CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) - CWC Well Services Corp. (TSX VENTURE:CWC) ("CWC" or the "Company") is pleased to announce that the Board of Directors has approved a 2014 capital expenditure budget of $10.3 million comprised of $4.7 million in growth capital and $5.6 million in maintenance and infrastructure capital. The growth capital will be directed at building one new slant service rig and two new pump trucks and supporting equipment to support our growth in SAGD wells. The maintenance and infrastructure capital will primarily be directed at Level IV recertifications on four existing service rigs and upgrades or additions to field equipment for the service rig, coil tubing, and snubbing divisions and information technology infrastructure. CWC intends to finance its 2014 capital expenditures budget from operating cash flows.
The Company continues to be committed to disciplined fiscal management and pursuit of growth opportunities driven by customer demand. Management continues to evaluate and assess merger and acquisition opportunities of oilfield service businesses and assets that are best-in-class that would have the potential to increase shareholder value.
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, Slave Lake, Red Deer, Lloydminster, Provost, Brooks, Alberta and Weyburn, Saskatchewan.
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.
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.