Breaking

Russian International Reserves Fall $15.7 Billion in Week to Dec. 19
Tweet TWEET

Calfrac announces update on 2014 capital program

 CALGARY, July 3, 2014 /CNW/ - Calfrac Well Services Ltd. ("Calfrac") (TSX-CFW)  is pleased to provide an update on its 2014 capital program. In response to  significantly improved customer demand in the United States, Canada and  Argentina, Calfrac's 2014 capital program was increased by $210 million to  $360 million, including carryover capital. A portion of the increased capital  spending is expected to occur in 2015. The incremental capital spending will  be funded by Calfrac's existing credit facilities and cash flow. At June 30,  2014, Calfrac had approximately $247 million available under its existing  credit facilities.  The majority of the capital program increase is related to the construction of  two fracturing fleets totaling 80,000 horsepower for Calfrac's United States  operations, a 35,000 horsepower fracturing fleet for Canada and a 40,000  horsepower fracturing fleet that will operate in the Vaca Muerta shale play in  Argentina. In addition, two new twin cementing units will be constructed for  Calfrac's Argentina operations. Delivery of this equipment is expected to  begin in early 2015. The increase in capital also includes approximately $38  million of additional support and maintenance capital to optimize fleet  utilization in North America and Latin America.  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,  Argentina, Colombia, Mexico and Russia.  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 relating to future capital  expenditures, demand for Calfrac's services and the sources and availability  of funding. 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.  Fernando Aguilar President and 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  Ian Gillies Manager, Investor Relations 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/July2014/03/c9535.html  CO: Calfrac Well Services Ltd. ST: Alberta NI: OIL  
Press spacebar to pause and continue. Press esc to stop.