Pure Energy Services Increases 2006 Capital Expenditure Budget
Pure Energy Services Ltd. (TSX:PSV) has increased its 2006 capital expenditure budget by $22,000,000 to $93,142,000. The capital expenditure increase relates to the purchase by the Corporation of one 3,400 meter telescopic double drilling rig and one fracturing spread. The drilling rig is anticipated to be operational by Q1 2007; the fracturing spread is anticipated to be operational in Q2 2007.
Pure Energy intends to finance the increased capital expenditures via operating cash flow and existing credit facilities.
Pure Energy is an oilfield services company that provides completion and drilling related services to oil and gas exploration and development entities in the Western Canadian Sedimentary Basin ("WCSB") and, through its wholly-owned subsidiary, Pure Energy Services (USA), Inc., in the Rocky Mountain region of the United States.
Pure Energy currently provides logging and perforating, production testing, multiline, drilling and pressure transient analysis services to customers in the WCSB, and also provides production testing and logging and perforating services to customers in the Rocky Mountain region. Pure Energy anticipates offering fracturing services in the Rocky Mountain region beginning in the second half of 2006.
- FMC to Grow Shale Businesses with Pure Acquisition (Aug 20)
- Pure Energy Closes Sale of Legacy Resources (Dec 28)
- Pure Energy Services Increases 2006 Capital Expenditure Budget (Jul 07)