Business
Western Energy Services Corp. announces 2014 capital budget
CALGARY , Dec. 10, 2013 /CNW/ - Western Energy Services Corp. ("Western" or the "Company...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\nCALGARY, Dec. 10, 2013 /CNW/ - Western Energy Services Corp. (\"Western\"\n or the \"Company\") (TSX: WRG) is pleased to announce its planned 2014\n capital expenditure budget of approximately $65 million, which includes\n $12 million in expansion capital, $40 million in maintenance capital\n expenditures and $13 million in carry forward from Western's 2013\n capital program.\n\n\nExpansion capital of $12 million mainly relates to $10 million in\n additional oilfield rental equipment for Western's division AERO Rental\n Services.\n\n\nMaintenance capital of $40 million includes $20 million in drilling\n equipment, $10 million in critical spare equipment, and $7 million in\n well servicing equipment.\n\n\nIn addition, the $13 million of carry forward from Western's 2013\n capital program is for the completion of one telescopic Efficient Long\n Reach double drilling rig, as well as the completion of two 1,500 hp AC\n pad conversions in the United States.\n\n\nWestern believes the 2014 capital budget provides a prudent use of cash\n resources and ensures that it has the flexibility to execute on\n strategic opportunities as they arise. This budget demonstrates the\n Company's commitment to maintaining Western's premier drilling and\n service rig fleet while expanding Western's strategic presence in the\n oilfield rental equipment market. Western will continue to evaluate and\n expand its operations in a prudent manner and make any required\n adjustments to its capital program as these opportunities unfold in\n 2014.\n\n\nAdditionally, Western is pleased to announce that its first duel-fuel\n and second convertible pad rig will commence operations early in\n January 2014. Upon the completion of Western's 2013 capital program,\n Western's fleet of 54 drilling rigs and 65 service rigs will include 5\n fully configured pad drilling rigs, 3 in the United States and 2 in\n Canada.\n\n\nWestern is an oilfield service company which provides contract drilling\n services in Canada through its division Horizon Drilling and in the\n United States through its wholly-owned subsidiary Stoneham Drilling\n Corporation. In addition, Western provides well servicing in Canada\n through its Eagle Well Servicing division and provides oilfield rental\n services in Canada through its AERO Rental Services division.\n\n\nForward-Looking Statements and...