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Strad Energy Services Announces 2018 Capital Expenditure Program and Update to its Normal Course Issuer Bid

CALGARY, Alberta, Dec. 21, 2017 (GLOBE NEWSWIRE) --

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Strad Energy Services Ltd., (TSX:SDY) ("Strad" or the "Company"), a North American-focused, energy services company, has approved a 2018 capital expenditure program of $8.0 million which includes $5.0 million for replacement matting, $1.5 million in information technology upgrades and $1.5 million of other maintenance capital. The Company intends to finance the 2018 capital program from operating cash flow.

Strad will continue to prudently evaluate capital opportunities in 2018 and will assess the size of the capital program from time to time based on industry conditions and customer demand similar to the Company’s approach to capital allocation in 2017. Strad’s current financial position and free cash flow generation provide significant flexibility to pursue additional opportunities that may arise during the year.

The Company commenced an NCIB program on September 14, 2017, and as of the date hereof, Strad has repurchased 112,000 shares at an average cost of $1.49 per share for a total investment of $167,100. Strad can still purchase an additional 2,893,537 shares prior to September 13, 2018. Management expects to continue to allocate a portion of excess free cash flow to the NCIB program in 2018.

ABOUT STRAD ENERGY SERVICES LTD.

Strad is a North American energy services company that provides rental equipment and matting solutions to the oil and gas and energy infrastructure sectors. Strad focuses on providing complete customer solutions in Canada and the United States.

Strad is headquartered in Calgary, Alberta, Canada.  Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".

For more information, please contact:

Strad Energy Services Ltd.
Andy Pernal
President and Chief Executive Officer
(403) 775-9202
Fax: (403) 232-6901
email: apernal@stradenergy.com

Strad Energy Services Ltd.
Michael Donovan
Chief Financial Officer
(403) 775-9221
Fax: (403) 232-6901
Email: mdonovan@stradenergy.com

www.stradenergy.com

 

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