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Kodiak Energy Services Ltd., Calgary, (Toronto Venture: KES) has entered into an asset purchase agreement with Gregory and Sandra Wadsworth in which Kodiak will sell certain assets, properties and rights related to the reclamation division of its business for C$1.3 million.
The sale will allow the company to reduce debt, lower future cash flow obligations and return to profitability. It also enables Kodiak to recapitalize and concentrate on its business plan to focus on the site remediation and waste transportation.
Mullen Transportation Inc., Aldersyde, Alberta, (Toronto: MTL) has acquired Northern Underwater Systems Ltd. in an-all cash transaction. NUS provides inland water-related services to oil and gas, oil-sands and industrial customers.
NUS' operations are focused primarily in western Canada through its offices in Edmonton, Calgary and Fort McMurray, Alberta; Yellowknife, Northwest Territories; and Trail, British Columbia.
T-3 Energy Services Inc., Houston, (Nasdaq: TTES) has acquired Oilco Group of Canada for approximately $10 million in cash. The acquisition includes Oilco Equipment Ltd., Oilco Enterprises Ltd., Alberta Rubber Products Inc. and Oilco Services & Supply Ltd. The companies manufacture accumulators, remanufacture blowout preventors, perform field services on both accumulators and blowout preventors and manufacture rubber goods used in oilwell control. The acquisition was funded from T-3's working capital and the use of its senior and subordinated long-term debt credit facilities.
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