CWC Well Services Corp.

CWC Well Services Corp.

December 18, 2012 16:30 ET

CWC Well Services Corp. Announces 2013 Capital Expenditure Budget

CALGARY, ALBERTA--(Marketwire - Dec. 18, 2012) - CWC Well Services Corp. ("CWC" or the "Company") (TSX VENTURE:CWC) is pleased to announce that the Board of Directors has approved a 2013 capital expenditure budget of $11.2 million comprised of $9.8 million in growth capital and $1.4 million in maintenance and infrastructure capital. Included in this $11.2 million budget is a $1.5 million carryover of the 2012 capital expenditure budget to complete a new Class III, 2 inch coil tubing unit. The remainder of the 2013 growth capital expenditures will be directed at building three new service rigs (2 singles and 1 double) to support our growth into north central Alberta. The $1.4 million maintenance and infrastructure capital expenditures will be directed at upgrades or additions to field equipment for existing service rig, coil tubing, snubbing divisions and information technology infrastructure. CWC intends to finance its 2013 capital expenditures budget from operating cash flows.

The 2013 capital expenditures budget continues the execution of CWC's strategy for creating shareholder value by focusing on the core business of well servicing with service rigs and coil tubing units. The Company continues to be committed to disciplined fiscal management and pursuit of growth opportunities driven by customer demand. Management believes these initiatives will add value for shareholders by creating a best-in-class pure play well servicing company.

About CWC Well Services Corp.

CWC Well Services Corp. is a premier well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including service rigs, coil tubing, snubbing, and well testing. The Company's corporate office is located in Calgary, Alberta, with operational locations in Grande Prairie, Red Deer, Lloydminster, Provost, Brooks, Alberta and Weyburn, Saskatchewan.

Certain statements contained in this press release, including statements which may contain such words as "could", "should", "believe", "expect", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking statements, including, but not limited to, statements as to: the Company's present stated business objectives of becoming a pure play well servicing company in Western Canada, future capital expenditures, including the amount and nature thereof; revenue growth; equipment additions; business strategy; expansion and growth of the Corporation's business and operations; service rig utilization rates, outlook for natural gas prices and general market conditions and other matters. Management has made certain assumptions and analyses which reflect their experiences and knowledge in the industry, including, without limitations, assumptions pertaining to well services demand as a result of commodity prices. These assumptions and analyses are believed to be accurate and truthful at the time, but the Company cannot assure readers that actual results will be consistent with these forward-looking statements. However, whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to known and unknown risks and uncertainties which could cause actual results to differ materially from the Company's expectations. All forward-looking statements made in the press release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected outcomes to, or effects on, the Company or its business operations. The Company does not intend and does not assume any obligation to update these forward-looking statements, except as expressly required to do so pursuant to applicable securities laws. Any forward-looking statements made previously may be inaccurate now.

READER ADVISORY - Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • CWC Well Services Corp.
    Duncan T. Au, CA, CFA
    President & Chief Executive Officer

    CWC Well Services Corp.
    Kevin Howell, CA
    Chief Financial Officer

    CWC Well Services Corp.
    755, 255 - 5 Avenue SW
    Calgary, Alberta T2P 3G6
    (403) 264-2177