GASFRAC Announces First Quarter 2012 Results


CALGARY, ALBERTA--(Marketwire - May 9, 2012) - GASFRAC Energy Services, Inc (GFS.TO - News)

Zeke Zeringue, Chief Executive Officer commented "I am pleased to announce that revenue in the first quarter increased 48% to $45.0 million from $30.5 million in the first quarter of 2011. EBITDA was $2.3 million as compared to $0.1 million in 2011. As discussed in our press release of April 9, 2012, we remain confident that the actions we have taken should result in increased utilization during the second half of the year. As a young company we have achieved consistent revenue growth from $30.4 million in 2009 to $96.9 million in 2010 to $161.4 million in 2011. Our number one focus going forward is to realize on the revenue producing capacity of our current equipment by accelerating the adoption of our technology thus increasing equipment utilization. We are targeting customers in key basins (Cardium, Montney & Viking in Canada) and (Eagle Ford, Niabrarra, Permian & Utica in the USA). While the sales and adoption process can be lengthy, I am confident that we have advanced several key customers along this process and expect to realize increased revenues in the second half of this year in both Canada and the USA."

Management's Discussion and Analysis

Period Ended March 31, 2012

Management's discussion and analysis ("MD&A") of the financial condition and the results of operations should be read in conjunction with the unaudited interim condensed consolidated financial statements for the three months ended March 31, 2012 and the audited consolidated financial statements for the year ended December 31, 2011 of GASFRAC Energy Services Inc. ("the Company" or the "Company"), together with the accompanying notes. The interim condensed consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") including International Accounting Standard ("IAS") 34, "Interim Financial Reporting" as issued by the International Accounting Standards Board ("IASB").

Readers should also refer to the "Forward-Looking Statements" legal advisory at the end of this MD&A. This MD&A has been prepared using information that is current to May 9, 2012.

All references to dollar amounts are in Canadian dollars. Figures are in '000s except share and per share data or as otherwise noted.

Unless the context otherwise requires, all references in this MD&A to "we", "us" or "our" mean the Company.

Business of GASFRAC

GASFRAC Energy Services Inc. was incorporated on February 13, 2006 in Canada under the Business Corporations Act in the Province of Alberta. The Company is an oil and gas well fracturing company that has developed new technology, the "LPG Fracturing Process", to enable wells to be fractured safely with LPG, more specifically propane and butane. The Company has six wholly-owned subsidiaries, the GASFRAC Energy Services GP Inc., GASFRAC Energy Services Limited Partnership, GASFRAC Luxembourg Finance (a Luxembourg incorporated entity), GASFRAC Energy Services (US) Inc. (a U.S. incorporated entity), GASFRAC US Holdings Inc., and GASFRAC Inc. (a U.S. incorporated entity).

Comparative Quarterly Financial Information

                                Mar 31, 2012    Mar 31, 2011    Mar 31, 2010



Revenue                               44,969          30,452          15,906

Operating expenses                    35,243          25,567          11,913

Selling, general and                                                        

 administrative expenses               5,997           3,670           1,932

EBITDA(1)                              2,259              66           3,943

(Loss) Profit for the period          (4,926)         (2,515)          1,729

(Loss) Earnings per share -                                                 

 basic                                 (0.08)          (0.04)           0.05

(Loss) Earnings per share -                                                 

 diluted                               (0.08)          (0.04)           0.05

Weighted average number of                                                  

 shares - basic                       62,496          60,662          32,674

Total assets                         331,130         310,596          92,015

Total non-current liabilities         35,828             907             204

Treatments                               167             139              78

Revenue per treatment                    267             219             204


(1) Defined under Non-IFRS                                                  


Overview of Quarter 1 2012

--  Revenue grew to $45.0 million from $30.5 million in 2011 and $15.9

    million in 2010. 

--  Performed 167 fracturing treatments as compared to 139 in 2011 and 78 in


--  Signed first long term service agreement in the USA. 

--  Closed $40.25 million convertible debenture financing. 

Financial Overview

                                       March 31, 2012                       

                     Canada            U.S.       Corporate      Total      




Revenue           35,372            9,597                 -  44,969         


Cost of sales     17,212    48.7%   5,461    56.9%        -  22,673    50.4%

Direct Operating                                                            

 costs             9,174    25.9%   3,396    35.4%        -  12,570    28.0%



 expenses         26,386    74.6%   8,857    92.3%        -  35,243    78.4%



Selling, general                                                            


 administration    3,677    10.4%   1,257    13.1%    1,063   5,997    13.3%


Number of                                                                   

 treatments          137               30                       167         

Revenue per                                                                 

 treatment           258              320                       269         

Number of                                                                   

 revenue days         63               21                        84         

Revenue per day      561              457                       535         

                                       March 31, 2011                       

                     Canada            U.S.       Corporate      Total      




Revenue           30,452                -                 -  30,452         


Cost of sales     17,947    58.9%       8       -         -  17,955    59.0%

Direct Operating                                                            

 costs             6,852    22.5%     760       -         -   7,612    25.0%



 expenses         24,799    81.4%     768       -         -  25,567    84.0%



Selling, general                                                            


 administration    2,494     8.2%     264       -       912   3,670    12.1%


Number of                                                                   

 treatments          139                -                       139         

Revenue per                                                                 

 treatment           219                -                       219         

Number of                                                                   

 revenue days         66                -                        66         

Revenue per day      461                -                       461         


Revenue for the quarter increased 48% to $45.0 million from $30.5 million in 2011. Revenue per operating day improved to $535 from $461 reflecting increased average treatment size to $269 from $219. During the quarter, the Company earned revenues from 10 customers with the top three customers accounting for approximately 82% of the Company's revenue (2011 - 56%).

Canadian operations:

Revenue from the Canadian operations for the quarter were $35.4 million generated from 63 operating days at an average of $561 per operating day as compared to 66 operating days at an average of $461 per day in the first quarter of 2011. Warm weather early in the quarter and an early implementation of road bans in parts of Northern Alberta commencing mid-March resulted in a shorter drilling season during the quarter. Revenue was earned from six customers during the quarter with one of these customers representing 75% of the total revenue earned from Canadian operations.

U.S. operations:

Revenue from the U.S. operations for the quarter were $9.6 million generated from 21 operating days at an average revenue per operating day of $457 as compared to no revenue in the first quarter of 2011. The reduction in revenue from the first quarter in 2011 as compared to $23.0 million in revenue from the fourth quarter of 2011 reflects several clients who completed trials during the fourth quarter of 2011 continue to assess production results over several months to determine not only initial production results but also calculate decline curves.

Operating Expense

Operating expense for the quarter increased to $35.2 million (78% of revenue) compared to $25.6 million (84% of revenue) in 2011. The increase in total operating costs reflects the increase in costs varying directly with increased revenues as well as added fixed costs associated with the increase in fracturing sets and related revenue producing capability. Operating costs have decreased as a percentage of sales due improved field margins (49.2% in 2012 as compared to 41.0% in 2011) reflecting operating efficiencies achieved in 2012 combined with higher costs in 2011 arising from standby charges and equipment rental costs incurred during the voluntary shutdown.

Canadian operations:

Operating expenses from the Canadian operations for the quarter were $26.4 million (75% of revenue), compared to the $24.8 million (81% of revenue) incurred in 2011. This 6% increase in operating costs is largely comprised of increased labour costs reflecting an increase in operating and support personnel from 109 in the first quarter of 2011 to 198 in the first quarter of 2012. Field margins in Canada improved to 50.9% in the quarter as compared to 41.1% in the same quarter of 2011. This improvement reflects operating efficiencies achieved during 2012 as well as unusually high standby costs incurred during the first quarter of 2011.

U.S. operations:

Operating expenses from the U.S. operations was $8.9 million, representing 93% of revenue. Operating costs in the U.S. are high as a percentage of revenue due to lower field margins (43.1%) reflecting mobilization costs associated with establishing an operating base in the Eagle Ford region and a high fixed operating cost component ($3.4 million representing 35.4% of revenues) due to high operating staff levels relative to revenue volume. Operating staff levels have been increased from 60 to 79 during the quarter in anticipation of increased revenue demand commencing during Q2 and growing through the remainder of the year.

During the first quarter of 2011 $0.8 million of operating expenses was incurred as part of establishing the U.S. operations.

Selling, General and Administrative ("SG&A") Expense

SG&A expense increased to $6.0 million (13% of revenue) for 2012 from $3.7 million (12% of revenue) in 2011. The increase is primarily due to the hiring of administrative and operations staff to support the growth in both our Canadian and U.S. operations.

Depreciation and amortization

Depreciation and amortization increased to $5.8 million during 2012 from $2.9 million in 2011. The increase is due to an increase in operating property and equipment put in place to increase the Company's revenue generation capacity.

During 2012, $1.5 million of assets were also impaired. The impairment represents engineering and other establishment costs incurred as part of the construction of a LPG bulk storage facility. Management has decided not to complete this facility and to sell the LPG storage units.


EBITDA for the quarter increased to $2.3 million during 2012 from $0.1 million in 2011. The increase reflects increased activity and treatments size offset by increased fixed costs.

Loss for the quarter

Net loss decreased to a $4.9 million loss during 2012 from a $2.5 million loss during 2011. The Company's effective tax rate was 13.9% (2011 - 1.9%) compared to the statutory rate of 25% (2011 - 26.55%). The difference in effective tax rate as compared to the statutory tax rate results largely from certain tax losses not being recognized, at this time, for accounting purposes.

Other Comprehensive Income

Other comprehensive income of $1.3 million represents exchange differences arising from translation of the financial statements of the Company's foreign subsidiaries which have U.S. dollars as their functional currency. During 2012 the Canadian dollar remained steady against the US dollar, however it appreciated 2.6% from 2011, and the net effect was an increase to our net asset position in these subsidiaries in Canadian dollar terms.

Summary of Quarterly Results                                                


                 30 Sep. 30 Dec. 31 Mar. 31  Jun 30 Sep. 30 Dec. 31 Mar. 31 

               2010    2010    2010    2011    2011    2011    2011    2012 


Revenue      13,323  26,590  41,087  30,452  14,170  57,437  59,304  44,969 

(Loss) Profit                                                               

 for the                                                                    

 period      (1,282)  2,318   1,995  (2,515) (7,768)  5,911   1,519  (4,926)


 Earnings per                                                               

 share -                                                                    

 basic        (0.04)   0.06    0.04   (0.04)  (0.13)   0.10    0.03   (0.08)


 Earnings per                                                               

 share -                                                                    

 diluted      (0.04)   0.04    0.03   (0.04)  (0.13)   0.09    0.03   (0.08)

EBITDA (1)      439   4,874   5,814      66  (5,566) 10,960   7,914   2,259 


 expenditures 7,430  35,871  34,165  38,941  22,995  32,920  30,877  22,162 


 capital (2) 13,330  41,781 118,346  79,069  49,946  33,998  28,491  27,894 


 equity      85,758 151,606 259,445 258,217 251,374 262,436 264,713 263,695 


(1) Defined under Non-IFRS Measures                                         

(2) Working capital is defined as current assets less current liabilities   


Liquidity and Capital Resources                                             

                                          Mar 31, 2012         Mar 31, 2011 



Cash provided by (used in)                                                  

 Operating                                      21,775               26,327 

 Financing activities                           16,058                1,050 

 Investing activities                          (24,871)             (38,632)


                                                12,962              (11,255)


As at March 31, 2012 the Company had $27.9 million of working capital compared to $79.1 million at March 31, 2011. The decrease in working capital is primarily due to investing in capital assets of $109.0 million during the twelve months since March 31, 2011.

As at March 31, 2012, the Company had approximately $25.0 million of capital commitments as part of the 2011 capital program. The Company anticipates being able to fund these capital expenditures through cash on hand, operating cash flows and financing which may include current or future debt facilities, equity, or a combination thereof.


Net cash generated from operating activities was $21.7 million as compared to $26.3 million in 2011. During 2012 trade and other receivables of $19.0 million were collected, contributing substantially to the cash generated from operating activities.


Net cash provided by financing activities for 2012 was $16.1 million compared to $1.1 million provided in 2011. The funds in 2012 resulted from the issuance of convertible debentures of $37.9 million and the repayment of the credit facility of $22.2 million. During 2011 the cash from financing activities was from the exercise of stock options and warrants.

The Company has a bank syndication for a $10 million operating facility and a $90 million revolving facility. The Company is in compliance with all its debt covenants. At period end, there are no amounts drawn on this facility

The Company closed its public offering of $40.25 million aggregate principle amount of convertible unsecured subordinated debentures on February 8, 2012. The debentures bear interest at an annual rate of 7.00% payable semi-annually, in arrears, on August 31 and February 28 in each year commencing August 31, 2012. The debentures mature on February 28, 2017. These debentures are not secured and are classified as financial liabilities measured at amortized cost. The debentures are convertible into common shares of the Company at the option of the holder at a conversion price of $10.50 per common share. Upon redemption or maturity, the Company may repay the outstanding principal of the Debentures through the issuance of common shares.


For 2012 the Company invested $24.9 million in property and equipment and intangible assets to add revenue producing capacity as compared to $38.6 million in 2011. The expenditures during 2012 represents expenditure on the 2011 capital build of four additional sets and added fluid management capacity.

The timing of cash outflows relating to financial liabilities are outlined in the following table:


             value at Mar Less than 1                           Greater than

                 31, 2012        year 1 to 3 years 4 to 5 years      5 years


                CAD$ '000   CAD$ '000    CAD$ '000    CAD$ '000    CAD$ '000



 payables and                                                               





 share units                                                                

 and accrued                                                                

 interest on                                                                

 debentures)       27,663      27,663            -            -            -


 share units        1,726       1,131          587            8            -

Provisions            948         948            -            -            -


 facility               -           -            -            -            -


 debentures        34,116         389            -       33,727            -

Finance lease                                                               

 obligation         2,982         881        2,101            -            -



 payments           4,771       1,287        1,465        1,303          716

Commitment to                                                               

 purchase raw                                                               

 materials         68,935      68,935            -            -            -

Commitment to                                                               


 plant and                                                                  

 equipment         25,015      25,015            -            -            -


Total             166,156     126,249        4,153       35,038          716



Accounting Policies and Estimates

This MD&A is based on the Company's annual consolidated financial statements that have been prepared in accordance with IFRS. Management is required to make assumptions, judgments and estimates in the application of IFRS. The Company's significant accounting policies are described in note 2 of the December 31, 2011 audited consolidated financial statements. The preparation of the consolidated financial statements requires that certain estimates and judgments be made concerning the reported amount of revenue and expenses and the carrying values of assets and liabilities. These estimates are based on historical experience and management's judgment. Anticipating future events involves uncertainty and, consequently, the estimates used by management in the preparation of the consolidated financial statements may change as future events unfold, additional experience is acquired or the environment in which the Company operates changes.

Apart from the key source of estimation uncertainty disclosed below, all key assumptions concerning the future, and other key sources of estimation uncertainty made at the end of the last full reporting period were applied consistently for the three months ended March 31, 2012.

Valuation of debenture holders' conversion option

In order to value the debenture holders' conversion option, management had to determine what interest rate a similar debt instrument will carry if it had no conversion privilege. Management reviewed similar issues within the Canadian debt market of unrated entities and concluded that such a similar debt instrument without conversion privilege will carry a 10% coupon interest rate.

Also, the Company's option to redeem the debentures before maturity is considered closely related to the host debt instrument and thus not separately valued.

Related Party Transactions

During the period the Company also paid $nil (2011 - $48) in consulting fees to two directors. These transactions were in the normal course of operations and have been measured at exchange amounts.

Outstanding Share Data                                                      

                               Common Shares       Warrants   Share Options 



Balance as at January 1, 2011     60,226,366      1,757,500       2,746,208 

 Issues / Granted                          -              -         800,000 

 Issued / Exercised                2,172,708       (932,500)     (1,073,875)

 Forfeited                                 -              -         (42,333)


Balance as at December 31,                                                  

 2011                             62,399,074        825,000       2,430,000 

 Issues / Granted                          -              -          75,000 

 Issued / Exercised                  128,002              -        (115,000)

 Forfeited                                 -              -         (50,000)


Balance as at March 31, 2012      62,527,076        825,000       2,340,000 


Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of the Company's management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures, as defined in National Instrument 52-109. Based on the evaluation, the Company's management, including the Chief Executive Officer and Chief Financial Officer, concluded that the Company's disclosure controls and procedures were designed to provide a reasonable level of assurance over the disclosure of material information, and are effective as of March 31, 2012.

Internal Controls over Financial Reporting

The Company's management, including the Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO") have assessed and evaluated the design and effectiveness of the Company's internal controls over financial reporting as defined in National Instrument 52-109 as at March, 2012. In making this assessment the Company used the criteria established by the Committee of Sponsoring Organizations ("COSO") in the "Internal Control-Integrated Framework". These criteria are in the areas of control environment, risk assessment, control activities, information and communication and monitoring. The Company's assessment included documentation, evaluation and testing of its internal controls over financial reporting. Based on the evaluation, the Company's management, including the Chief Executive Officer and Chief Financial Officer, concluded that the Company's internal controls over financial reporting are effective to provide reasonable assurance regarding the reliability of the Company's financial reporting and its preparation of financial statements are effective as of March 31, 2012.

Internal control over financial reporting, no matter how well designed, has inherent limitations. Therefore, internal control over financial reporting determined to be effective can provide only reasonable assurance with respect to financial statement preparation and may not prevent or detect all misstatements.

There have been no changes in the Company's internal controls over financial reporting during the quarter ended March 31, 2012, which have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

Off-Balance Sheet Arrangements

The Company is not part to any off balance sheet arrangements or transactions.

Non-IFRS Measures

Certain supplementary measures in this MD&A do not have any standardized meaning as prescribed under IFRS and, therefore, are considered non-IFRS measures. These measures have been described and presented in order to provide shareholders and potential investors with additional information regarding the Company's financial results, liquidity and ability to generate funds to finance its operations. These measures may not be comparable to similar measures presented by other entities, and are further explained as follows:

EBITDA is defined as net income before interest income and expense, taxes, depreciation, amortization and non-controlling interest. EBITDA is presented because it is frequently used by securities analysts and others for evaluating companies and their ability to service debt.

EBITDA was calculated as follows:

                                          Mar 31, 2012         Mar 31, 2011 



Net loss                                        (4,926)              (2,515)

(Deduct) Add back:                                                          

 Interest expense (income) - net                   736                 (255)

 Depreciation and amortization                   7,247                2,885 

 Income tax (benefit) expense                     (798)                 (49)


EBITDA                                           2,259                   66 



The North American pressure pumping market has experienced a continued transition from natural gas based activity to activity driven by oil and liquids-rich basins. This change has resulted in decreased margins for natural gas related pressure pumping, particularly in the U.S., and some concerns regarding overall pricing pressures in the North American market. While possible over supply of equipment remains a concern, recent adjustments to the capital spending budgets of oilfield service companies indicates that such potential oversupply may be mitigated.

GASFRAC's focus remains that of accelerating the adoption of our technology and increasing the utilization of our equipment sets. We believe that the production benefits offered by GASFRAC provide an advantage in this environment and that the major challenge for the Company is more so increasing our market share through succinct demonstration of this benefit than it is the overall market conditions. In the U.S. we expect operations with Blackbrush in the Eagle Ford play and Quicksilver in the Niarbarro play to be anchor customers for the second quarter as we add new customers to our portfolio. We have had eight additional customers book service dates for the second and third quarters, indicative of the increased awareness and adoption of GASFRAC in the U.S. market. In Canada, the work at Husky will recommence after spring breakup at levels similar to the first quarter. In addition, they have expressed an interest in expanding operations with GASFRAC beyond the work in Ansell. While other customer activity in Canada was slow during the first quarter, we have more recently seen a revived interest in our technology following focused marketing and sales efforts.

As discussed in our press release of April 9, 2012 we signed a two year agreement with BlackBrush in late February and commenced work under the contract in early March and expect these operations to ramp up during the remainder of the year as standard operating procedures are established for all services. Further, we have scheduled work with a midsize operator with an extensive position in the Eagle Ford play for early third quarter, who plans to compare the results to offset wells treated in that area using water fracturing. In the Permian basin we have utilized our technology team to complete a detailed reservoir review to identify a new approach to unlocking reserves in the Wolfberry trend. This effort has been in partnership with an operator who has a large acreage position in the Wolfberry trend. In the Ohio Utica play, a major independent has requested that we perform a two well trial in an area we are confident will benefit from the GASFRAC technology.

Although market capitalization can be an indicator of impairment, management does not believe market capitalization is an appropriate measure of impairment of the Company's assets at this time. We expect that our business development efforts and the pace of adoption will result in revenues for the second half of the year representing 65% to 70% of annual revenues. Therefore the Company believes that over time it will be able to realize the value of these assets and the cost to replace these assets exceeds the carrying value.

This document contains certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These statements are only as of the date of this document and we do not undertake to publicly update these forward looking statements except in accordance with applicable securities laws. These forward looking statements include, among other things:

--  expectations that the Company's innovative technology will provide the

    Company with opportunities to expand the Company's market share in

    Canada and the U.S.; 

--  estimates of additional investment required to complete ongoing capital


--  expectations of securing financing for additional capital expenditures

    for 2012 and beyond; 

--  expectations of the duration of spring break up in Canada in 2012; 

--  expectations as to activity levels in North America and that oil and

    liquids rich gas drilling will offset declines in dry gas drilling; 

--  expectations as to volume of work pursuant to long-term contract with


--  expectations as to capital development programs of major customers; 

--  expectations as to the rate of adoption of the Company's technology by

    E&P companies; 

--  expectations that additional operating equipment will be delivered and

    provide the Company the ability to service demand for large multi-stage


--  expectations that benefit of equipment additions will be seen in 2012; 

--  expectations as to the ability to recruit and train sufficient personnel

    to meet staffing requirements; 

--  assumption that environmental protection requirements will not have a

    significant impact on the Company's operations or capital budget; 

--  expectations as to the Company's future market position in the industry;

--  expectations as to the supply of raw materials; 

--  expectations as to the pricing of the Company's services; 

--  expectations as to the timing of additional property and equipment in

    Canada and the USA; 

--  expectations as to obtaining long term contracts with customers; 

--  expectations of fracturing industry pricing and the pricing of the

    Company services in North America in 2012; 

--  expectations of oil and natural gas commodity prices in 2012; 

--  expectations of the amount of net fracturing horsepower being added to

    the North American market in 2012 and its impact on the Company's

    service prices; 

These statements are only predictions and are based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things, industry activity; effect of market conditions on the demand for the Company's services; the ability to obtain qualified staff, equipment and services in a timely manner; the effect of current plans; the timing of capital expenditures and receipt of added equipment operating capacity; future oil and natural gas prices and the ability of the Company to successfully market its services.

By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. These risks and uncertainties include: changes in drilling activity; fluctuating oil and natural gas prices; general economic conditions; weather conditions; regulatory changes; the successful development and execution of technology; customer acceptance of new technology; the potential of competing technologies by market competitors; the availability of qualified staff, raw materials and property and equipment.

The Company will host a conference call on Thursday May 10, 2012 at 9:00 a.m. MT (00 a.m. ET) to discuss the Company's results for the first quarter of 2012.

To listen to the webcast of the conference call, please enter: in your web browser or visit the Investor Information section of our website

To participate in the Q&A session, please call the conference call operator at 1-800-952-6845 or 1-416-695-6616 fifteen minutes prior to the call's start time and ask for "GASFRAC First Quarter Results Conference Call".

A replay of the call will be available until May 17, 2012 by dialing 1-800-408-3053 (North America) or 1-905-694-9451 (outside North America). Playback passcode: 1378496. The Company will also archive the conference on its website at

The full financial statements and MD&A of the Company will be posted on our website and filed on under GASFRAC's profile.

GASFRAC is an oil and gas service company headquartered in Calgary, Alberta, Canada, whose primary business is to provide LPG fracturing services to oil and gas companies in Canada and the USA.

James M Hill
GASFRAC Energy Services, Inc
Chief Financial Officer

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