Cordy Oilfield Services Inc.
TSX VENTURE : CKK

Cordy Oilfield Services Inc.

April 03, 2006 11:44 ET

Cordy Oilfield Services Inc.: Completion of Acquisition of Nohels Group Inc. and Top Notch Oilfield Services Ltd.

CALGARY, ALBERTA--(CCNMatthews - April 3, 2006) - CORDY OILFIELD SERVICES INC. (the "Corporation") (TSX VENTURE:CKK) is pleased to announce that it has today completed the purchase, directly or indirectly, (collectively, the "Transactions") of all of the issued and outstanding securities of each of Nohels Group Inc. ("Nohels") and Top Notch Oilfield Services Ltd. ("Top Notch").

Upon completion of the Transaction, there are issued and outstanding approximately 57.8 million common shares ("Cordy Shares") of the Corporation.

Nohels

Nohels, through its wholly-owned subsidiaries, carries on the business of supplying heavy equipment to the mining, earth moving and land development industries in the Elk Valley of British Columbia's Kootenay Region.

The Corporation indirectly acquired all of the issued and outstanding securities of Nohels in consideration of $4.16 million paid in cash and by the issue of 5.6 million Cordy Shares issued at the deemed price of $1.65 per share. Concurrently with the completion of the acquisition of Nohels, the Corporation issued to employees and consultants of Nohels a total of 600,000 options to acquire Cordy Shares with an exercise price of $1.65 per share.

Top Notch

Top Notch specializes in small diameter pipeline and facilities construction throughout Alberta and has been in business for over 13 years.

The Corporation acquired, directly or indirectly, all of the issued and outstanding securities of Top Notch for consideration of $4.15 million paid in cash and by the issue of 1,383,333 Cordy Shares issued at the deemed price of $3.30 per share. Concurrently with the completion of the acquisition of Top Notch, the Corporation issued to employees and consultants of Top Notch a total of 400,000 options to acquire Cordy Shares with an exercise price of $3.30 per share.

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 Transactions are subject to approval by the Exchange.

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

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 & CEO
    (403) 266-2067
    (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