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Press release from Marketwire

Canadian Energy Services & Technology Corp. Announces Closing of $35.0 Million Equity Offering

Thursday, August 08, 2013

Canadian Energy Services & Technology Corp. Announces Closing of $35.0 Million Equity Offering

09:12 EDT Thursday, August 08, 2013

CALGARY, ALBERTA--(Marketwired - Aug. 8, 2013) -

NOT FOR DISSEMINATION INTO THE UNITED STATES OF AMERICA OR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Canadian Energy Services & Technology Corp. ("CESTC" or the "Corporation") (TSX:CEU)(OTCQX:CESDF) is pleased to announce that it has closed its previously announced short-form prospectus offering of common shares ("Common Shares") of the Corporation on a bought deal basis (the "Offering"), through a syndicate of underwriters led by Stifel Nicolaus Canada Inc. and including Clarus Securities Inc., Scotiabank, RBC Capital Markets, AltaCorp Capital Inc., Cormark Securities Inc., FirstEnergy Capital Corp. and HSBC Securities (Canada) Inc.

The Offering consisted of 2,110,000 Common Shares issued at a price of $16.60 per Common Share for aggregate gross proceeds of $35,026,000. The net proceeds of the Offering will be used to partially repay the outstanding indebtedness under CESTC's senior credit facility and for general corporate purposes.

This press release does not constitute an offer of the Common Shares for sale in the United States. The Common Shares have not been registered under the United States Securities Act of 1933, (the "1933 Act") as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Canadian Energy Services & Technology Corp.

CESTC's business is focused on the design and delivery of technically advanced fluids for the North American oil and gas industry. CESTC's business model requires limited re-investment capital to grow. As a result, CESTC has been able to capitalize on the growing market demand for drilling and production fluids in North America while generating free cash flow. CESTC returns much of this free cash flow back to shareholders through its monthly dividend. Additional information about CESTC is available at www.sedar.com or at CESTC's website at www.CanadianEnergyServices.com.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Forward-Looking Information

This news release contains forward-looking statements within the meaning of applicable securities laws. In particular, this news release contains forward-looking statements with respect to the use of proceeds from the Offering. Although the Corporation believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on them because the Corporation can give no assurance that such expectations will prove to be correct. Assumptions have been made with respect to, among other things, general economic and market conditions. Factors that could cause actual results to differ materially from those set forward in the forward looking statements include, among other things, general economic and market conditions, industry conditions, market and commodity price volatility and the Corporation's financial and operational performance and results. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Canadian Energy Services & Technology Corp.
Tom Simons
President and Chief Executive Officer
(403) 269-2800


Canadian Energy Services & Technology Corp.
Craig F. Nieboer, CA
Chief Financial Officer
(403) 269-2800
info@ceslp.ca
www.CanadianEnergyServices.com

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