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Essential Energy Services Announces 2012 Capital Spending Budget of $60M

Essential Energy Services Ltd. (ESN.TO), which gained 1% on Monday, announced the 2012 capital spending budget of $60 million comprised of $29 million of newly announced growth capital, $10 million of spending to complete previously announced new equipment fabrication and $21 million of maintenance capital. "Spending is primarily focused on the high demand deep coil tubing fleet including nitrogen and fluid pumpers, and reflects Essential's continued investment in its industry leading market position in coil tubing well service. The 2012 capital spending is expected to be funded from operating cash flow and the existing credit facility," it said.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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