Posted On: 12/04/2012 5:10:05 PM
Post# of 28540
CALGARY, ALBERTA--(Marketwire - Dec. 4, 2012) - Wenzel Downhole Tools Ltd. (the "Company") (TSX:WZL) announces that on Monday December 3, 2012, it received the final award (the "Award") in the matter of arbitration with Dreco Energy Services ULC ("Dreco") and Vector Oil Tools ULC ("Vector").
Regarding Dreco's and Vector's claim, the arbitrator awarded Dreco and Vector approximately $14.676 million in damages, plus pre-judgment interest in an amount to be re-calculated by an accountant. Based on past calculations the Company does not expect the amount of such pre- judgment interest to exceed $1.3 million.
Regarding Dreco's and Vector's claim, the arbitrator awarded Dreco and Vector approximately $14.676 million in damages, plus pre-judgment interest in an amount to be re-calculated by an accountant. Based on past calculations the Company does not expect the amount of such pre- judgment interest to exceed $1.3 million.
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