05:18 PM EST, 01/27/2025 (MT Newswires) -- Western Energy Services ( WEEEF ) , which saw its shares drop near 4% today, after close of trade Monday announced amendments to its second lien term loan facility with its lender, Alberta Investment Management Corporation (AIMCo), as well as its 2025 capital budget.

A statement noted AIMCo has approved an extension of the maturity date of Western's Second Lien Facility from May 18, 2026 to May 18, 2027.

In conjunction with the Second Lien Facility extension, the maturity date of the syndicated revolving credit facility and the operating facility, are extended by a year automatically by their terms, which is now Nov. 18, 2026 or March 22, 2027. The total commitments under the company's Credit Facilities are unchanged and there were no changes to financial covenants.

Western also announced its 2025 capital expenditure budget of approximately $20 million, which is expected to be comprised of approximately $18 million of maintenance capital, and approximately $2 million of expansion capital -- including approximately $3 million of committed expenditures from 2024 that will carry forward into 2025.

Also, maintenance capital of $18 million includes $15 million in the contract drilling segment and $3 million in the production services segment. Expansion capital of $2 million mainly relates to the contract drilling segment for upgrades on the company's rig fleet.

"Western will continuously monitor the utilization of its fleet, as well as its customer requirements and market conditions, and will adjust the 2025 capital expenditures accordingly," Monday's statement said.