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  
-0- Jul/03/2014 11:00 GMT
 
 
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