2011-06-17-2011-05-31-2011-05-31

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
CA$98.3MM
Description

Acquired well servicing and drilling service company operating in Western Canada, gaing 17 coiled tubing service rigs, 9 mobile free-standing conventional service rigs, & 5 hybrid-drilling rigs.

Essential Energy Services Ltd., Calgary, (Toronto: ESN) has acquired Technicoil Corp., Calgary, (Toronto: TEC) for approximately C$98.3 million in stock.

Essential issued 0.7111 Essential share per Technicoil share, acquiring 72.75 million shares outstanding.

Technicoil provides well servicing and drilling services in the Western Canadian Sedimentary Basin. The well-servicing division is comprised of 17 coiled tubing service rigs and nine mobile free-standing conventional service rigs. The drilling division is comprised of five hybrid-drilling rigs.

The combined assets strengthen Essential's position as the largest provider of coil tubing well services in Canada and it now operates the sixth largest fleet of conventional well-service rigs in the Canadian market.