Calfrac Well Services: To Spend $33m to Support Russian and Other International Operations

Calfrac Well Services Ltd is pleased to announce a 2014 capital budget of approximately $120 million. The capital program is focused on maintenance and support capital and additional investment in logistics equipment.  Approximately $33 million of capital is allocated to support Calfrac’s growing international operations, including further investment in coiled tubing and fracturing equipment in Russia and Argentina, as the Company’s outlook for activity in these regions continues to improve. In addition, approximately $20 million remaining from Calfrac’s 2013 capital program is expected to be spent in 2014.

The 2014 capital program reflects Calfrac’s ongoing commitment to maintain its equipment fleet in peak operating condition, while developing further enhancements to service quality and operational efficiency. Calfrac will continue to assess opportunities to strategically expand its operations in a prudent manner and will also continue to evaluate its capital program in order to make any required adjustments as greater visibility unfolds in 2014.

Calfrac is also pleased to announce that its Board of Directors has declared a dividend pursuant to its quarterly dividend policy.  The dividend of $0.25 per common share will be paid on January 15, 2014 to shareholders of record on December 31, 2013.