CALGARY,
AB, Jan. 12, 2023 /CNW/ - Western Energy
Services Corp. ("Western" or the "Company") (TSX: WRG) is pleased
to announce its 2023 capital expenditure budget of approximately
$30 million, including approximately
$7 million of committed expenditures
from 2022 that will carry forward into 2023, which is expected to
be comprised of approximately $21
million of maintenance capital and $9
million of expansion capital.
Maintenance capital of $21 million
includes $17 million in the contract
drilling segment and $4 million in
the production services segment. Expansion capital of
$9 million mainly relates to the
contract drilling segment to upgrade the Company's rig
fleet.
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.
About Western
Western is a progressive energy service company which provides
contract drilling services through its division, Horizon Drilling
in Canada, and its wholly owned
subsidiary, Stoneham Drilling Corporation in the United States. Additionally, Western
provides production services in Canada through its division, Eagle Well
Servicing which provides well servicing and its division Aero
Rental Services which provides oilfield rental services.
Forward-Looking Statements and Information
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 particularly and
without limitation, this press release contains forward-looking
statements and information regarding the anticipated capital
expenditures of the Company in 2023 and the composition thereof,
and the Company's expectations regarding industry activity in 2023.
These forward-looking statements and information are based on
expectations and assumptions made by Western in light of its
experience and its perception of historical trends, current
conditions and expected future developments, as well as other
factors that the Company believes are appropriate in the
circumstances. Although Western believes that the expectations and
assumptions on which such forward-looking statements and
information are based are reasonable, undue reliance should not be
placed on the forward-looking statements and information as Western
cannot give any assurance that they will prove to be correct. Since
forward-looking statements and information 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. Additional information on risk factors that could
affect Western's operations or financial results are included in
Western's annual information form and may be accessed through the
SEDAR website (www.sedar.com). The forward-looking statements and
information contained in this press release are made as of the date
hereof and Western does not undertake any obligation to update
publicly or revise any forward-looking statements or information,
whether as a result of new information, future events or otherwise,
unless so required by applicable securities laws.
SOURCE Western Energy Services Corp.