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Equipment Leasing Reports Essential Energy (TSX:ESN) to expand rig fleet with friendly acquisition of Technicoil (TSX:TEC)

Vancouver, B.C., Canada (April 4, 2011) – Clearlease.com Reports Essential Energy Services Ltd. has a friendly $187-million stock-and-cash deal to acquire Technicoil Corp., a move that it says will diversify its business.

Essential’s (TSX:ESN) shareholders will own about 58 per cent of the combined company, to be called Essential, once the stock swap is completed.

Technicoil (TSX:TEC), shareholders will have the rest, the companies announced Monday.

Calgary-based Essential says the deal will also strengthen its position in coil tubing and nitrogen well services.

Based on Friday closing stock prices, Essential’s offer of 0.711 of a common share and 80 cents cash was worth $2.44 per Technicoil share — a five per cent discount to the recent market price.

“Technicoil shareholders will benefit from being part of a larger entity that has significant growth opportunities in Western Canada, the U.S. and internationally,” said Marvin Clifton, Technicoil’s president and CEO.

Essential is the largest provider of coil tubing and nitrogen well services in Canada — used for some of the newer drilling techniques — and will operate the fifth-largest fleet of conventional rigs in Canada after the acquisition.

“With the majority of new wells in Western Canada being drilled horizontally, and with the expectation that this trend will continue, we believe that the demand for coil tubing well services will continue to see material growth,” said Garnet Amundson, president and chief executive officer of Essential.

“Together with our multi-stage fracturing system, the combination will strengthen Essential’s position as a key player in the market for completions and workovers on horizontal wells,” Amundson said.

“We are also excited about other growth opportunities within the combined business, including the addition of complementary pumping equipment, the expansion of our downhole tools business and our entry into the growing Colombian oil and gas sector.”

Shares in Essential fell 1.7 per cent to $2.27 Monday morning on the Toronto Stock Exchange and Technicoil shares were down two per cent or five cents to $2.52.

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Equipment Leasing Equipment Lease Financing in Vancouver Surrey Delta Richmond Langley New Westminster North Vancouver West Vancouver Calgary Edmonton Kerrisdale Coquitlam Abbotsford B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers, DLC Clearlease is a free service that can qualify you for an automobile or equipment lease finance. You save time and effort by giving DLC Clearlease.com your information just once; DLC Clearlease has partnered with over 100 lenders to offer you the best rates and service, comparable to none. We offer a simple application process available at http://clearlease.com/How-to-Apply.html .

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Essential’s (TSX:ESN) shareholders will own about 58 per cent of the combined company, to be called Essential, once the stock swap is completed.

Technicoil (TSX:TEC), shareholders will have the rest, the companies announced Monday.

Calgary-based Essential says the deal will also strengthen its position in coil tubing and nitrogen well services.

Based on Friday closing stock prices, Essential’s offer of 0.711 of a common share and 80 cents cash was worth $2.44 per Technicoil share — a five per cent discount to the recent market price.

Shares in Essential fell 1.7 per cent to $2.27 Monday morning on the Toronto Stock Exchange and Technicoil shares were down two per cent or five cents to $2.52.

DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html

About DLC Clearlease

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
eMail: [email protected]
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

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Essential’s (TSX:ESN) shareholders will own about 58 per cent of the combined company, to be called Essential, once the stock swap is completed.

Technicoil (TSX:TEC), shareholders will have the rest, the companies announced Monday.

Calgary-based Essential says the deal will also strengthen its position in coil tubing and nitrogen well services.

Based on Friday closing stock prices, Essential’s offer of 0.711 of a common share and 80 cents cash was worth $2.44 per Technicoil share — a five per cent discount to the recent market price.

Shares in Essential fell 1.7 per cent to $2.27 Monday morning on the Toronto Stock Exchange and Technicoil shares were down two per cent or five cents to $2.52.

DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html

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Equipment Leasing Reports Canoel International Energy Ltd. (TSXV:CIL) says it has struck a deal with the holders of C$192,000 in convertible debentures to settle the debtEquipment Leasing Reports Canoel International Energy Ltd. (TSXV:CIL) says it has struck a deal with the holders of C$192,000 in convertible debentures to settle the debtEquipment Leasing Reports Canoel International Energy Ltd. (TSXV:CIL) says it has struck a deal with the holders of C$192,000 in convertible debentures to settle the debt

Vancouver, B.C., Canada (April 4, 2011) – Clearlease.com Reports Junior oil and gas company Canoel International Energy Ltd. (TSXV:CIL) says it has struck a deal with the holders of C$192,000 in convertible debentures to settle the debt by issuing them 1.6 million common shares.

The company said Monday the shares will be transferred at a deemed price of 12 cents each.

In addition, Canoel is providing warrants allowing the holder to buy up to 800,000 additional shares at 17 cents each for one year.

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The company said Monday the shares will be transferred at a deemed price of 12 cents each.

In addition, Canoel is providing warrants allowing the holder to buy up to 800,000 additional shares at 17 cents each for one year.

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The company said Monday the shares will be transferred at a deemed price of 12 cents each.

In addition, Canoel is providing warrants allowing the holder to buy up to 800,000 additional shares at 17 cents each for one year.

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Equipment Leasing Reports Ithaca Energy Inc. (TSXV:IAE) pays US$74.5 million, swaps assets to buy two North Sea oil plays

Vancouver, B.C., Canada (April 4, 2011) – Clearlease.com Reports Ithaca Energy Inc. (TSXV:IAE) will pay US$74.5 million and swap assets with Hess Ltd. to acquire minority interests in two North Sea oil fields.

The Calgary-based company says it has an agreement to acquire a 28.46 per cent interest in the Cook oil field and a 7.41 per cent interest in the Maclure oil field from Hess.

In return, Hess will get the cash and 10 per cent interests in each of three exploration blocks in the southern North Sea.

The Cook oil field, operated by Shell, produced the equivalent of 7,940 barrels of oil per day in 2010, of which 2,260 oil-equivalent barrels per day went to Hess.

The Maclure oilfield, operated by BP, produced 5,857 oil-equivalent barrels per day in 2010, of which 434 boepd was Hess’s share. The acquisition is subject to pre-emptive rights held by third parties.

Ithaca said it will fund the acquisition from existing cash. The company also expects to increase its debt facilities to US$185 million from US$140 million.

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Equipment Leasing Reports Oil above $108 in Asia as improving US jobs market boost optimism (TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)

Equipment Leasing Reports Oil above $108 in Asia as improving US jobs market boost optimismEquipment Leasing Reports Oil above $108 in Asia as improving US jobs market boost optimismEquipment Leasing Reports Oil above $108 in Asia as improving US jobs market boost optimism

Vancouver, B.C., Canada (April 4, 2011) – Clearlease.com Reports Oil prices jumped to fresh 30-month highs above US$108 a barrel Monday in Asia as signs of a recovering U.S. jobs market bolstered investor optimism that global crude demand will strengthen.

Benchmark crude for April delivery was up 53 cents at $108.47 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose $1.22 to settle at $107.94 on Friday.

In London, Brent crude for April delivery was up 75 cents to $119.31 a barrel on the ICE Futures exchange.

The U.S. said Friday its economy added 216,000 new jobs last month and the unemployment rate dropped to 8.8 per cent, boosting trader confidence that more workers will help fuel consumer spending.

Investors are also closely watching Libya, where a standoff is developing as forces loyal to Moammar Gadhafi control most of the western half of the OPEC nation while rebels have seized most of the eastern coast.

On Sunday, a Gadhafi envoy told Greece’s prime minister that the Libyan leader was seeking a solution to his country’s crisis two weeks after his government’s attacks to put down a rebellion drew international airstrikes.

Some analysts say oil prices — which have jumped about 29 per cent since Feb. 15 — will likely begin to fall unless the U.S. announces a major new program to provide cheap money or violent protests spread in the Middle East and North Africa.

“For prices to continue their ascent, a new event or exacerbation of existing events will be necessary,” said Richard Soultanian of NUS Consulting. “Should this come to pass, we believe prices will spike.”

In other Nymex trading in April contracts, heating oil rose 1.5 cents to $3.15 a gallon and gasoline added 1.6 cents to $3.17 a gallon. Natural gas futures were down 4.8 cents at $4.31 per 1,000 cubic feet.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)

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In London, Brent crude for April delivery was up 75 cents to $119.31 a barrel on the ICE Futures exchange.

The U.S. said Friday its economy added 216,000 new jobs last month and the unemployment rate dropped to 8.8 per cent, boosting trader confidence that more workers will help fuel consumer spending.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)

DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html

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In London, Brent crude for April delivery was up 75 cents to $119.31 a barrel on the ICE Futures exchange.

The U.S. said Friday its economy added 216,000 new jobs last month and the unemployment rate dropped to 8.8 per cent, boosting trader confidence that more workers will help fuel consumer spending.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS.UN), (TSX:CVE)

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Equipment Leasing Reports Vivendi to buy Vodafone’s stake in SFR, giving it full control of French mobile operator for 7.95 billion euros ($11.3 billion).

Vancouver, B.C., Canada (April 4, 2011) – Clearlease.com Reports Vivendi SA said Sunday it agreed to acquire Vodafone Group PLC’s 44 per cent stake in French mobile operator SFR for 7.95 billion euros ($11.3 billion).

The long-anticipated deal will give Vivendi full control of the company, which generates more revenue for the conglomerate than any other division. Vivendi already owns a 56 per cent stake in SFR.

Jean-Bernard Levy, chairman of Vivendi, said in a statement late Sunday that the purchase will help the telecommunications and entertainment giant focus on profitable growth and innovation.

“The transaction will create a significant increase in Vivendi’s adjusted net income, enabling us to raise the dividend to our shareholders,” he said. Vivendi said the price represents 6.2 times SFR’s earnings before interest, taxes, depreciation and amortization.

The deal is expected to be completed by June. As part of the transaction, SFR and Vodafone will extend their joint commercial co-operation for another three years.

Vodafone, one of the world’s largest wireless providers, has been under pressure from shareholders to unload some of its minority-owned assets. Late last year, the company said it has been cutting its operating sectors from three to two, and moving minority stakes outside those new divisions.

Vivendi’s Levy told reporters last month on the sidelines of a media conference in the Emirati capital Abu Dhai that it had the financial means to take full control of SFR. Vivendi sold its remaining stake in NBC Universal to General Electric Co. earlier this year. It received a total of $5.8 billion for its 20 per cent interest in the U.S. company, which owns U.S. broadcast network NBC, the Universal Pictures movie studio and related theme parks and a number of cable channels. The deal laid the groundwork for cable giant Comcast Corp.’s takeover of NBC Universal.

Vivendi operates a range of businesses, including Universal Music, the record label behind Eminem, Lady Gaga and Justin Bieber and Rihanna. It also controls video game maker Activision Blizzard, Brazilian telecom company GVT and Canal Plus television.

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Equipment Leasing Reports Vivendi to buy Vodafone's stake in SFR, giving it full control of French mobile operator for 7.95 billion euros ($11.3 billion).

The long-anticipated deal will give Vivendi full control of the company, which generates more revenue for the conglomerate than any other division. Vivendi already owns a 56 per cent stake in SFR.

Jean-Bernard Levy, chairman of Vivendi, said in a statement late Sunday that the purchase will help the telecommunications and entertainment giant focus on profitable growth and innovation.

The deal is expected to be completed by June. As part of the transaction, SFR and Vodafone will extend their joint commercial co-operation for another three years.

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The long-anticipated deal will give Vivendi full control of the company, which generates more revenue for the conglomerate than any other division. Vivendi already owns a 56 per cent stake in SFR.

Jean-Bernard Levy, chairman of Vivendi, said in a statement late Sunday that the purchase will help the telecommunications and entertainment giant focus on profitable growth and innovation.

The deal is expected to be completed by June. As part of the transaction, SFR and Vodafone will extend their joint commercial co-operation for another three years.

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Dominion Lending Centres Equipment Leasing Reports Minmetals Resources (1208.HK) to make C$6.3B takeover bid for Equinox (TSX:EQN), Lundin (TSX:LUN)

Vancouver, B.C., Canada (April 4, 2011) – Clearlease.com Reports Equinox Minerals Ltd.’s hostile bid for Lundin Mining took a dramatic turn Sunday after China’s Minmetals Resources Ltd. said it intends to launch a C$6.3 billion hostile bid for Equinox.

The Hong Kong unit of China’s largest metals traders said it will offer $7 per share, which represents a 23 per cent premium to the closing price of Equinox (TSX:EQN) shares on the Toronto Stock Exchange on Friday, April 1st.

Minmetal’s CEO Andrew Michelmore urged Equinox shareholders to reject the Australia-based copper miner’s bid for Lundin (TSX:LUN), a bid that caused Lundin’s planned merger with Inmet Mining to fall apart last month.

“In order to take advantage of MMR’s forthcoming offer, Equinox shareholders should reject the Lundin acquisition at the shareholders’ meeting on April 11 and tender their shares into MMR’s offer,” Michelmore said Sunday in a news release.

The company said the proposed acquisition fits with its strategy to focus on upstream base metals businesses, substantially increases its copper exposure, and expands its production profile.

It also marks Minmetals’ first investment in the African copper belt and the Middle East and the company said investment in both regions is consistent with its long-term strategic growth plans.

Minmetals said the offer will be financed through a combination of existing cash reserves, long-term credit facilities from Chinese banks and equity including financial investments in the company by Chinese institutions.

It also said that the offer has the support of its largest shareholder, China Minmetals Corp.

“We regard this transaction as an important next step in Minmetals Resources’ transformation into a leading upstream base metals company,” said Zhou Zhongshu, the president of China Minmetals Corp.

Minmetal said it expects to formally make the offer to Equinox shareholders within three weeks.

Equinox confirmed late Sunday that it was aware of the Minmetal announcement.

“The board of directors of Equinox will be meeting to consider this unsolicited proposal, and will comment further following careful consideration of the terms and implied value for Equinox,” the company said in a news release.

Equinox has offered $8.10 per Lundin share in cash or 1.2903 Equinox shares plus a penny for each share. The amount of cash is limited to $2.4 billion, while the number of shares offered is capped at 380 million. Under the Equinox deal, current Lundin shareholders would have owned about 30 per cent of the new Equinox.

The Equinox offer has been repeatedly criticized for the amount of money the company will have to borrow to make its offer.

Equinox’s main asset is the Lumwana copper mine in Zambia, one of the largest new copper mines to be developed globally over the last few years.