Enseco Energy Acquires Bakken-Focused Directional Drilling Co. For $2.35MM

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
$2.3MM
Description

To acquire privately held directional drilling co. with operations in N.D., Wyo.

Enseco Energy Services Corp., Calgary, (Toronto: ENS) plans to acquire a privately held directional drilling company with operations in North Dakota and Wyoming for US$2.35 million.

The purchase price includes US$1.5 million in cash payable at closing.

The company to be acquired operates seven measurement-while-drilling (MWD) kits and related equipment, primarily in the Bakken share of North Dakota. The company's management team, as well as its sales teams in Houston and Denver, is expected to remain with Enseco.

Closing is expected by June 14.

Enseco says it has also acquired six additional MWD kits and 28 motors, which is says will be delivered by third-quarter 2010.