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The 2009 capital program demonstrates Calfrac's continued commitment to augmenting its operational capabilities while maintaining a strong balance sheet through a period of uncertain oilfield service activity on a global basis. As it has done in the past, the Company will continue to evaluate opportunities for adjusting capital investment in 2009 as greater visibility unfolds.
Calfrac is also pleased to announce that its Board of Directors has declared a dividend pursuant to its semi-annual dividend policy. The dividend of $0.05 per common share will be paid on January 15, 2009 to shareholders of record on January 7, 2009.
Calfrac's common shares are publicly traded on the Toronto Stock Exchange under the trading symbol "CFW". Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells drilled throughout western Canada, the United States, Russia, Mexico and Argentina.
The information in this news release contains certain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond Calfrac's control, including the impact of general economic conditions, industry condition, and fluctuations in commodity prices and foreign exchange rates. Calfrac's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits Calfrac will derive from them.
%SEDAR: 00002062E
SOURCE: Calfrac Well Services Ltd.
Douglas R. Ramsay, President and Chief Executive Officer, Telephone: (403) 266-6000, Fax: (403) 266-7381; Laura A. Cillis, Senior Vice President, Finance and Chief Financial Officer, Telephone: (403) 266-6000, Fax: (403) 266-7381; Tom J. Medvedic, Senior Vice President, Corporate Development, Telephone: (403) 266-6000, Fax: (403) 266-7381
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