Business
MATRRIX announces 2015 capital budget and provides operational update
CALGARY , Jan. 28, 2015 /CNW/ -  MATRRIX Energy Technologies Inc. ("MATRRIX" or the...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\nCALGARY, Jan. 28, 2015 /CNW/ - MATRRIX Energy Technologies Inc. (\"MATRRIX\" or the \"Corporation\") (TSX-V: MXX) is pleased to announce its 2015 capital budget and provide an operational update.\n\nCapital Budget\n\nThe Corporation has suspended approximately $500,000 of previously announced capital expenditures, and is well positioned with equipment capacity given expected activity levels for 2015. Also, given the relatively young age of MATRRIX equipment, the Corporation does not anticipate the need for material capital expenditures in 2015.\n\nMATRRIX believes a minimal 2015 capital budget reflects a prudent use of the Corporation's cash while ensuring sufficient financial flexibility for any prolonged downturn in industry activity levels.\n\nThe Corporation's previously announced $5 million secured revolving credit facility remains undrawn, and the Corporation has zero debt.\n\nRecent oil and gas commodity price weakness has created an environment of uncertainty around capital expenditure levels for oil and gas clients in Western Canada, which is the Corporation's primary operating area.  Given this uncertainty, it is difficult to anticipate the severity and length of any downturn.  At this time, the Corporation anticipates materially lower activity levels in the first quarter of 2015 compared to the same period in 2014.  To address anticipated lower activity levels, MATRRIX is moving to align costs with current and expected activity levels for the balance of the quarter and the year.\n\nOperations Update\n\nMATRRIX will continue to follow through with technology initiatives that it feels are core to exceptional service delivery for MATRRIX clients, while providing field data quality and efficiency improvements for the Corporation.  MATRRIX will continue to be disciplined in evaluating its operations and adjust its capital budget as required to address client service needs and activity levels.\n\nFORWARD-LOOKING INFORMATION\n\n\nThis press release contains certain statements or disclosures relating to MATRRIX that are based on the expectations of MATRRIX as well as assumptions made by and information currently available to MATRRIX which may constitute forward-looking information under applicable securities laws. In particular, this press release contains forward-looking information related to th...