CALGARY, May 24, 2012 /CNW/ - IROC Energy Services Corp. ("IROC" or the "Corporation") (TSXV: "ISC") is pleased to announce the Board of Directors has approved an increase of $8.4 million to the previously announced 2012 capital budget, bringing the total 2012 capital budget to $29.4 million. The additional capital is expected to be used to construct three new service rigs with delivery of the first rig expected in third quarter and the last two expected for delivery in the fourth quarter 2012. With the addition of these rigs, IROC, through its Eagle Well Servicing division, will exit the year with 50 rigs, operating from bases in Alberta and Saskatchewan.
Tom Alford, President and CEO of IROC stated, "Due to continuing customer demand we feel it is prudent to increase our service rig construction program, meeting those needs with build to suit equipment."
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides products, services and equipment to the oil and gas industry that is among the newest and most innovative in the WCSB. IROC Energy Services Partnership operates under the business names of Eagle Well Servicing, Aero Rental Services and Helix Coil Services. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in the following core areas: well servicing & equipment, rental services and coil tubing services. For more information on IROC Energy Services Corp., visit our website at www.iroccorp.com.
Cautionary Statement Regarding Forward Looking Information and Statements
Certain information contained in this news release, including information related to the Corporation's level of utilization, future capital expenditures, anticipated equipment counts and information or statements that contain words such as "forecasted", "could", "should", "can", "anticipate", "expect", "believe", "will", "may", "likely", "estimate", "predict", "potential", "continue", "maintain", "retain", "grow", and similar expressions and statements relating to matters that are not historical facts, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. This information or these statements are based on certain assumptions and analysis made by the Corporation in light of its experience and its perception of historical trends, current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances, and the statements contained in this news release speak only as of the date hereof.
Whether actual results, performance or achievements will conform to the Corporation's expectations and predictions is subject to a number of known and unknown risks and uncertainties which could cause actual results to differ materially from the Corporation's expectations. Such risks and uncertainties include, but are not limited to: fluctuations in the price and demand for oil and natural gas; fluctuations in the level of oil and natural gas exploration and development activities; fluctuations in the demand for well servicing and ancillary oilfield services; capital market liquidity available to fund oil and gas exploration and development programs; the effects of seasonal and weather conditions on operations and facilities; the highly competitive operating environment inherent in well servicing and ancillary oilfield services; general economic, market or business conditions; changes in laws or regulations; the availability of qualified operational and management personnel; currency exchange and interest rate fluctuations; uncertainties associated with regulatory approvals; uncertainty of government policy changes; uncertainties associated with credit facilities and counterparty credit risk; changes in income tax laws or changes in tax laws, crown royalty rates and incentive programs relating to the oil and gas industry; risks associated with government regulations and environmental health and safety matters; and other unforeseen conditions which could impact the use of equipment and services supplied by IROC.
Consequently, all of the forward-looking information and statements made in this news release are qualified by this cautionary statement and there can be no assurance that the actual results will be realized. Except as may be required by law, the Corporation assumes no obligation to update publicly any such forward-looking information and statements, whether as a result of new information, future events, or otherwise.
This press release is not for dissemination in United States or to any United States news services. The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws and are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
IROC Energy Services Corp.
Mr. Thomas M. Alford, President and CEO
Mr. Ryan Michaluk, Chief Financial Officer
Telephone: (403) 263-1110