The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Strad Announces Increase to 2011 Capital Budget

Monday, July 04, 2011

Strad Announces Increase to 2011 Capital Budget09:00 EDT Monday, July 04, 2011CALGARY, ALBERTA--(Marketwire - July 4, 2011) -NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.Strad Energy Services Ltd., ("Strad" or the "Company") (TSX:SDY) is pleased to announce a $20 million increase to its 2011 capital budget. The total budget for the year is now $86.5 million. The additional capital will be allocated to satisfy customer demand in both Canada and US, and will be targeted to additional surface rental equipment. Over 90% of the total 2011 capital budget is projected to be spent on additions to the Company's rental fleet. Approximately 60% will be allocated to the US operation. Substantially all of the additional equipment is expected to be deployed in the field by the end of the third quarter. The additional capital expenditures will be funded through operating cash flow and existing bank facilities.ABOUT STRAD ENERGY SERVICES LTD.Strad is a diversified energy services company that focuses on providing oilfield solutions to the oil and natural gas industry in the WCSB and throughout the United States. Strad operates with two core divisions: Drilling Services and Production Services. Drilling Services focuses on providing complete customer solutions in drilling-related oilfield equipment for producers active in unconventional resource plays. Production Services focuses on delivering a range of products and services to support the ongoing maintenance of natural gas and oil production. Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".The news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release.FOR FURTHER INFORMATION PLEASE CONTACT: Henry van der SlootStrad Energy Services Ltd.Chief Executive Officer(403) 249-7336(403) 232-6901 (FAX)hvandersloot@stradenergy.comORAndy PernalStrad Energy Services Ltd.President(403) 775-9202(403) 232-6901 (FAX)apernal@stradenergy.comORByron JohnsonStrad Energy Services Ltd.Chief Financial Officer(403) 775-9219(403) 232-6901 (FAX)bjohnson@stradenergy.comThe TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.