Oil States Secures Land Lease for New Lodge
Oil States International, Inc. reported that the Company's Canadian subsidiary, PTI Group Inc. ("PTI"), has received all necessary land lease approvals to begin the construction of its fourth major lodge in the oil sands region of northern Alberta, Canada. The Company's Board of Directors has authorized PTI to spend approximately US$22.7 million in 2008 to initially develop the 376-room, PTI Conklin Lodge. These capital expenditures were included in the Company's already announced 2008 capital expenditures budget of US$282 million.
PTI Conklin Lodge, located South of Fort McMurray, Alberta, is in the heart of the oil sands developments and is expected to be fully operational by the end of the second quarter of 2008. The Conklin Lodge will have dorm style, private and executive suite style rooms. Like its three sister lodges in the oil sands region, Beaver River Executive Lodge, Athabasca Lodge and the Wapasu Creek Lodge, the PTI Conklin Lodge will provide PTI's full suite of first-class accommodations and services including catering, ancillary and convenience services, internet service, conference rooms and leisure facilities for fitness, entertainment and relaxation.
"We continue to expand our operations in the oil sands region," stated Cindy B. Taylor, Oil States' President and Chief Executive Officer. "This lodge expands our presence in the growing southern region of the Canadian oil sands play."
- Oil Spin-Off Stocks Could Face Longer Road to Recovery (Dec 24)
- Oil States to Construct New Oil Sands Lodge (Feb 03)
- Aquaterra-Oil States JV to Supply High Pressure Riser Systems (Jan 11)