OKOTOKS, AB, Sept. 1, 2011 /CNW/ - (TSX: MTL) Mullen Group Ltd. ("Mullen Group") is pleased to announce that effective September 1, 2011, it closed
its acquisition of Polaris Petroleum Ltd. ("Polaris"), a privately owned company located in Drayton Valley, Alberta.
Polaris provides drilling and production fluid services to oil and gas
companies operating in the Cardium resource play.
This acquisition is expected to increase Mullen Group's consolidated
revenues by approximately $22.0 million on an annualized basis and
generate operating margins consistent with Mullen Group's other
production services businesses. Polaris will be operated as a
stand-alone business unit and will expand Mullen Group's market
presence into Drayton Valley.
"Acquiring businesses leveraged to fluid hauling and the production
services segment of the oil and gas industry has been and continues to
be a strategic focus of the Mullen Group. The addition of Polaris to
our production services operations expands Mullen Group's geographic
coverage into the heart of the Cardium play, an area in which our oil
and gas customers continue to invest. We are also pleased that the
owners of Polaris, Monte and Cindy Waronek, have agreed to stay on and
run the day-to-day operations of Polaris," stated Stephen Lockwood,
President and Co-Chief Executive Officer.
This news release may contain forward-looking statements that are
subject to risk factors associated with the oil and gas business and
the overall economy. Mullen Group believes that the expectations
reflected in this news release are reasonable, but results may be
affected by a variety of variables. Mullen Group relies on litigation
protection for "forward-looking" statements.
Mullen Group is a company that owns a network of independently operated
businesses. Today the Mullen Group is recognized as the largest
provider of specialized transportation and related services to the oil
and natural gas industry in western Canada and as one of the leading
suppliers of trucking and logistics services in Canada - two sectors of
the economy in which Mullen Group has strong business relationships and
industry leadership. Mullen Group provides management and financial
expertise, technology and systems support to its independent
Mullen Group is a publicly traded corporation listed on the Toronto
Stock Exchange under the symbol "MTL". Additional information is
available on our website at www.mullen-group.com.
SOURCE Mullen Group Ltd.
For further information:
Mr. Murray K. Mullen - Chairman and Chief Executive Officer
Mr. Stephen H. Lockwood - President and Co-Chief Executive Officer
121A, 31 Southridge Drive
Okotoks, Alberta, Canada T1S 2N3
Tel: (403) 995-5200
Fax: (403) 995-5296