Calfrac Announces 2006 Capital Program
Calfrac Well Services has approved a capital budget for 2006 which is expected to amount to approximately $148 million, including in-progress projects of $18 million from 2005. In addition to two deep fracturing spreads approved in 2005, which will become operational in the first half of 2006, the 2006 capital program contemplates the construction of four additional fracturing spreads, four deep coiled tubing crews, six cement crews, high pressure fracturing and nitrogen pumpers, transportation equipment, as well as additional infrastructure required to support the Company's operations. One of the fracturing spreads will operate in the shallow gas market in Canada and the three remaining fracturing spreads will be focused on deeper, more technical markets. One of these deep spreads will be deployed into the Canadian market. A second deep spread is expected to be deployed to the Rocky Mountain region of the United States. The deployment of the third deep spread will be contingent on market opportunities. It is anticipated that the majority of the additional equipment will become operational in the fourth quarter of 2006. Upon completion of the 2006 capital program, Calfrac will have 27 fracturing spreads, 18 coiled tubing crews and 17 cement crews.
The Company is also pleased to announce that the Board of Directors has declared a dividend pursuant to Calfrac's semi-annual dividend policy. The dividend of $0.05 per common share will be paid on January 12, 2006 to shareholders of record on December 29, 2005.
Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW". Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the Rocky Mountain region of the United States and western Siberia in Russia.
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