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| Home : GASFRAC Sucessfully Terminates Proppant Supply Contract |
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Dec 02
2014 |
GASFRAC Sucessfully Terminates Proppant Supply Contract |
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CALGARY, ALBERTA--(Marketwired - Dec. 1, 2014) - GASFRAC Energy Services Inc. (the "Company") (TSX:GFS) is pleased to announce the termination of a proppant supply contract particulars of which were previously discussed in the Company's unaudited interim financial statements for the period ended September 30, 2014. The supply contract had required the purchase of material volumes of ceramic proppant in excess of the Company's current requirements. The termination of the contract will reduce GASFRAC's contractual expense obligations going forward. In consideration of the termination of the supply contract the Company forfeited the deposit under the supply contract and returned 3,000 tonnes of proppant to the counter party, the costs and liabilities related thereto, having been reflected in the Company's unaudited interim financial statements as at September 30, 2014. |
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| Source:http://www.marketwired.com/mw/release.do?id=1972730&sourceType=3 |
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