PHX Energy Services Corp. announced that its Board of Directors has approved the 2015 capital expenditure program of $16.0 million (the program). Given the current state of the industry and the commodity market downturn, PHX Energy has taken a conservative approach to its program and will continually evaluate its expenditures.

If the activity drops below the forecasted levels, the Corporation has the capacity to further lower its budgeted program. The 2015 capital expenditure program is primarily focused on expenditures that will support the growth of higher margin services and differentiate the Corporation in what will be a highly competitive market, with $11.5 million allocated toward new equipment additions that support these initiatives. The remainder of the program is allocated toward maintenance capital.