CALGARY — Strad Energy Services Ltd. (TSX:SDY) said Tuesday it has approved a $72-million capital spending program for 2012. The Calgary-based oilfield services company said “substantially all” of the money will go towards developing new opportunities, with half of them targeted for the United States. “The company continues to experience excellent demand for its equipment in both Canada and the U.S,” said president Andy Pernal in a release.
“Our disciplined capital allocation model will . . . ensure a measured approached is taken in this volatile macro environment.” Strad provides drilling rental equipment and production services to the oil and natural gas industry in the Western Canada sedimentary basin and throughout the United States.