Total Energy Services Inc. Increases 2016 Capital Expenditure Budget

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Total Energy Services Inc. Increases 2016 Capital Expenditure Budget

CALGARY, ALBERTA--(Marketwired - Oct 27, 2016) - Total Energy Services Inc. ("Total" or the "Company") (TSX:TOT) announces that it has increased its 2016 capital expenditure budget from $17.2 million to $25.5 million. This $8.3 million increase is primarily directed towards continued growth of Total's Rental and Transportation Services segment in Canada and the United States.

$5.9 million is being invested to grow the Rental and Transportation Services segment's Canadian fluid management business. In addition to the purchase of new equipment, Total has acquired a high quality fleet of eight heavy trucks and trailers that will expand the Company's fluid transportation capabilities in western Canada. In conjunction with this investment, the Company's Rental and Transportation Services segment has established a branch in Saskatoon, Saskatchewan to support existing operations and expand the Company's presence beyond the upstream oil and gas industry.

Total intends to finance its 2016 capital expenditure budget from cash on hand, operating cash flow and, if necessary, its $65 million credit facility which is currently undrawn.

Total is a growth oriented energy services corporation involved in contract drilling services, rentals and transportation services and the fabrication, sale, rental and servicing of natural gas compression and process equipment. The common shares of Total are listed and trade on the TSX under the symbol "TOT".

The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.

Total Energy Services Inc.
Daniel Halyk
President & CEO
(403) 216-3921
investorrelations@totalenergy.ca
www.totalenergy.ca

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).