Calfrac: Michael Olinek Appointed CFO, Further Head Count Reductions in North America

Calfrac Well Services Ltd. announced today that in connection with the previously announced retirement of Michael J. (Mick) McNulty, Michael Olinek will assume the role of Interim Chief Financial Officer of Calfrac effective March 4, 2016. Mr. Olinek joined Calfrac as Corporate Controller in August of 2006, and has served as Vice President, Finance since April of 2011.

Update on Restructuring Efforts

In response to continuing weak demand in the North American oilfield services industry, Calfrac has further reduced its North American workforce by approximately 500 people, leaving the Company with approximately 1,200 employees across its Canadian, United States and Corporate segments. Since the Company began reducing its workforce to better align itself with anticipated activity levels in January of 2015 it has decreased its North American headcount by approximately 2,300 people.

Fernando Aguilar, President and Chief Executive Officer, commented “The ongoing weakness in the price for oil and natural gas has led to unprecedented capital spending reductions by exploration and production companies, particularly in the North American market. The employee reductions that we are announcing today reflect the reduced demand for pressure pumping services and will help Calfrac to navigate what is shaping up to be the worst industry downturn in decades.”

Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”. Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Argentina and Mexico.