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.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
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 .
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
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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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.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
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 .
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
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
###
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.
DLC Clearlease currently has the following employment opportunities available: http://clearlease.com/Career-Opportunities.html
About DLC Clearlease
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 .
You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.
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
###