Trican Well Service Ltd.
TSX : TCW

Trican Well Service Ltd.

March 08, 2007 18:38 ET

Trican Completes Liberty Acquisition

CALGARY, ALBERTA--(CCNMatthews - March 8, 2007) - Trican Well Service Ltd. ("Trican") (TSX:TCW) is pleased to announce that today it completed its previously-announced acquisition of Liberty Pressure Pumping LP ("Liberty"), a provider of pressure pumping services in Texas.

Under the transaction Trican, through a wholly-owned U.S. subsidiary, acquired an approximate 93% interest in Liberty in exchange for cash consideration of $US 198.6 million and $US 65.9 million of Trican common shares. Liberty management have retained the remaining approximately 7% interest for a specified period of time, with Trican acquiring this remaining interest over three years in equal installments at a price based upon the financial results of Liberty in accordance with previously agreed upon terms.

Trican is a leading provider of pressure pumping services with growing operations in Canada and Russia. With the completion of this acquisition Trican gains an important new base of operations in the United States. Liberty provides fracturing stimulation services principally in the Barnett Shale play of north-central Texas. The Liberty business will continue to operate under the name Liberty Pressure Pumping, and Liberty's management team will continue to run the operations.

Contact Information

  • Trican Well Service Ltd.
    Murray Cobbe
    President and CEO
    (403) 266-0202
    Email: mcobbe@trican.ca
    or
    Trican Well Service Ltd.
    Michael Kelly
    Vice President, Finance and Administration
    and Chief Financial Officer
    (403) 266-0202
    Email: mkelly@trican.ca
    or
    Trican Well Service Ltd.
    2900, 645 - 7th Avenue S.W.
    Calgary, Alberta T2P 4G8
    (403) 266-0202
    (403) 237-7716 (FAX)
    Website: www.trican.ca