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Essential Energy Services Announces Conservative Capex
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Essential Energy Services Ltd. has announced its 2015 capital budget of $21 million, comprised of $13 million growth capital and $8 million maintenance capital.
Garnet Amundson, President and Chief Executive Officer of Essential said: "In light of expectations for an industry slowdown in 2015, we have set a conservative capital budget.
Despite relatively low capital spending in 2015, with the recent equipment additions and equipment expected in 2015, we will experience significant growth in our fleet of masted coil tubing rigs that are suitable for completion and production work on some of the industry's longest horizontal wells. As 2015 progresses, we will monitor industry activity and may adjust the capital program as appropriate."
The $13 million growth capital will be primarily focused…
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