CALGARY, ALBERTA -- (Marketwired) -- 06/06/16 -- Total Energy Services Inc. ("Total") (TSX: TOT) announces that it has increased its 2016 capital expenditure budget from $12.1 million to $17.2 million. This $5.1 million (USD 3.9 million) increase will be directed towards the acquisition of certain oil and gas rental equipment, oilfield transportation equipment and real estate located in the United States.
The oil and gas rental equipment is being acquired on a going-concern basis from Capture Energy Solutions, LLC ("Capture"). The owners of Capture have accepted employment with Total's Rental and Transportation Services division and will be an integral part of the continued growth and development of Total's United States operations.
In conjunction with these asset acquisitions, Total's Rentals and Transportation Services division will be relocating its Minot, North Dakota operations to Watford City, North Dakota. This relocation will better situate Total's operations relative to industry activity and displace a leased facility with an owned facility.
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.
Contacts:
Total Energy Services Inc.
Daniel Halyk
President & CEO
(403) 216-3921
investorrelations@totalenergy.ca
www.totalenergy.ca
