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BRIEF-PHX Energy Services To Buy Initial Fleet Of Schlumberger Powerdrive

Published 2018-11-05, 08:03 p/m
© Reuters.  BRIEF-PHX Energy Services To Buy Initial Fleet Of Schlumberger Powerdrive

Nov 5 (Reuters) - PHX Energy Services Corp PHX.TO :

* ENTERED INTO AGREEMENT TO PURCHASE AN INITIAL FLEET OF SCHLUMBERGER POWERDRIVE ORBIT ROTARY STEERABLE SYSTEMS

* BOARD OF DIRECTORS HAS APPROVED A PRELIMINARY 2019 CAPITAL EXPENDITURES PROGRAM OF $15 MILLION

* PURCHASE OF THIS INITIAL FLEET IS PART OF CORPORATION'S 2018 CAPITAL EXPENDITURES PROGRAM

* 2019 PROGRAM IS EXPECTED TO BE FINANCED FROM A COMBINATION OF CASH FLOW FROM OPERATIONS AND CO'S UNUSED CREDIT FACILITIES

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