Mullen says it’s primed for growth

CALGARY — The Mullen Group has approved a $40 million capital expenditure budget for 2010, which will go to business units that are primed for growth or need to sustain capital to meet customer needs.

Funds required for acquisitions, land purchases and other special projects are not included in this budget and will be authorized "as the need arises."

"Based upon our current outlook we believe Mullen Group, through its existing business units, is positioned to generate moderate top-line and bottom-line growth in 2010," said Stephen H. Lockwood, President & Co-CEO, in a press release. "Several of our business units, most notably in the areas of infrastructure investment, oil sands development and production services, continue to experience growth and these are areas where we will concentrate our capital expenditures."

He said the company expects a year over year improvement in drilling activity in western Canada.

While 2009 was focused on navigating the economic storm and "right sizing business units," this year the company is eying growth opportunities, including through acquisition.

This press release may contain forward-looking statements that are subject to risk factors associated with the oil and natural gas business and the overall economy. Mullen Group believes that the expectations reflected in this press release are reasonable, but results may be affected by a variety of variables. Mullen Group relies on litigation protection for "forward-looking" statements.