Logan International Inc.

Logan International Inc.

November 04, 2011 17:03 ET

Logan International Inc. Announces Acquisition of Scope Production Developments

CALGARY, ALBERTA--(Marketwire - Nov. 4, 2011) - Logan International Inc. (TSX:LII) ("Logan") today announced that, through a wholly-owned subsidiary, it acquired all of the outstanding equity interests of Scope Production Developments Ltd. and Scope Production developments Partnership (collectively, "Scope") for total cash consideration of approximately CDN $6.5 million.

Scope provides proprietary and patented products and services that are focused on production optimization in sand laden heavy oil wells. Scope's technologies dislodge sand from the well by combining mechanical action and hydraulic pressure resulting in enhanced production and lower operating costs. Scope's current management will remain with the company. Scope is based in Lloydminster, Alberta.

Mr. David Barr, Logan's Chief Executive Officer, stated "We believe the acquisition of Scope will enhance our reputation of being a leading worldwide supplier of downhole products and services to the energy industry and will increase our presence in the production segment of the industry. We further believe the Logan sales and distribution infrastructure will accelerate Scope's sales growth in Canada and other regions. While we are impressed with Scope's technologies, we are even more excited for the Scope management team to join Logan."

Logan manufactures and sells a complete line of quality fishing and intervention tools including retrieving tools, surface tools, stroking tools and remedial tools for a variety of well work-over, intervention, drilling and completion activities (Logan Oil Tools, Inc.); provides proprietary fracturing products including multi-zonal completion technology as well as conventional completion products and services (Logan Completion Systems Inc.); manufactures and sells high performance polycrystalline diamond compact ("PDC") cutters and bearings (Dennis Tool Company); and, manufactures and sells packers, bridge plugs and other completion products (Kline Oilfield Equipment, Inc.). The common shares of Logan International Inc. are traded on the Toronto Stock Exchange under the ticker symbol "LII".

Forward-Looking Statements

This press release contains forward-looking statements, including, without limitation, statements relating to the anticipated benefits and product lines. These statements relate to future events or future performance of Logan. 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's current views with respect to certain events and are subject to certain risks, uncertainties and assumptions. Although Logan 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's actual results, performance, or achievements to materially differ from those described in this press release. Readers are referred to Logan's Annual Information Form for the year ended December 31, 2010 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 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.

Contact Information

  • Logan International Inc.
    David Barr
    Chief Executive Officer
    403-903-6810 Calgary
    832-386-2500 Houston

    Logan International Inc.
    Larry Keister
    Chief Financial Officer
    403-903-6810 Calgary
    832-386-2534 Houston