Calfrac Well Services Heads to Mexico
Calfrac Well Services Ltd. through its wholly owned subsidiary, Calfrac de Mexico S.A. de C.V., has been awarded a three-year contract with Pemex Exploracion Y Produccion for the provision of hydraulic fracturing services in the Burgos field of northern Mexico. The Burgos field borders the United States along the Rio Grande River, running from Laredo through McAllen, Texas. Calfrac plans to set up a district base in Reynosa, Mexico.
Equipment required to fulfill the contractual commitments will be supplied from Calfrac's existing North American operating fleet and fracturing operations are anticipated to commence early in the fourth quarter of this year. Over the term of the contract, estimated gross revenue is expected to be approximately US$75 million, including subcontracted services.
Calfrac believes that entry into the Mexican well service market provides an exciting opportunity for the company to expand in a major international fracturing market, which has substantial potential for future growth. Entry into this market is a continuation of Calfrac's strategy of diversifying geographically into new markets that are not dependent on natural gas drilling in the United States and Canadian markets.
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 United States,
Mexico and western Siberia in Russia.
Operates 45 Offshore Rigs
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Company: Calfrac Well Services Ltd. more info
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