Pure Energy Services Ltd.

Pure Energy Services Ltd.

October 05, 2010 17:28 ET

Pure Energy Services Ltd. Announces Closing of Sale of Drilling Division

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2010) - Pure Energy Services Ltd. (TSX:PSV) ("Pure Energy") announced that the previously disclosed sale of its drilling rig assets and operations for $34 million has closed with an effective date of October 1, 2010. The portion of the sale price due upon closing of $31.5 million has been received, with the deferred portion of $2.5 million scheduled to be received prior to March 1, 2011.

Pure Energy is an oilfield services company headquartered in Calgary, Alberta that provides wireline and well testing completion services to oil and gas exploration and development entities in the Western Canadian Sedimentary Basin and in the United States (through its wholly-owned subsidiary, Pure Energy Services (USA), Inc.). Pure Energy's western Canadian client base is serviced from 14 field stations throughout northeastern British Columbia, Alberta and southeast Saskatchewan. The United States operations are headquartered in Denver, Colorado with field stations in North Dakota, Wyoming, Colorado and Pennsylvania.

Contact Information

  • Pure Energy Services Ltd.
    Kevin Delaney
    Chief Executive Officer
    (403) 262-4000
    Pure Energy Services Ltd.
    Chris Martin
    Chief Financial Officer
    (403) 262-4000