Trican Well Service Ltd.
TSX : TCW

Trican Well Service Ltd.

December 15, 2014 18:06 ET

Trican's Board of Directors Approves a Preliminary 2015 Capital Budget

CALGARY, ALBERTA--(Marketwired - Dec. 15, 2014) - The Board of Directors of Trican Well Service Ltd. ("Trican" or "the Company") (TSX:TCW) has approved an initial 2015 capital budget of $39.2 million. This initial capital budget is focused on maintaining our global fleet of equipment as well as increasing our sand logistics capabilities in North America. Trican regularly reviews its capital equipment requirements and will continue to follow its policy of adjusting the capital budget on a quarterly basis to reflect changing operating conditions and capital equipment needs. When combined with spending carryovers from previously approved capital budgets and expected capital maintenance spending throughout 2015, Trican expects capital spending to be between $90 million and $110 million during 2015.

The initial 2015 capital budget reflects the cautious approach that Trican will take when considering capital deployment during 2015 given the current uncertainty in the oil and gas industry.

Headquartered in Calgary, Alberta, Trican has operations in Canada, the United States, Russia, Kazakhstan, Australia, Saudi Arabia and Norway. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.

FORWARD-LOOKING STATEMENTS

This document contains certain forward-looking information and financial outlook based on Trican's current expectations, estimates, projections and assumptions that were made by the Company in light of information available at the time the statement was made. Forward-looking information and financial outlook that address expectations or projections about the future, and other statements and information about the Company's strategy for growth, expected and future expenditures, costs, operating and financial results, future financing and capital activities are forward-looking statements. Some forward-looking information and financial outlook are identified by the use of terms and phrases such as "anticipate," "achieve", "achievable," "believe," "estimate," "expect," "intend", "plan", "planned", and other similar terms and phrases. This forward-looking information and financial outlook speak only as of the date of this document and we do not undertake to publicly update this forward-looking information and financial outlook except in accordance with applicable securities laws. This forward-looking information and financial outlook include, among others:

  • The expectation that Trican will regularly review their capital equipment requirement and will continue to follow their policy of adjusting the capital budget on a quarterly basis to reflect changing operating conditions and capital equipment needs:
  • The expectation that, when combined with spending carryovers from previously approved capital budgets and expected capital maintenance spending throughout 2015, Trican's capital spending will be between $90 million and $110 million during 2015;
  • The intention to take a cautious approach when looking at capital deployment during 2015 given the current uncertainty in the oil and gas industry.

Forward-looking information and financial outlook is based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect. Trican's actual results may differ materially from those expressed or implied and therefore such forward-looking information and financial outlook should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services.

Forward-looking information and financial outlook is subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. The foregoing important factors are not exhaustive. In addition, actual results could differ materially from those anticipated in forward-looking information and financial outlook provided herein as a result of the risk factors set forth under the section entitled "Risks Factors" in our Annual Information Form dated March 21, 2014. Readers are also referred to the risk factors and assumptions described in other documents filed by the Company from time to time with securities regulatory authorities.

Additional information regarding Trican including Trican's most recent annual information form is available under Trican's profile on SEDAR (www.sedar.com).

Contact Information

  • Requests for shareholder information should be directed to:
    Trican Well Service Ltd.
    Dale Dusterhoft
    Chief Executive Officer
    ddusterhoft@trican.ca

    Trican Well Service Ltd.
    Michael Baldwin
    Senior Vice President, Finance & CFO
    mbaldwin@trican.ca

    Trican Well Service Ltd.
    Gary Summach
    Senior Finance Director
    gsummach@trican.ca

    Trican Well Service Ltd.
    Phone: (403) 266-0202
    Fax: (403) 237-7716
    2900, 645 - 7th Avenue S.W.
    Calgary, Alberta T2P 4G8
    Please visit our website at www.trican.ca