Calfrac announces 2008 capital program and semi-annual dividend



    CALGARY, Dec. 12 /CNW/ - Calfrac Well Services Ltd. ("Calfrac") (TSX-CFW)
has approved a capital budget for 2008 of $29 million. The majority of the
2008 capital program relates to the deployment of an additional multi-pumper
fracturing spread to the Company's United States operating division. The
remaining 2008 capital program is focused on supplementing the pumping
capacity of the Company's U.S. and Russian fracturing fleet. The 2008 capital
budget also includes additional infrastructure required to support the
Company's expanding international operations. Doug Ramsay, President and CEO,
stated "Calfrac's 2008 capital program combined with the recent acquisition of
fracturing assets of a small former Canadian competitor will allow the Company
to pursue further growth opportunities in its U.S. and other international
markets. The capital program also demonstrates Calfrac's commitment to
maintaining a strong balance sheet through a period of lower levels of
activity in Canada."
    The Company is also pleased to announce that the Board of Directors has
declared a dividend pursuant to Calfrac's semi-annual dividend policy. The
dividend of $0.05 per common share will be paid on January 9, 2008 to
shareholders of record on December 21, 2007.

    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




For further information:

For further information: Douglas R. Ramsay, President and Chief
Executive Officer, Telephone: (403) 266-6000, Fax: (403) 266-7381; Tom J.
Medvedic, Senior Vice President, Finance and Chief Financial Officer,
Telephone: (403) 266-6000, Fax: (403) 266-7381


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