CALGARY, ALBERTA--(Marketwired - Oct. 3, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Performance Energy Services Inc. (Performance) is pleased to announce that it has acquired CASA Energy Services Inc. (CASA) in an all-stock transaction that closed on October 1, 2016. Following the transaction, Performance will own and operate 16 marketable service rigs, four cementing and acidization units and other related ancillary equipment across operating bases in Red Deer, Edmonton, White Court, Brooks, Weyburn and Kindersley. The combined company will maintain a strong balance sheet with no net debt. It welcomes new operating partners wanting to join a great platform to provide better service for its valued customers and opportunities for its employees. Performance's service rig division will continue to operate as Rearden Well Servicing Ltd.
Investment funds controlled by West Face Capital Inc. (West Face) were the 100% owners of CASA, and collectively will be the largest shareholder of Performance following the transaction.
Scott Darling, Performance's President and CEO, commented, "CASA provides Performance with increased scale, an expanded geographical presence, and numerous operational synergies. We welcome CASA employees to Performance and are excited about the future growth opportunities for the combined platform."
West Face stated that, "We are pleased to be partnering with Scott Darling and his well-regarded management team. In the current low commodity price environment, consolidation helps Performance provide quality service and value to its customers by keeping costs low and rig utilization higher."
PillarFour Capital Inc. acted as exclusive financial advisor to Performance.
Performance Energy Services Inc. is a leading provider of well servicing, cementing and acidizing to the oil and gas industry in Canada. The company is headquartered in Calgary, Alberta with six locations across Western Canada.