Divestco Inc.

Divestco Inc.

September 06, 2005 09:30 ET

Divestco Inc. Announces Acquisition of U.S.-Based Canamera Corporation and Cdn-Based Canamera Equities Ltd.

CALGARY, ALBERTA--(CCNMatthews - Sept. 6, 2005) - Divestco Inc. (TSX VENTURE:DVT) ("Divestco" or the "Company") is pleased to announce it has completed the acquisition of Canamera Corporation ("Canamera") and Canamera Equities Ltd. ("Equities"). Both companies are private with Canamera based in Houston, Texas and Equities based in Calgary, Alberta. Collectively the two companies are known in the oil and gas industry as Drilling Records.

Drilling Records began operations in 1958 establishing a historical drilling database for the Canadian oil and gas industry and later expanded its database to include the U.S. Today, Drilling Records' fundamental services include providing historical offset drilling data (either online through an application referred to as Well Tracker or as hardcopy), rig activity maps and reports, and well permit and license data. Vital to drilling operators, technical, sales and marketing groups, these databases can be instrumental in reducing drilling costs, engineering time, data gathering time, locating of rigs and rig inventories, providing information to assist in the study of drilling trends, and gathering of information for sales leads and market analysis. Drilling Records has offices in Houston, Denver and Calgary. For more information, please visit their website at: www.drillingrecords.com.

Mr. Stephen Popadynetz, Chief Executive Officer of Divestco commented: "This acquisition now gives Divestco a presence in three prominent oil and gas centres in North America: Houston, Denver and Calgary. Drilling Records is a highly respected and unique supplier of drilling data both in Canada and the United States and we are eager to accelerate the growth of their databases and client base through integration with our existing U.S. well database acquired from Denver based Petro Data Source, Inc. in April 2005, and our Canadian databases."

To meet a condition of the acquisition, Mr. Mat Hepton, an officer and insider of Divestco, agreed to sell 100,000 of his common shares in Divestco at the closing market price of the stock on September 1, 2005, the day prior to the closing of the acquisition to a principal of Drilling Records. The Company would like to express its gratitude towards Mr. Hepton for his assistance.

Divestco was formed on September 23, 2003 as a result of the amalgamation of International Datashare Corporation and Divestco.com Inc. Divestco is actively involved in the North American oil and gas software and services industry, and markets over 20 separate software applications that are widely used in both North America and International marketplaces. Divestco also operates a significant database containing information relevant to oil and gas exploration. Additionally, Divestco has an expanding seismic data library and is the largest broker of seismic data in Canada.

The TSX Venture Exchange has not reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    Chief Executive Officer
    (403) 218-6463
    Divestco Inc.
    Mr. Roderick Chisholm
    Chief Financial Officer
    (403) 218-6450
    Website: www.divestco.com