Strad Energy Services Updates Normal Course Issuer Bid

CALGARY, Alberta, March 06, 2018 (GLOBE NEWSWIRE)

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Strad Energy Services Ltd. (“Strad” or the “Corporation“) (TSX:SDY) today announced that it purchased 1,000,000 shares at a cost of $1.50 per share under its Normal Course Issuer Bid (“NCIB”). The NCIB commenced on September 14, 2017, and as at the date hereof, Strad has invested $1.7 million repurchasing an aggregate of 1,121,800 common shares at an average cost of $1.50 per share. Strad may still purchase an additional 1,878,837 common shares until the end of the program on September 13, 2018, and expects to continue to do so, subject to available excess cash flow and trading restrictions that may arise due to ongoing corporate activities.

Strad maintains a strong balance sheet with a funded debt position at year end December 31, 2017, of $9.8 million and a funded debt to 2017 EBITDA ratio of 0.4. In addition, Strad previously announced a capital expenditure budget for 2018 of $8.0 million. Management expects to continue to allocate a portion of 2018 free cash flow to the NCIB program as well as to any growth or acquisition opportunities that enhance shareholder value.

About Strad Energy Services Ltd.

Strad is a North American energy services company that provides rental equipment and matting solutions to the oil and gas and energy infrastructure sectors.  Strad focuses on providing complete customer solutions in Canada and the United States.

Strad is headquartered in Calgary, Alberta, Canada.  Strad is listed on the Toronto Stock Exchange under the trading symbol “SDY”.

For more information, please contact

Strad Energy Services Ltd.
Andy Pernal
President & Chief Executive Officer
(403) 775-9202
Email: 

Strad Energy Services Ltd.
Michael Donovan
Chief Financial Officer
(403) 775-9221
Email: