Samoth Oilfield Inc.
TSX VENTURE : SCD

December 15, 2015 16:47 ET

Samoth Oilfield Inc. Announces Acquisition of Rental Equipment

CALGARY, ALBERTA--(Marketwired - Dec. 15, 2015) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRES

Samoth Oilfield Inc. ("Samoth" or the "Company") (TSX VENTURE:SCD) is pleased to announce that it has entered into an agreement with an arm's-length vendor (the "Vendor") to purchase certain mobile wellsite office and accommodation units (the "Units") for aggregate cash consideration of approximately $420,000. Samoth has also entered into an agreement to lease these Units exclusively to the Vendor at market competitive rates. Pursuant to the lease agreement, the Vendor will be responsible for the maintenance and repair of the Units during the term of the lease. The lease term will be for one year, renewable for another one-year term by mutual agreement between the parties.

Samoth believes the acquisition of the Units and the leasing arrangement with the Vendor will provide the Company with solid cash flow and generate a good return for its current cash reserves while the Company continues to monitor market activities and explore other opportunities in its core business.

Disclosure regarding forward-looking statements

This press release may contain certain forward-looking information. In particular, this press release contains forward-looking information in respect of future cash flow generation. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and that actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects Samoth's current beliefs and is based on information currently available to Samoth and on assumptions Samoth believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Samoth to be materially different from those expressed or implied by such forward-looking information. The forward looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Samoth Oilfield Inc.
    Leonard D. Jaroszuk
    President and Chief Executive Officer
    (780) 418-4400
    (780) 915-5999 (FAX)
    ld.jaroszuk@enterpriseoil.ca