CALGARY, AB, Dec. 6, 2021 /CNW/ - (TSXV: CWC) CWC
Energy Services Corp. ("CWC" or the "Company") is pleased to
announce that its Board of Directors have approved a 2022 capital
expenditure budget of $9.9 million.
Of this $9.9 million, $6.9 million is for maintenance and
infrastructure capital related to re-certifications, additions and
upgrades to field equipment for the drilling rig and service rig
divisions as well as information technology infrastructure, with
the remaining $3.0 million being for
growth capital to upgrade one of the drilling rigs and to purchase
additional strings of specialty drill pipe. The 2022 capital
expenditures budget of $9.9 million
is double the amount spent in 2021 of approximately $4.9 million and reflects CWC's positive view of
the anticipated increase in oilfield service activity in 2022.
Included in the 2022 capital expenditure budget will be an upgrade
to a Tier 4 engine to reduce emissions for one of our service rigs,
as the Company collects data on how this technology will help CWC
and its customers achieve its ESG and sustainability goals towards
emission reductions. CWC intends to finance its 2022 capital
expenditures budget from operating cash flows.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and
well servicing company operating in Canada and the
United States with a complementary suite of oilfield
services including drilling rigs and service rigs. The Company's
corporate office is located in Calgary,
Alberta with operational locations in Nisku, Grande
Prairie, Slave Lake,
Sylvan Lake, Drayton Valley, Lloydminster, Provost and Brooks,
Alberta and U.S. offices in Denver, Colorado and Casper, Wyoming. The Company's shares trade on
the TSX Venture Exchange under the symbol "CWC".
READER ADVISORY - Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
This news release contains certain forward-looking
information and statements within the meaning of applicable
Canadian securities legislation. Certain statements contained
in this news release may contain words such as "anticipate",
"could", "continue", "should", "seek", "may", "intend", "likely",
"plan", "estimate", "believe", "expect", "will", "objective",
"ongoing", "project" and similar expressions are intended to
identify forward-looking information or statements. In particular,
this news release contains forward-looking statements including
management's assessment of future plans and operations, planned
levels of capital expenditures for 2022, the allocation of
such expenditures between maintenance and infrastructure related
and growth capital and plans to finance such expenditures and
expectations as to increased oilfield service activity in 2022, and
expectations regarding the business, operations, revenue and debt
levels of the Company in addition to general economic
conditions. Although the Company believes that the
expectations and assumptions on which such forward-looking
information and statements are based are reasonable, undue reliance
should not be placed on the forward-looking information and
statements because the Company can give no assurances that they
will prove to be correct. Since forward-looking information
and statements 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 including the implications of
the COVID-19 health pandemic on the Company's business, operations
and personnel. These factors and risks include, but are not
limited to, the risks associated with the COVID-19 health pandemic
and its implication on the demand and supply in the drilling and
oilfield services sector (i.e. demand, pricing and terms for
oilfield drilling and services; current and expected oil and gas
prices; exploration and development costs and delays; reserves
discovery and decline rates; pipeline and transportation capacity;
weather, health, safety and environmental risks), significant
expansion measures to stop the spread of COVID-19 further
restricting or prohibiting the operations of the Company's
facilities and operations, actions to ensure social distancing due
to COVID-19, the Company's cash saving initiatives, integration of
acquisitions, competition, and uncertainties resulting from
potential delays or changes in plans with respect to acquisitions,
development projects or capital expenditures and changes in
legislation, including but not limited to tax laws, royalties and
environmental regulations, stock market volatility and the
inability to access sufficient capital from external and internal
sources. Accordingly, readers should not place undue reliance
on the forward-looking statements. Readers are cautioned that
the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could affect the
Company's financial results are included in reports on file with
applicable securities regulatory authorities and may be accessed
through SEDAR at www.sedar.com. The forward-looking
information and statements contained in this news release are made
as of the date hereof and the Company undertakes no obligation to
update publicly or revise any forward-looking information or
statements, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws. Any
forward-looking statements made previously may be inaccurate
now.
SOURCE CWC Energy Services Corp.