Press release from Marketwire
Total Energy Services Inc. Announces Preliminary 2012 Capital Expenditure Budget
Wednesday, November 23, 2011
Total Energy Services Inc. Announces Preliminary 2012 Capital Expenditure Budget13:38 EST Wednesday, November 23, 2011CALGARY, ALBERTA--(Marketwire - Nov. 23, 2011) - Total Energy Services Inc. (TSX:TOT) ("Total") announces its preliminary 2012 capital expenditure budget of $30.6 million. Included in this budget is $15.0 million for expansion of the natural gas compression rental fleet, $12.0 million for the construction of approximately 200 pieces of rental equipment and $3.6 million of drilling rig upgrades and ancillary rig equipment. Construction of the rental equipment will begin immediately with delivery anticipated over the next few months. Included in the rental equipment build program is a substantial increase to Total's fleet of proprietary 2900 m3 Apollo™ modular fluid containment systems. The drilling rig upgrade program contemplates the upgrade of an existing conventional single drilling rig to expand its capabilities as well as the purchase of a seventh top drive for Total's heavy double drilling rig fleet.Total has accelerated the release of its preliminary 2012 capital expenditure budget due to immediate demand for the equipment to be acquired pursuant to such expenditures.Total intends to finance its preliminary 2012 capital expenditure budget from cash on hand, operating cash flow and, if necessary, its $35 million credit facility which is currently fully available and undrawn. Total's preliminary 2012 capital expenditure budget provides Total with considerable flexibility to pursue additional investment opportunities as they may arise. Total is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression equipment. The common shares of Total are listed and trade on the TSX under the symbol "TOT". FOR FURTHER INFORMATION PLEASE CONTACT: Daniel HalykTotal Energy Services Inc.President & CEO(403) 216-3921ORMark KearlTotal Energy Services Inc.VP Finance and CFO(403) email@example.comThe Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.