Divestco Inc.

Divestco Inc.

December 02, 2011 16:58 ET

Divestco Announces Partial Surrender of Its Premises Lease

CALGARY, ALBERTA--(Marketwire - Dec. 2, 2011) - Divestco Inc. (TSX VENTURE:DVT) ("Divestco" or the "Company") announces that it has entered into an agreement for the partial surrender of its current office space lease. The agreement provides for three floors of office space, covering approximately 65,000 square feet, being surrendered to the landlord and leased to a new tenant. The surrender of each floor will occur on December 31, 2011, January 31, 2012 and December 31, 2012, respectively. The assumption of the lease obligations for each floor will occur on January 1, 2012, February 1, 2012 and January 1, 2013 respectively.

In February 2011, Divestco entered into an agreement for the partial surrender of two other floors covering approximately 43,000 square feet. The floors were surrendered on April 1, 2011 and the lease obligations were assumed on December 1, 2011.

In aggregate, these two agreements amount to a material reduction in operating expenses for Divestco. Commencing in 2012, the annual savings will be approximately $4 million and in 2013, $5 million.

Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco's breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and trades on the TSX Venture Exchange under the symbol "DVT".

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    CEO, President and CFO

    Divestco Inc.
    Mr. Danny Chiarastella
    Vice President, Finance