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WESTERN ENERGY SERVICES CORP. ANNOUNCES 2023 CAPITAL BUDGET
WESTERN ENERGY SERVICES CORP. ANNOUNCES 2023 CAPITAL BUDGET Canada NewsWire ...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n \n \n \n WESTERN ENERGY SERVICES CORP. ANNOUNCES 2023 CAPITAL BUDGET\n \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 Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Jan. 12, 2023\n \n \n /CNW/ - Western Energy Services Corp. (\"Western\" or the \"Company\") (TSX: WRG) is pleased to announce its 2023 capital expenditure budget of approximately\n \n $30 million\n \n , including approximately\n \n $7 million\n \n of committed expenditures from 2022 that will carry forward into 2023, which is expected to be comprised of approximately\n \n $21 million\n \n of maintenance capital and\n \n $9 million\n \n of expansion capital.\n \n \n Maintenance capital of\n \n $21 million\n \n includes\n \n $17 million\n \n in the contract drilling segment and\n \n $4 million\n \n in the production services segment.  Expansion capital of\n \n $9 million\n \n mainly relates to the contract drilling segment to upgrade the Company's rig fleet.\n \n \n Western's capital expenditure budget is underpinned by an expectation of improved activity in 2023 as compared to 2022.  Western will continuously monitor the utilization of its fleet and will adjust the 2023 capital expenditures accordingly.\n \n \n \n About Western\n \n \n \n Western is a progressive energy service company which provides contract drilling services through its division, Horizon Drilling in\n \n Canada\n \n , and its wholly owned subsidiary, Stoneham Drilling Corporation in\n \n the United States\n \n . Additionally, Western provides production services in\n \n Canada\n \n through its division, Eagle Well Servicing which provides well servicing and its division Aero Rental Services which provides oilfield rental services.\n \n \n \n Forward-Looking Statements and Information\n \n \n \n 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 \"expected\", \"will\", \"outlook\" and similar expressions are intended to identify forward-looking information or statements. More particularl...