkland is a company based in Red Deer, Alberta that specializes in the manufacturing of separator packages, metering skids, production tanks and pressure vessels, and the provision of sandblasting and painting, coating, welding and fabrication services. Through its wholly owned subsidiary Ace Oilfield Construction Ltd. provides lease site construction and reclamation, as well as, small inch pipeline construction and facility work. The company's common shares are listed on the TSX Venture Exchange and trade under the symbol "PKE".
This document may contain "forward-looking statements" within the meaning of Canadian securities legislation. These forward- looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management of the Company's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of hydrocarbon reserves and resources, the realization of reserve and resource estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of drilling and development operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.
In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of hydrocarbon resources; production or recovery rates; accidents, Labour disputes and other risks of the oil and gas industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities; as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.
Parkland Energy Services Inc.
President and Chief Executive Officer