Essential Energy Services Announces Patent Litigation Win and Its 2020 Capital Budget - Seite 2

2020 CAPITAL BUDGET
Essential set its 2020 capital budget at $5 million, with spending focused on maintenance capital. The budget is at an appropriate level to maintain the current fleet in good working order. Essential expects to fund the capital budget with cash flow from operations. The Board of Directors will review the budget at regular intervals throughout 2020, with the potential to increase it for additional investment or maintenance capital, should market demand dictate.

FORWARD LOOKING STATEMENTS AND INFORMATION
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: the cost recovery process, the 2020 capital budget and source of funding for the capital budget.

Although Essential believes that the material factors, expectations and assumptions informing such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results and such statements are not guarantees of future performance. Essential’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements.

Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: Essential pursuit of cost recovery and timing of the same, the timing for the release of the Federal Court of Canada’s decision to quantify Trial Costs, Essential’s 2020 capital budget and funding of the capital budget with cash flow from operations, Essential’s ongoing review of its capital budget and certain other risks detailed from time to time in Essential's public disclosure documents including, without limitation, those risks identified in this news release, and in Essential's annual information form, copies of which are available on Essential's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.