Cordy Oilfield Services Inc.
TSX VENTURE : CKK

Cordy Oilfield Services Inc.

January 27, 2006 20:00 ET

Cordy Oilfield: Execution of Share Purchase Agreements for the Acquisition of Calgary Septic Co. Ltd., Mesken Contracting Ltd., NWP Construction Ltd. and Coverall Pipeline Construction Ltd.

CALGARY, ALBERTA--(CCNMatthews - Jan. 27, 2006) -

UPDATE REGARDING DBC CONTRACTORS LTD. AND NOHELS GROUP INC.

CORDY OILFIELD SERVICES INC. (TSX VENTURE:CKK) (the "Corporation") is pleased to announce that it has entered into definitive share purchase agreements for the purchase (collectively, the "Transactions") of all of the issued and outstanding securities of each Calgary Septic Co. Ltd. ("Calgary Septic"), Mesken Contracting Ltd. ("Mesken"), NWP Construction Ltd. ("NWP") and Coverall Pipeline Construction Ltd. ("Coverall"). The Corporation anticipates completing the Transactions on January 31, 2006. Upon completion of the Transactions each of Calgary Septic, Mesken, NWP and Coverall will be wholly owned operating subsidiaries of the Corporation and the Corporation's business will be that of Calgary Septic, Mesken, NWP and Coverall.

The TSX Venture Exchange ("Exchange") has conditionally accepted the Transactions as a Change of Business of the Corporation. Final acceptance of the Transactions by the Exchange is subject to the Corporation fulfilling all of the requirements of the Exchange, including obtaining the written consent to the Transactions from shareholders of the Corporation holding not less than 50% plus 1 of the issued and outstanding common shares of the Corporation.

A copy of the Filing Statement prepared by the Corporation disclosing the additional information regarding each of the Corporation, Calgary Septic, Mesken, NWP and Coverall and the terms of the Transactions may be found on SEDAR at www.sedar.com.

Pursuant to the policies of the Exchange, Blackmont Capital Inc. is acting as sponsor with respect to the Transactions. An agreement to sponsor should not be construed as any assurance with respect to the merits of the Transactions.

The Corporation continues to conduct its due diligence with respect to its acquisition of DBC Contractors Ltd. and Nohels Group Inc.

The Exchange has in no way passed upon the merits of the Transactions and has neither approved nor disapproved of the contents of this press release.

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

Contact Information

  • Cordy Oilfield Services Inc.
    Sid Dutchak
    President
    (403) 242-6041
    (866) 854-8075 (FAX)
    or
    For investor relations information:
    Cordy Oilfield Services Inc.
    David Orr
    Vice President - Corporate Development
    Email: dorr@cordy.ca
    Website: www.cordy.ca