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SECURE Energy Services Inc. Announces Closing of $86 Million Bought Deal Equity Financing

CALGARY, Aug. 14, 2012 /CNW/ -


Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX:SES) announced today that it has closed it previously announced bought deal common share financing with a syndicate of underwriters co-led by Raymond James Ltd. and FirstEnergy Capital Corp., and including National Bank Inc., CIBC World Markets, BMO Capital Markets, TD Securities Inc., Peters & Co. Limited and Paradigm Capital Inc. (collectively, the "Underwriters"). At closing, a total of 10,987,262 common shares of the Corporation were issued at a price of CDN$7.85 for gross proceeds of $86,250,007, which included the full exercise by the Underwriters of their over-allotment option to purchase an additional 1,433,121 common shares.

The net proceeds of the offering will be used by the Corporation initially to reduce the outstanding indebtedness under its credit facility; however, it is management's intention to redraw on the credit facility to fund a portion of the Corporation's increased 2012 capital expenditure program and for ongoing working capital and general corporate purposes. A portion of the indebtedness to be repaid with the net proceeds of the offering was originally incurred to fund the cash portion of the purchase price of two stand-alone water disposal facilities acquired by the Corporation in North Dakota which represent the recent expansion of the Corporation's processing, recovery and disposal business into North Dakota.

About Secure Energy Services Inc.

Secure is a TSX publicly traded energy services company that focuses on providing specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin.

The Corporation operates two divisions:

Processing, Recovery and Disposal Division ("PRD"): Operating under the trade name Secure Energy Services, the processing, recovery and disposal services division focuses on clean oil terminalling, custom treating of crude oil, crude oil marketing, produced and waste water disposal, oilfield waste processing, landfill disposal and oil purchase/resale service.

Drilling Services Division: Operating under the trade names Marquis Alliance and XL Fluids, the drilling services division focuses on drilling fluid systems, solids control, equipment rental service, drilling waste management and environmental services. The drilling fluids service line includes the design and implementation of drilling fluid systems for producers drilling for oil, bitumen and natural gas.

Cautionary Statement Regarding Forward-Looking Information

Certain statements contained in this document constitute "forward-looking statements" within the meaning of securities laws, including the "safe harbor" provisions of Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect", and similar expressions, as they relate to Secure, or its management, are intended to identify forward-looking statements. Such statements reflect the current views of Secure with respect to future events and operating performance and speak only as of the date of this document. In particular, this document contains forward-looking statements pertaining to the use of proceeds from the offering.

Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. We caution readers not to place undue reliance on these statements as a number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous unknown risks, uncertainties and other factors, many of which are beyond the control of Secure. These risks include, but are not limited to, the risks identified in Secure's Annual Information Form for the year ended December 31, 2011 under the heading "Risk Factors", in Secure's Management Discussion and Analysis for the three and twelve months ended December 31, 2011 and 2010 under the heading "Business Risks" and in Secure's Management Discussion and Analysis for the three months ended March 31, 2012 and 2011 under the heading "Business Risks" and also includes the risks associated with: the possible failure to realize the anticipated benefits of the acquisition of the North Dakota assets; unexpected costs or liabilities related to the acquisition of the North Dakota assets; the expansion of the Corporation's business into North Dakota, a new operating jurisdiction for the Corporation; and the use of the proceeds of the Offering by the Corporation, which may differ from that described herein. The risks outlined above should not be construed as exhaustive. Although forward-looking statements contained in this document are based upon what the Corporation believes are reasonable assumptions, the Corporation cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements in this document are expressly qualified by this cautionary statement. Unless otherwise required by law, Secure does not intend, or assume any obligation, to update these forward-looking statements.

For further information: SECURE Energy Services Inc., Rene Amirault, Chairman, President and CEO, (403) 984-6100, (403) 984-6101 (FAX) / SECURE Energy Services Inc., Nick Wieler, Chief Financial Officer, (403) 984-6100, (403) 984-6101 (FAX),