Bonnett's Energy Corp. reports Q2 2013 financial results and announces quarterly dividend

Bonnett's Energy Corp. (TSX:BT.TO ) ("Bonnett's" or the "Corporation") has released its Q2 2013 financial results.

Revenues for the three months ended June 30, 2013, were $17.7 million, an increase of $3.3 million, or 23%, over the comparable period of 2012. Colder temperatures in April allowed for continued movement of equipment and revenue generating activity during what would normally be a month of lower activity as part of the spring "break-up" period, generally accepted to be the beginning of April through early June. For the six months ended June 30, 2013, revenues were $51.1 million, an increase of $1.5 million or 3% over the comparable period of 2012.

EBITDAC for the three months ended June 30, 2013 was $0.6 million, an increase of $2.6 million from the comparable period of the prior year. Increased revenues combined with cost control management during Q2 2013 resulted in significantly higher EBITDAC compared with Q2 2012. EBITDAC for the six months ended June 30, 2013 was $10.8 million, an increase of $1.5 million, or 16%, over the comparable period of the prior year.

The Corporation has a capital expenditures budget of $21.0 million planned for 2013 with a significant portion of the budget allocated to growth capital for existing service lines.  The levels of future drilling activity, which directly affects the revenues of the Corporation, will always be subject to uncertainty and are difficult to predict, however, demand for the Corporation's services has continued to remain strong during the first six months of 2013.

In addition, the Board of Directors of Bonnett's is pleased to announce that a dividend of $0.07 per common share is to be paid on September 13, 2013, to shareholders of record on August 30, 2013. This dividend is an eligible dividend for Canadian income tax purposes. The Board of Directors will review the dividend quarterly giving consideration to the financial position of the Corporation and alternative uses of capital.

Management remains focused on continuing to increase the revenues, profitability and market share of the Corporation by combining the latest technologies with highly trained personnel to provide safe, high quality service in the field.  Select acquisitions and diversification will also continue to play an important role in the growth strategy of the Corporation and management continues to explore additional specialty services that will bring added value to its customers, and increase return to shareholders.

Bonnett's Energy Corp. is a diversified corporation, providing wireline, frac-flowback and testing, fishing, and swabbing services in the Western Canadian Sedimentary Basin. Bonnett's Energy Corp. is a publicly traded Canadian corporation listed on the Toronto Stock Exchange under the symbol "BT".

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release contains forward-looking information within the meaning of applicable Canadian securities law. This information is subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking information. When used in this document, the words "plan", "anticipate", "believe", "expect", "seek", "propose", "estimate", "intend" and similar expressions, as well as future or conditional verbs such as "may", "would", "could", and "will", as they relate to the Corporation, are intended to identify forward-looking information. Such information reflects the Corporation's current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, without limitation, those described in the Corporation's MD&A for the period ended June 30, 2013 under the headings, "Overview and Outlook", "Key Resources and Competencies", "Performance Analysis" and "Risks and Uncertainties".  Forward-looking information concerning expected operating and economic conditions are based upon past operating and economic conditions.  Forward-looking information concerning the availability of funding for future operations and obligations, the Corporation's financing costs and the Corporation's compliance with financing covenants are based upon sources of funding which the Corporation has relied upon in the past and expectations concerning future economic and operating conditions.  Forward-looking information concerning the relative future competitive position of the Corporation is based upon expectations relating to future economic and operating conditions, the current business environment, present and anticipated programs and expansion plans of other organizations operating in the energy service industry.  Forward-looking information concerning the nature and timing of growth is based on past factors affecting the growth of the Corporation, past sources of growth and expectations relating to future economic and operating conditions.  Forward-looking information in respect of the costs anticipated to be associated with the acquisition and maintenance of equipment are based upon past acquisition and maintenance costs for such equipment and expectations relating to the future acquisition and maintenance cost increases concerning such equipment. Forward-looking information used to estimate the amount of deferred income tax assets recognized on the balance sheet is based on management's forecast of future taxable income using the most recent financial performance of the Corporation supplemented by additional industry information available at the time the forecast is prepared.  Although management of the Corporation believes that the expectations reflected in such forward-looking information are reasonable, there can be no assurance that such expectations will prove to have been correct because, should one or more of the enumerated risks or uncertainties materialize, or should the assumptions underlying forward-looking information prove incorrect, actual results may vary materially from those described in the Corporation's MD&A for the period ended June 30, 2013, as intended, planned, anticipated, believed, estimated or expected.

Except where required by law, the Corporation does not assume any obligation to update forward-looking information if conditions or opinions should change.  Readers should not place undue reliance on forward-looking information.  All of the forward-looking information of the Corporation contained in this press release is expressly qualified, in their entirety, by this cautionary statement.

Additional information related to the Corporation, including the Corporation's annual information form, is available under the Corporation's profile on SEDAR at www.sedar.com.

SOURCE: Bonnett's Energy Corp.