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Hanwei Energy Services Corp. (HE.TO)

Toronto - Toronto Real Time Price. Currency in CAD
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0.01500.0000 (0.00%)
At close: 9:55AM EDT
Full screen
Previous Close0.0150
Open0.0150
Bid0.0150 x 0
Ask0.0200 x 0
Day's Range0.0150 - 0.0150
52 Week Range0.0100 - 0.0300
Volume43,000
Avg. Volume52,348
Market Cap2.913M
Beta (5Y Monthly)-0.17
PE Ratio (TTM)N/A
EPS (TTM)-0.0330
Earnings DateAug. 05, 2020 - Aug. 10, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • GlobeNewswire

    Hanwei Energy Services Announces Results of Annual General Meeting

    VANCOUVER, British Columbia, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Hanwei Energy Services Corp. (TSX: HE) (“Hanwei” or the “Company”), held its Annual General Meeting of Shareholders (the “Meeting”) in Vancouver, British Columbia on September 9, 2020. During the course of the Meeting, all proposed resolutions were approved including the election of directors and the re-appointment of MNP LLP, Chartered Professional Accountants as auditor for the Company. A total of 38,669,947 shares were voted in person or by proxy at the Meeting, representing 19.91% of the total outstanding common shares. The shareholders elected Fulai Lang, Joanne Yan, Graham Kwan, Randall Smallbone, and William Paine to serve as directors of the Company. As of the close of the Meeting, the Company’s board is constituted of a majority of independent directors, namely Joanne Yan, Randall Smallbone and William Paine.The shareholders elected each of the Company’s nominees for director as follows: DIRECTORVOTES FORVOTES WITHHELD   Fulai Lang97.49%2.51%   Joanne Yan100.00%0.00%   Randall Smallbone99.97%0.03%   Graham Kwan100.00%0.00%   William Paine100.00%0.00%  The following individuals were re-appointed as officers of the Company: (a) Fulai Lang as Chairman of the Board, President and Chief Executive Officer, (b) Xinran (Irene) Mai as Chief Financial Officer, and (c) Graham Kwan as Executive Vice President, Strategic Development and Corporate Affairs, and Corporate Secretary.The Board of Directors also re-appointed Joanne Yan as Lead Director and reconstituted its standing board committees.  The Audit Committee is comprised of Randall Smallbone (Chair), William Paine, and Joanne Yan who are independent directors. The Compensation/Corporate Governance Committee is comprised of William Paine (Chair), Fulai Lang, Joanne Yan, and Randall Smallbone, a majority of whom are independent directors. The Disclosure Committee is comprised of Graham Kwan (Chair), Fulai Lang, and Xinran (Irene) Mai.About Hanwei Energy Services Corp. Hanwei Energy Services Corp.’s principal business operations are in two complementary key segments of the oil and gas industry as both an equipment supplier to the industry (as a manufacturer of high pressure, fiberglass reinforced plastic (“FRP”) pipe products serving energy customers in the global energy market) and as an oil and gas producer with properties in Alberta and joint venture interests in Manitoba.www.hanweienergy.comNeither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. CONTACT: For more information, please contact: Graham Kwan Executive Vice President, Strategic Development and Corporate Affairs 604-685-2239 gkwan@hanweienergy.com Irene Mai Chief Financial Officer 604-685-2239 imai@hanweienergy.com

  • GlobeNewswire

    Hanwei Energy Services Reports First Quarter Fiscal 2021 Financial and Operational Results

    VANCOUVER, British Columbia, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Hanwei Energy Services Corp. (TSX: HE) (“Hanwei” or the “Company”), today reported its financial results for the three months ended June 30, 2020. All amounts are in Canadian Dollars unless otherwise noted. Update on COVID-19 ImpactGlobal commodity prices have declined significantly due to a collapse in demand attributed to COVID-19 in combination with an oversupply of oil due to disputes between major oil producing countries. The commodity price environment remains extremely volatile due to COVID-19.The COVID-19 situation is dynamic and the ultimate duration and magnitude of the impact on the economy and the financial effect on the Company is not known at this time.Financial and Operating UpdateHanwei's principal business operations are in two complementary segments of the oil and gas industry as an operator and developer of its own oil and gas assets in Canada and as a specialized pipe supplier to the industry, both in Canada and internationally. * Total Company revenues for the three months ended June 30, 2020 decreased to $1.8 million as compared to $2.6 million for the same period of the prior year. The $0.8 million (or 32%) decrease was due to a $0.2 million decrease in FRP pipe revenue and a $0.6 million decrease in the oil and gas business.  * The FRP pipe business revenue decreased to $1.7 million from $1.9 million for the same period of the prior year. The decrease was mainly due to all sales solely coming from the China market. * The oil and gas business revenues net of royalties decreased to $69,000 (averaging 50 boed) from $0.6 million (averaging 122 boed) for the same period of the prior year. The reduction in production volume during the period was due to: the Nevis Lands being shut in on April 30, 2020 as production is uneconomic at current low crude oil prices; certain low production Wabamun wells at the Leduc Lands also considered uneconomic being shut in since April 16, 2020; and repairs and maintenance on one of the Company’s main Nisku wells also at the Leduc Lands that was shut in for the majority of the three months ended June 30, 2020 and which was placed back on production on June 25, 2020. Following this Nisku well being placed back on production, the Company produced approximately 90 boed. * Adjusted EBITDA from continuing operations for the three months ended June 30, 2020 was negative $0.6 million as compared to Adjusted EBITDA of negative $0.2 million for the same period of the prior year. The decrease in Adjusted EBITDA was due to decreased revenue in the FRP pipe business and the decreased production and revenue in the oil and gas business. The Company had a loss from continuing operations of $0.7 million for the three months ended June 30, 2020 as compared to loss from continuing operations of $0.6 million for the same period of the prior year. About Hanwei Energy Services Corp. Hanwei Energy Services Corp.’s principal business operations are in two complementary key segments of the oil and gas industry as both an equipment supplier to the industry (as a manufacturer of high pressure, fiberglass reinforced plastic (“FRP”) pipe products serving energy customers in the global energy market) and as an  and gas producer with properties in Alberta and joint venture interests in Manitoba.www.hanweienergy.comNeither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.FORWARD-LOOKING INFORMATION AND NON-GAAP MEASURESCertain information in this press release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions a description of which is set out in the risk factors section of the Company’s Annual Information Form dated June 25, 2020 and Management Discussion and Analysis for the year ended March 31, 2020 both of which are filed with Canadian securities regulators and available on SEDAR at www.sedar.com. The forward-looking information in this press release describes the Company’s expectations as of the date of this press release.THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE PRESENTS THE EXPECTATIONS OF THE COMPANY AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE THE COMPANY MAY ELECT TO, THE COMPANY DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED BY APPLICABLE SECURITIES LEGISLATION. CONTACT: For more information, please contact: Graham Kwan Executive Vice President, Strategic Development and Corporate Affairs 604-685-2239 gkwan@hanweienergy.com Irene Mai Chief Financial Officer 604-685-2239 imai@hanweienergy.com

  • GlobeNewswire

    Hanwei Energy Services Closes Acquisition of Additional Entice Assets

    The Company also assumed certain obligations related to the acquisition. The Company’s Entice Lands have been shut in as an adjacent gas handling plant accommodating gas production from these wells remains closed. This acquisition of the above mentioned and additional Entice assets was undertaken to allow the Company to place its current wells within its Entice Lands back on production by way of additional improvements for gas disposal.