CWC Energy Services Corp. Announces 2022 Capital Expenditure Budget

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CALGARY, AB, December 6, 2021 / CNW / – (TSXV: CWC) CWC Energy Services Corp. (“CWC” or the “Company”) is pleased to announce that its Board of Directors has approved a 2022 capital expenditure budget of $ 9.9 million. From this $ 9.9 million, $ 6.9 million is for maintenance and infrastructure capital related to recertifications, additions and upgrades of field equipment for the oil rig and service platform divisions as well as infrastructure information technology, the rest $ 3.0 million being growth capital to modernize one of the drilling rigs and purchase additional chains of specialized drill pipe. The 2022 investment budget of $ 9.9 million is double the amount spent in 2021 by approximately $ 4.9 million and reflects CWC’s positive view on the planned increase in oilfield maintenance activity in 2022. The 2022 capital budget will include an upgrade to a Tier 4 engine to reduce fuel emissions. ‘one of our service platforms because the Company collects data on how this technology will help CWC and its customers to meet its ESG and sustainability goals in reducing emissions. CWC intends to fund its 2022 capital expenditure budget from operating cash flow.

CWC Energy Services Corp. logo. (CNW Group / CWC Energy Services Corp.)

About CWC Energy Services Corp.

CWC Energy Services Corp. is a leading well drilling and maintenance company operating in Canada and United States with a complementary suite of petroleum services, including drilling rigs and service platforms. The registered office of the Company is located at Calgary, Alberta with operational sites in Nisku, Great Prairie, Slave Lake, Sylvan Lake, Drayton Valley, Lloydminster, Provost and Brooks, Alberta and US offices in Denver, Colorado and Casper, Wyoming. The Company’s shares trade on the TSX Venture Exchange under the symbol “CWC”.

NOTICE TO READER – Neither the 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 press release contains certain forward-looking information and statements within the meaning of applicable Canadian securities legislation. Certain statements in this press release may contain words such as “anticipate”, “could”, “pursue”, “should”, “seek”, “could”, “intend”, “likely”, “Plan”, “estimate”, “believe”, “expect”, “will”, “objective”, “in progress”, “project” and similar expressions are intended to identify forward-looking information or statements. In particular, this press release contains forward-looking statements, including management’s assessment of future plans and operations, planned levels of capital expenditure for 2022, the allocation of such expenditure between maintenance and infrastructure and the growth capital and plans to fund such expenses and expectations such as increasing petroleum services activity in 2022 and expectations regarding the Company’s business, operations, revenues and debt levels in addition conditions general economic. Although the Company believes that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, one should not place undue reliance on forward-looking information and statements, as the Company cannot guarantee that they will prove to be correct. . Because forward-looking information and statements deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently expected due to a number of factors and risks, including the implications of the COVID-19 pandemic on the Company’s business, operations and personnel. These factors and risks include, but are not limited to, the risks associated with the COVID-19 pandemic and its implication on demand and supply in the oil drilling and services industry (i.e. demand, prices and conditions for oil drilling and services; current and forecast prices for oil and gas; exploration and development costs and delays; rate of discovery and decline in reserves; pipeline and transportation capacity ; meteorological, health, safety and environmental risks), significant expansion measures to stop the spread of COVID-19 restricting or prohibiting the operations of the Company’s facilities and operations, actions aimed at ensuring social distancing due to COVID-19, the Company’s cash-saving initiatives, integration of acquisitions, competition and uncertainties resulting from potential delays or changes in plans relating to a acquisitions, development projects or capital expenditures and changes in legislation including, but not limited to, tax, royalty and environmental laws, applicable regulations, stock market volatility and l ‘inability to access sufficient capital from external and internal sources. Therefore, readers should not place undue reliance on forward-looking statements. Readers are cautioned that the above list of factors is not exhaustive. Additional information on these and other factors that could affect the Company’s financial results is included in reports filed with applicable securities regulatory authorities and can be found on SEDAR at www.sedar.com. The forward-looking information and statements contained in this press release are made as of the date hereof and the Company assumes no obligation to publicly update or revise any forward-looking information or statement, whether as a result of new information, future events or otherwise. , unless required by applicable securities laws. All forward-looking statements made previously may now be inaccurate.

SOURCE CWC Energy Services Corp.

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