Oil Patch Update

Pure Energy Services Ltd. has announced it has approved an increase of more than 19 million dollars to its 2008 capital budget, with 3.3 million relating to its Canadian Completion Services segment.

To that end, the approved capital expenditures include the acquisition of three high pressure production testing units from an unnamed competitor, to be stationed in Fort St. John. In addition, a logging and perforating derrick unit will be transferred to this area by the oilfield services company, which provides completion and drilling related services to oil and gas exploration and development entities.

Meanwhile, speaking of oil and gas exploration, the September sale of Oil and Gas rights in Northeastern BC is scheduled for today. The province has already registered a calendar year record in bonus bids of more than two billion dollars.

More than half that total has come in the previous two months, with sales totaling more than 610 million in July and 502 million in August, the two largest monthly sales in provincial history.