Total Energy Services Inc.
TSX : TOT

Total Energy Services Inc.

April 08, 2011 12:28 ET

Total Energy Services Inc. Increases 2011 Capital Expenditure Budget

CALGARY, ALBERTA--(Marketwire - April 8, 2011) - Total Energy Services Inc. ("Total") (TSX:TOT) announces that it has increased its 2011 capital budget to $37.8 million. This $9.5 million increase will be directed towards the construction of Rig 15, a 3,500 meter (vertical depth rating) heavy telescopic double drilling rig complete with top drive. Completion is scheduled for the fourth quarter of 2011. Total will look to contract such rig closer to completion although preliminary discussions are underway with several operators.

Upon completion of Rig 15, Total's Contract Drilling Services division, Chinook Drilling, will have a modern fleet of 15 drilling rigs, including 13 telescopic doubles that are very well suited for extended reach horizontal drilling programs. 80% of Chinook Drilling's rig fleet will have vertical depth ratings of 3,000 meters or greater.

Total intends to finance its 2011 capital expenditure budget from operating cash flow and its existing credit facility.

Total is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression equipment. The common shares of Total are listed and trade on the TSX under the symbol "TOT".

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Contact Information