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Essential Energy Services Announces 2013 Capital Spending Budget and Coil Well Service Rebranding

Essential Energy Services Ltd. (ESN.TO) announced a 2013 capital spending budget of $45 million comprised of $18 million of newly announced growth capital, $14 million to complete previously announced growth capital projects and $13 million of maintenance capital. Spending is primarily focused on the high demand deep coil tubing fleet and further developing Essential's service rig fleet. This spending is expected to be funded from operating cash flow and the existing credit facility. Essential will monitor industry conditions in 2013 and may adjust the capital program if appropriate.

Essential expects 2012 capital spending to be approximately $50 million. In mid-December, Essential took delivery of its most recent conventional deep coil tubing rig and expects commissioning to be completed prior to December 31. This brings Essential's deep coil tubing fleet to 27, which is Canada's largest deep coil tubing well service fleet.

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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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