Total Energy Services Inc. Announces Closing of DC Energy Services Acquisition
JAN 15, 2010 - 15:58 ET
CALGARY, ALBERTA--(Marketwire - Jan. 15, 2010) - Total Energy Services Inc. ("Total") (TSX:TOT) is pleased to announce that it has completed the previously announced acquisition of the oilfield equipment rentals, fluid services and management and oilfield equipment transportation business of DC Energy Services Inc., through the purchase of DC Energy Services LP and its general partner, DCES GP Corp. (collectively "DC Energy"), for $44.5 million. The purchase price was paid as to $32.0 million cash and $12.5 million through the issuance of an unsecured convertible debenture (the "Debenture") bearing interest at 5% per annum and maturing on June 30, 2012. The Debenture is convertible into common shares of Total at a conversion price of $7.00 per share.
DC Energy conducts business throughout western and northern Canada and Alaska through seven primary locations and several satellite locations. DC Energy's asset base is complementary to Total's existing equipment fleet and includes approximately 3,600 pieces of rental equipment, 20 heavy trucks and 59 trailers.
With the addition of DC Energy's assets, Total currently owns and operates approximately 8,100 pieces of rental equipment, 94 heavy trucks and 190 trailers.
Total is a growth oriented energy services corporation involved in contract drilling services, drilling and production rentals and natural gas compression equipment fabrication, sales, rental and service. The common shares of Total are listed and trade on the TSX under the symbol "TOT".
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
FOR FURTHER INFORMATION PLEASE CONTACT:
Total Energy Services Inc.
Daniel Halyk
President & CEO
(403) 216-3921
or
Total Energy Services Inc.
Mark Kearl
VP Finance and CFO
(403) 216-3920
This e-mail address is being protected from spambots. You need JavaScript enabled to view it
www.totalenergy.ca |
