Calgary, Alberta--(Newsfile Corp. - April 19, 2021) - Trican Well Service Ltd. (TSX: TCW) ("Trican" or the "Company") is pleased to announce that it will build and operate the first next generation, low emissions fracturing spread in Canada. As a fundamental component of our ESG strategy, Trican will upgrade our existing pumping equipment with CAT Tier 4 dynamic gas blending ("DGB") engines that will provide a leading-edge reduction in emissions and lower fuel costs for our industry. Once completed this fall, this CAT Tier 4 DGB upgraded fracturing spread will be deployed for Tourmaline Oil Corp ("Tourmaline") in Northeastern British Columbia and Northwestern Alberta for the next three years.
Trican successfully completed its field trial of the new Tier 4 engine technology during the first quarter of 2021. The Tier 4 DGB engine displaces 85% of diesel with clean burning natural gas, reducing CO2 and particulate matter emissions. Combined with Trican's idle reduction technology, this fleet will lower overall fuel consumption and emissions, improving the sustainability of our operations.
"Trican is committed to meeting the needs of our customers while supporting the responsible and sustainable development of Canada's hydrocarbon resources," stated Brad Fedora, Trican's President & Chief Executive Officer. Mr. Fedora also noted that, "These upgrades to Trican's existing equipment will create the lowest emission fracturing spread in Canada, providing a transformational improvement in our service offering. This is a key initiative in our ESG strategy and our commitment to being a leader in providing our customers with the technology and services that reduce the industry's impact on the environment."
Michael Rose, President & Chief Executive Officer of Tourmaline commented, "We are very pleased to work with Trican to develop and use new technology that further supports Tourmaline's efforts to help Canada produce the net cleanest natural gas in the World."
Trican expects that these upgrades, together with our normal course maintenance capital requirements for 2021, will result in a total capital program of approximately $40 million for 2021. The Company anticipates that the 2021 capital program will be funded from a combination of cash on hand and free cash flow.
FORWARD-LOOKING STATEMENTS
Certain statements and other information contained in this press release constitute "forward-looking information" and/or "statements" within the meaning of applicable Canadian securities legislation (collectively "forward-looking statements"), including, but not limited to, statements regarding the timing for completion of the upgrades, performance of the new Tier 4 engine technology and the deployment of the Tier 4 fracturing spread. All statements in this press release other than those relating to historical facts or current conditions are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "estimate", "expect", "intend", "contemplate", "plan", "planned" "intend", "continue", "propose", "might", "may", "will", "shall", "project"', "should"', "could", "would", "believe", "predict", "forecast", "pursue", "potential", "capable", and other similar terms and phrases. These forward-looking statements involve known and unknown risks, uncertainties, and other factors (many of which are beyond our control) that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in these forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. Therefore, the forward-looking statements included in this press release should not be unduly relied upon.
These forward-looking statements speak only as of the date of this news release. Except as required under applicable Canadian securities legislation, Trican disclaims any intention or obligation to update or revise any forward-looking statements in this press release as a result of new information, future events or otherwise.
Additional information regarding Trican, including Trican's most recent Annual Information Form, is available under Trican's profile on SEDAR (www.sedar.com).
ABOUT TRICAN
Headquartered in Calgary, Alberta, Trican provides a comprehensive array of specialized products, equipment and services that are used during the exploration and development of oil and gas reserves.
Requests for further information should be directed to:
Bradley P.D. Fedora
President and Chief Executive Officer
E-mail: investors@trican.ca
Phone: (403) 266-0202
Fax: (403) 237-7716
2900, 645 - 7th Avenue S.W.
Calgary, Alberta T2P 4G8
Please visit our website at www.tricanwellservice.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/80785
