OKOTOKS, AB, Jan. 13 /CNW/ - (TSX - MTL) Mullen Group Ltd. ("Mullen Group" and/or the "Corporation") announced
today its intention to pay annual dividends of One Dollar per Common
Share over the course of 2011. Consistent with past practice, the
Board will determine on a quarterly basis the amount of and record date
for the quarterly dividends.
"The return of confidence in the financial system accompanied by the
economic recovery and higher crude oil prices are all good news and
provide the opportunity for growth as we enter 2011. We have a strong
balance sheet, cash available to fund future growth initiatives and a
business that generates cash in excess of our operating and financing
requirements. As such, we believe that the time is right to reward our
shareholders with an increase in our dividend. Our current target is
to increase the annual dividend to $1.00 per share starting in 2011.
As in the recent past, our dividends will occur on a quarterly basis
and in amounts approved at the time by our Board", stated Murray K.
Mullen, Chairman and Chief Executive Officer.
Mullen Group also announced today that it has approved a $50.0 million
capital expenditure budget for 2011. This amount does not include any
capital that may be required in 2011 for acquisitions, land purchases
and other special projects.
"Our current economic outlook leads us to believe that Mullen Group,
through its existing business units, is well positioned to grow in
2011. A number of our business units, specifically those involved in
the areas of infrastructure investments, production services and oil
sands operations, will continue to experience higher growth rates and
this is where we intend to concentrate our capital expenditures in
2011. In addition, as drilling activity in western Canada grows we
will continue to deploy new capital to capitalize on the increase in
multi frac wells that is occurring", stated Stephen H. Lockwood,
President and Co-Chief Executive Officer.
This press release may contain forward-looking statements that are
subject to risk factors associated with the oil and natural gas
business and the overall economy. Mullen Group believes that the
expectations reflected in this press release are reasonable, but
results may be affected by a variety of variables. Mullen Group relies
on litigation protection for "forward-looking" statements.
Mullen Group is a company that owns a network of independently operated
businesses. Today the Mullen Group is recognized as the largest
provider of specialized transportation and related services to the oil
and natural gas industry in western Canada and as one of the leading
suppliers of trucking and logistics services in Canada - two sectors of
the economy in which Mullen Group has strong business relationships and
industry leadership. Mullen Group provides management and financial
expertise, technology and systems support to its independent
businesses. Mullen Group is a publicly traded corporation listed on
the Toronto Stock Exchange under the symbol "MTL". Additional
information is available on our website at www.mullen-group.com.
SOURCE Mullen Group Ltd.
For further information:
Mr. Murray K. Mullen - Chairman and Chief Executive Officer
Mr. Stephen H. Lockwood - President and Co-Chief Executive Officer
121A, 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Tel: (403) 995-5200
Fax: (403) 995-5296