CALGARY, Dec. 5, 2013 /CNW/ - Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX: CFW) is pleased to announce a 2014 capital budget of approximately $120 million. The capital program is focused on maintenance and support capital and additional investment in logistics equipment. Approximately $33 million of capital is allocated to support Calfrac's growing international operations, including further investment in coiled tubing and fracturing equipment in Russia and Argentina, as the Company's outlook for activity in these regions continues to improve. In addition, approximately $20 million remaining from Calfrac's 2013 capital program is expected to be spent in 2014. The 2014 capital program reflects Calfrac's ongoing commitment to maintain its equipment fleet in peak operating condition, while developing further enhancements to service quality and operational efficiency. Calfrac will continue to assess opportunities to strategically expand its operations in a prudent manner and will also continue to evaluate its capital program in order to make any required adjustments as greater visibility unfolds in 2014. Calfrac is also pleased to announce that its Board of Directors has declared a dividend pursuant to its quarterly dividend policy. The dividend of $0.25 per common share will be paid on January 15, 2014 to shareholders of record on December 31, 2013. Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW". Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico, Colombia and Argentina. This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this press release contains forward-looking statements and information concerning the allocation of capital and equipment and in respect of operational expansion. These forward-looking statements and information are based on certain key expectations and assumptions made by Calfrac. Although Calfrac believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as Calfrac cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, prevailing economic conditions; commodity prices; sourcing, pricing and availability of raw materials, component parts, equipment, suppliers, facilities and skilled personnel; dependence on major customers; uncertainties in weather and temperature affecting the duration of the service periods and the activities that can be completed; health, safety and environmental risks; exchange rate fluctuations; marketing and transportation; loss of markets; environmental risks; governmental regulations; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; ability to access sufficient capital from internal and external sources; failure to obtain required regulatory and other approvals; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other risk factors that could affect Calfrac's operations or financial results are included in Calfrac's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this press release are made as of the date hereof and Calfrac does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. SOURCE Calfrac Well Services Ltd. Douglas R. Ramsay Chief Executive Officer Telephone:(403) 266-6000 Fax: (403) 266-7381 Michael J. McNulty Chief Financial Officer Telephone: (403) 266-6000 Fax:(403)266-7381 Tom J. Medvedic Senior Vice President, Corporate Development Telephone: (403) 266-6000 Fax:(403)266-7381 To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/December2013/05/c7935.html CO: Calfrac Well Services Ltd. ST: Alberta NI: OIL DIV -0- Dec/05/2013 11:00 GMT
Calfrac announces 2014 capital program and dividend
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