CALGARY, ALBERTA--(Marketwired - Dec. 12, 2013) - Trican Well Service Ltd. (TCW.TO) ("Trican" or "the Company") is pleased to announce that the Board of Directors has approved an initial 2014 capital budget of $32.7 million. This capital budget is a prudent budget reflecting the current operating environment. Management is confident that this budget combined with carryover capital expenditures from its 2013 capital budget properly maintains Trican's global equipment fleet and infrastructure at a very high standard. Trican regularly reviews its capital equipment requirements and will continue to follow its policy of adjusting the capital budget on a quarterly basis to reflect changing operating conditions and capital equipment needs.
Additional information regarding Trican including Trican's most recent Annual Information Form is available under Trican's profile on SEDAR (www.sedar.com).
Headquartered in Calgary, Alberta, Trican has operations in Canada, the United States, Russia, Kazakhstan, Australia and Norway. Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.
This document contains information that constitutes forward-looking information and financial outlook within the meaning of applicable securities legislation. This forward-looking information and financial outlook is identified by the use of terms and phrases such as "anticipate," "achieve", "achievable," "believe," "estimate," "expect," "intend", "plan", "planned", and other similar terms and phrases. This outlook and information speaks only as of the date of this document and we do not undertake to publicly update the forward-looking information contained in this document except in accordance with applicable securities laws. This forward-looking information and financial outlook includes:
- Expectation that the 2014 capital budget will be $32.7 million;
- Expectation that Trican will regularly review their capital equipment requirement and will continue to follow their policy of adjusting the capital budget on a quarterly basis to reflect changing operating conditions and capital equipment needs.
Forward-looking information and financial outlook is based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking information and financial outlook should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services.
Forward-looking information and financial outlook is subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. In addition, actual results could differ materially from those anticipated in the forward-looking information and financial outlook provided herein as a result of the risk factors set forth under the section entitled "Risk Factors" in our Annual Information Form dated March 21, 2013.
Please visit our website at www.trican.ca.