CALGARY, ALBERTA--(Marketwired - June 28, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Strad Energy Services Ltd., (TSX:SDY) ("Strad" or the "Company"), a North American-focused, energy services company, has approved an increase to its 2017 capital expenditure program of $11 million, from $15 million to $26 million. Approximately $10 million of the $11 million capital expenditure program increase will be used to fund organic growth opportunities within the Energy Infrastructure customer segment with a focus on the Company's Matting product line. In addition, the Company will use the balance of the additional funds, or approximately $1 million, to continue its focus on the completions business as part of its Oil and Gas customer segment.
Overall, $22 million of Strad's $26 million capital program is committed to fund organic growth opportunities within the Energy Infrastructure customer segment with a focus on the Company's Matting product line, an additional $1 million is committed to supporting the completions business as part of the Oil and Gas customer segment and $3 million is allocated for maintenance capital.
"This capital expenditure program reflects the Company's ability to utilize its two major product groups, Surface Equipment and Matting, for both Oil and Gas drilling and completions and for projects outside the drill bit, or Energy Infrastructure projects, such as pipeline, power transmission, mining and other projects. We service these two customer segments in both Canada and the United States." said Andy Pernal, President and CEO.
About Strad Energy Services Ltd.
Strad is a North American energy services company that provides rental equipment and matting solutions to the oil and gas and energy infrastructure sectors. Strad focuses on providing complete customer solutions in Canada and the United States.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".