CALGARY, ALBERTA--(Marketwired - Jan. 9, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Strad Energy Services Ltd., (TSX:SDY) ("Strad" or the "Company"), a North American-focused, energy services company, has approved its preliminary 2014 capital expenditure program with an initial budget of $17 million for the first half of the year. The majority of the capital will be used for organic growth opportunities across product lines and geographies on existing products. Approximately $5 million will be allocated to maintenance capital of which $1.5 million represents carry forward from 2013. The Company intends to finance the capital spending in the first half of the year primarily from operating cash flow.
Strad will continue to prudently evaluate capital opportunities and will assess the size of the capital program for the second half of the year based on industry conditions. Strad's current financial position and undrawn credit facilities provide significant flexibility to pursue additional opportunities that may arise during the year.
ABOUT STRAD ENERGY SERVICES LTD.
Strad is a North American energy services company that focuses on providing well-site infrastructure solutions to the oil and natural gas industry. Strad focuses on providing complete customer solutions in well-site-related oilfield equipment for producers active in unconventional resource plays.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".