CALGARY, Dec. 12, 2019 /CNW/ - (TSXV: CWC) CWC
Energy Services Corp. ("CWC" or the "Company") is pleased to
announce that the Board of Directors has approved a 2020 capital
expenditure budget of $6.7 million,
$6.0 million of which is maintenance
and infrastructure capital related to recertifications, additions
and upgrades to field equipment for the drilling rig and service
rig divisions as well as information technology infrastructure,
with the remaining $0.7 million being
growth capital to upgrade one of the drilling rigs. The 2020
capital expenditures budget is consistent with CWC's commitment to
safety and operational efficiency with high quality and well
maintained equipment. CWC intends to finance its 2020 capital
expenditures budget from operating cash flows.
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The Company continues to be committed to disciplined fiscal
management and pursuit of opportunities driven by the current
industry environment. Management continues to evaluate and assess
merger and acquisition opportunities of oilfield service businesses
and assets that are best-in-class that would have the potential to
increase shareholder value.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and
well servicing company operating in the WCSB and the United States with a complementary suite
of oilfield services including drilling rigs, service rigs,
swabbing rigs and coil tubing. The Company's corporate office is
located in Calgary, Alberta, with
a U.S. office in Houston, Texas
and operational locations in Nisku, Grande
Prairie, Slave Lake,
Sylvan Lake, Drayton Valley, Lloydminster, Provost, and Brooks,
Alberta. 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 such words 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, and plans to finance such
expenditures, plans to evaluate acquisition opportunities,
expectations as to activity levels, expectations with respect to
oil and natural gas prices, activity levels in various areas,
continuing focus on cost saving measures, expectations regarding
the level and type of drilling and production and related drilling
and well services activity in the WCSB, expectations regarding
entering into long term drilling contracts and expanding its
customer base, and expectations regarding the business, operations
and revenue 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. These include, but are
not limited to, the risks associated with the drilling and oilfield
services sector (ie. 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), 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.