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Ohio Utica Shale

Calfrac Well Services expanding fracturing fleets

By Bob Downing Published: July 8, 2014

From Canada-based Calfrac Well Services Ltd. last week:

CALGARY, July 3, 2014 /CNW/ - Calfrac Well Services Ltd. ("Calfrac") (TSX-CFW) is pleased to provide an update on its 2014 capital program. In response to significantly improved customer demand in the United States, Canada and Argentina, Calfrac's 2014 capital program was increased by $210 million to $360 million, including carryover capital. A portion of the increased capital spending is expected to occur in 2015. The incremental capital spending will be funded by Calfrac's existing credit facilities and cash flow. At June 30, 2014, Calfrac had approximately $247 million available under its existing credit facilities.

The majority of the capital program increase is related to the construction of two fracturing fleets totaling 80,000 horsepower for Calfrac's United States operations, a 35,000 horsepower fracturing fleet for Canada and a 40,000 horsepower fracturing fleet that will operate in the Vaca Muerta shale play in Argentina. In addition, two new twin cementing units will be constructed for Calfrac's Argentina operations. Delivery of this equipment is expected to begin in early 2015. The increase in capital also includes approximately $38 million of additional support and maintenance capital to optimize fleet utilization in North America and Latin America.

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, Argentina, Colombia, Mexico and Russia.



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