Logan International Inc.

Logan International Inc.

November 17, 2014 16:15 ET

Logan International Inc. Announces Acquisition of the Houston Engineers ("HE") Specialty Fishing Tool Product Line

CALGARY, ALBERTA--(Marketwired - Nov. 17, 2014) - Logan International Inc. (TSX:LII) ("Logan" or the "Company") today announced that Logan Oil Tools, Inc., a wholly owned subsidiary, has purchased certain assets from Smith International, Inc. The assets include inventory, the rights to manufacture and sell HE fishing tools and certain intellectual property including the use of the trade names "Houston Engineers" and "HE". The HE tools are highly specialized tools that are used primarily to free and remove downhole tools and equipment in connection with workover or intervention services.

President and Chief Executive Officer David MacNeill stated, "We believe this transaction is consistent with our strategy of being a leading provider of downhole tools and adding quality products to our core businesses. The HE fishing tools are well known by our customers and have a reputation for design excellence and superior performance. In addition, we feel that this will simplify our customers' ability to gain access to the HE products that may not have been available to them in the past. This acquisition not only expands our core offering of fishing tools but further enhances our reputation for providing superior quality products."

About Logan

Logan provides specialized downhole tools and services to oilfield service companies, drilling contractors and exploration and production operators. It is organized into three classifications:

  • Manufacturing and sales of fishing and intervention tools, including retrieving, stroking, and remedial tools and power swivels used in well workover, intervention, drilling, and completion activities (Logan Oil Tools, Inc.); and high-performance poly-crystalline diamond compact (PDC) cutters and bearings (Dennis Tool Company);
  • Manufacturing and sales of completion products and services including packers and bridge plugs, (Kline Oilfield Equipment, Inc.); proprietary multi-zonal completion technology and conventional completion products (Logan Completion Systems Inc.); and patented products and services that used to optimize production in sand-laden, heavy oil wells (Logan Scope);
  • Rental of specialty drilling and workover tools including drilling jars and the Xciter vibration tool and fishing and coiled tubing jars (Xtend Energy Services Inc. and Logan Jar LLC).

For a complete listing of products, please visit our website: www.loganinternationalinc.com

Based in Houston, Texas, Logan International Inc. employs over 700 people worldwide.

Logan International Inc. is listed on the Toronto Stock Exchange (TSX) and is traded under the symbol, LII.

Forward-Looking Statements

This press release contains forward-looking statements, including, without limitation, statements relating to completion and timing of the transaction and the anticipated benefits of the transaction. These statements relate to future events or future performance of Logan International. When used in this press release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "propose", "expect", "potential", "continue", and similar expressions, are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect Logan International's current views with respect to certain events and are subject to certain risks, uncertainties and assumptions. Although Logan International believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Many factors could cause Logan International's actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan International's Annual Information Form filed on www.sedar.com which identifies significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. Should one or more risks or uncertainties materialize or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this press release. The forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. These statements speak only as of the date of this press release. Logan International does not intend and does not assume any obligation, to update these forward-looking statements to reflect new information, subsequent events or otherwise, except as required by law.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities described herein in any jurisdiction.

For more information about Logan International Inc. please visit our website at www.loganinternationalinc.com.

Contact Information

  • David MacNeill
    President & Chief Executive Officer
    Logan International Inc.
    832-386-2500 Houston

    Larry Keister
    Vice President & Chief Financial Officer
    Logan International Inc.
    832-386-2534 Houston