DALMAC ENERGY INC. TSX Venture: "DAL"
EDMONTON, June 7, 2012 /CNW/ - John Babic, President and CEO of Dalmac Energy Inc. ("Dalmac") (TSXV: DAL) is pleased to announce that revenues for fiscal
2012 ended April 30, 2012 will exceed $35 million. Revenues were
expected to reach $30 million for the year, but higher utilization
rates and increased demand has kept Dalmac running at record levels.
Full 2012 financial results are expected to be released in July 2012.
The Canadian Association of Oilwell Drilling Contractors (CAODC)
Industry recently released its first quarter update highlighting strong
utilization rates for drilling equipment as forecast. The number of
wells projected to be drilled in Dalmac's operating area remains
robust. CAODC further commented that the industry continues to drill
increasingly complex horizontal wells and raised its forecast for
average days per well to 12. These are all extremely positive trends
for Dalmac for the service work associated with getting the new wells
completed and for the trucking and handling of the production in the
post completion phase.
Dalmac has positioned itself to meet the escalating demand for its
services by recently investing over $2.0 million in capital
expenditures to increase the number of pieces of rolling stock
equipment from 169 to 179 and increasing the number of oilfield rental
equipment from 250 pieces to 270. The Company has commenced working
with a number of new clients on substantial drilling programs and
remains committed for the use of the majority of its existing equipment
throughout the remainder of calendar 2012. The new equipment will be
financed through operating cash flow and revolving bank lines.
Management is confident that the positive industry indicators and new
equipment purchases will continue to translate into higher revenues and
earnings for Dalmac in fiscal 2013.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. We seek Safe Harbor.
SOURCE Dalmac Energy Inc.
For further information:
Doren Quinton, President
QIS Capital Corp.
Ph: (250) 377-1182
Fax: (250) 377-1183