Cordy Oilfield Services Inc.

Cordy Oilfield Services Inc.

February 28, 2007 16:22 ET

Cordy Announces Issuance of Additional Common Shares Pursuant to the Market Price Adjustment Provisions

CALGARY, ALBERTA--(CCNMatthews - Feb. 28, 2007) - Cordy Oilfield Services Inc. (the "Corporation") (TSX VENTURE:CKK) announces that it has issued a total of 811,387 common shares of the Corporation ("Cordy Shares") at the deemed price of $4.30 per share, to the former owners of Battle River Oilfield Construction Ltd. ("Battle River") and Hartwell Oilfield Services ("Hartwell" ) pursuant to the market price adjustment provisions, which granted the former owners a right to acquire, for no further consideration, up to an additional 811,387 Cordy Shares based upon the trading price of the Cordy Shares for the 60 day period ending February 1, 2007, contained in the securities purchase agreements whereby the Corporation acquired all of the issued and outstanding securities of Battle River and Hartwell, previously announced on August 1, 2006 and August 4, 2006, respectively. Of these Cordy Shares, 216,979 Cordy Shares were issued to the former owners of Battle River and 594,408 Cordy Shares were issued to the former owners of Hartwell.

Upon completion of the transactions, there are approximately 82,249,310 Cordy Shares of the Corporation issued and outstanding.

The Corporation owns businesses in the oilfield services and construction sectors and is implementing a strategy of growth through acquisition.

The TSX Venture Exchange has not reviewed, and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Cordy Oilfield Services Inc.
    Sid Dutchak
    (403) 266-2067
    For investor relations information:
    Cordy Oilfield Services Inc.
    David Orr
    Vice President - Corporate Development