WESTERN ENERGY SERVICES CORP. ANNOUNCES RETIREMENT OF CHIEF EXECUTIVE OFFICER

CALGARY, AB, Jan. 30, 2025 /CNW/ - Western Energy Services Corp. (the "Company" or "Western") (TSX: WRG) announces that Alex R.N. MacAusland, President and Chief Executive Officer of Western, has decided to retire from his roles at the Company, including as a director of Western, effective immediately.

Mr. MacAusland was a founder of Western and has served as Chief Executive Officer since 2013. He has served as an officer at Western and its predecessors for almost 20 years. Mr. MacAusland capably led Western through significant challenges faced by companies in the Canadian energy industry in recent years, including to oversee a significant recapitalization transaction in 2022. These efforts have provided Western with a strong balance sheet that leaves it well positioned to build its business as energy market conditions improve. Western's Board of Directors thanks Mr. MacAusland for his many contributions to the Company over its history and wishes him the best in his future endeavors.

The Board plans to initiate a search to identify a permanent replacement for Mr. MacAusland. Gavin Lane, Western's Chief Financial Officer, will serve as Chief Executive Officer on an interim basis while the search proceeds. Mr. Lane has served as Chief Financial Officer of Western since June 2024. Prior to that, Mr. Lane held executive-level operational and finance roles in private and publicly-traded companies for 20 years, including senior executive roles in a number of energy services companies.

During Mr. Lane's term as Interim Chief Executive Officer, Chantel Calancia will serve as Interim Chief Financial Officer. Ms. Calancia has been a part of Western's finance team for 12 years and has served as Western's Corporate Controller since 2016.

About Western

Western is a progressive energy services company which provides contract drilling services through its division, Horizon Drilling in Canada, and its wholly owned subsidiary, Stoneham Drilling Corporation in the United States. Additionally, Western provides production services in Canada through its division, Eagle Well Servicing which provides well servicing and its division Aero Rental Services which provides oilfield rental services.

Forward-Looking Statements and Information

This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expected", "will" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information regarding the transition of senior management of Western, including the interim positions to be served pending the results of an executive search process. These forward-looking statements and information are based on expectations and assumptions made by Western in light of its experience and its current understanding of the plans for the transition of the CEO role. Although Western believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as Western cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. The forward-looking statements and information contained in this press release are made as of the date hereof and Western does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

SOURCE Western Energy Services Corp.