Calfrac Announces 2018 Capital Program

About this update from Calfrac Well Services Ltd.

[{"type":"text","content":"\n\n\n\nCalfrac Announces 2018 Capital Program\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Dec. 6, 2017\n\n\n\nCALGARY, Dec. 6, 2017 /CNW/ - Calfrac Well Services Ltd. (\"Calfrac\" or the \"Company\") (TSX–CFW) is pleased to announce its 2018 capital budget of approximately $132 million which includes $104 million of maintenance capital, $22 million in refurbishment capital and $6 million in corporate initiatives. In addition, approximately $7 million remaining from Calfrac's 2017 capital program is expected to be spent in 2018.\n\nFernando Aguilar, Calfrac's President and Chief Executive Officer, commented, \"Calfrac's 2018 capital budget is focused on a prudent allocation of capital and is in accordance with our core strategic beliefs. The capital program focuses on investment in equipment to ensure that our employees have the resources needed to maintain our License to Operate and conduct operations in a safe and productive manner. As well, the recommencement of equipment refurbishment is an investment to ensure our asset base remains at the leading edge of the industry for 2018 and beyond. Our corporate initiatives are designed to achieve further efficiencies within our overhead structure as activity continues to ramp up.\"\n\n\"We have seen strong improvement in North America through 2017, and we expect continued growth in 2018, particularly in the U.S., where Calfrac expects to have deployed its 16th fracturing fleet during the first half of 2018. In Canada, the previously disclosed eighth fracturing fleet is anticipated to enter service in the near future, and opportunities to deploy additional equipment in the North American market will be monitored in the context of evolving market conditions.\"\n\nCalfrac'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, Argent...

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