CWC ENERGY SERVICES CORP. ANNOUNCES 2023 CAPITAL EXPENDITURE BUDGET AND ISSUANCE OF RESTRICTED SHARE UNITS

CALGARY, AB, Dec. 5, 2022 /CNW/ - (TSXV:CWC.VN) CWC Energy Services Corp. ("CWC" or the "Company") is pleased to announce that its Board of Directors have approved a 2023 capital expenditure budget of $26.3 million including $4.0 million of 2022 capital expenditure that will be carried forward into 2023. Of this $26.3 million, $6.7 million is for maintenance and infrastructure capital related to re-certifications, additions and upgrades to field equipment for the drilling rig and service rig divisions as well as information technology infrastructure, with the remaining $15.6 million being for growth capital to complete upgrades to four of the drilling rigs and to purchase additional strings of specialty drill pipe. The 2023 capital expenditures budget is consistent with CWC's commitment to safety and operational efficiency with high quality and well maintained equipment. CWC intends to finance its 2023 capital expenditures budget from operating cashflows.