CALGARY, ALBERTA--(Marketwired - Aug. 31, 2016) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Strad Energy Services Ltd. ("Strad" or the "Company") (TSX:SDY) is pleased to announce the successful completion of its strategic acquisition (the "Acquisition") of Redneck Oilfield Services Ltd. and Raptor Oilfield Services Ltd. (collectively "Redneck") following overwhelming shareholder approval at a special meeting of Strad shareholders this morning. The details of this transaction were previously announced in a press release on July 13, 2016 (the "July Release").
Strad's Chief Executive Officer, Andy Pernal, noted, "We are very excited about the Redneck and Raptor teams joining Strad. As companies, we share the same values around striving to exceed customer expectations. We are stronger together and now operate one of the newest, largest and most diverse fleets of rental equipment in the Deep Basin."
In connection with the completion of the Acquisition, the Company is pleased to announce the appointment of Mr. Lyle Wood to Strad's Board of Directors. Mr. Wood is the founder and former President of Redneck and Strad is pleased to have him join the Board as well as the Strad management team. The Company also announces effective today, that Mr. James McCallum is resigning from Strad's Board of Directors to pursue new career opportunities.
Strad's Chairman of the Board, Rob Grandfield, said, "On behalf of Strad, I am pleased to formally welcome Mr. Lyle Wood to the Board. We know he will provide a new perspective and significantly contribute to helping Strad develop and execute its strategic priorities in the years to come. As well, I would also like to extend the Company's sincere thanks to Mr. McCallum for his service to Strad over the years. We wish him all the best with his future endeavours."
Strad also announces that concurrent with the completion of the Acquisition, Strad's lending syndicate has amended the terms of Strad's credit facilities as previously outlined in the July Release. The amendments are effective as of August 31, 2016.
About Strad Energy Services Ltd.
Strad is a North American energy services company that provides rental equipment and matting solutions to the oil and gas and energy infrastructure sectors. Strad focuses on providing complete customer solutions in Canada and the United States.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".