CALGARY, June 24, 2013 /CNW/ - (TSX: FRC) Canyon Services Group Inc. ("Canyon") provides the following update on the flood situation in Southern Alberta.
It is expected that the Calgary head office will reopen Wednesday, June 26. No ongoing delays are expected in the head office as it does not appear that there was any damage to the building. Canyon did not experience any systems interruptions as its main servers are located offsite in an area of Calgary that experienced no flooding or power disruptions. Until the office re-opens later this week, the Calgary based staff continue to operate via offsite and home computer system access. Client frac satellite services are working via remote computer access.
Other than the head office, all field operating bases are operating as per usual, and have not been adversely impacted. Field operations are continuing although delays are expected as our clients in the Calgary downtown area have not had office access and likely will not become operational until after the Canada Day weekend. In the month of June, most of the significant field delays being experienced throughout the basin are due to typical seasonal rain. Any work postponed from Q2 will be completed in the remainder of this year, likely in Q3.
Fortunately, only six Canyon staff were evacuated from their homes due to flooding. All have found accommodations with family and friends.Canyon continues to support the community in its restoration efforts and has dispatched people and equipment to aid in the rebuilding process. Canyon's common shares trade on the Toronto Stock Exchange under the symbol "FRC". Canyon provides high-quality fracturing and related stimulation services to the oil and gas industry in the Western Canadian Sedimentary Basin.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV