Petrowest Announces Completion of Enviro-Mulch Acquisition

CALGARY, May 27, 2014 /CNW/ - Petrowest Corporation ("Petrowest") (PRW: TMX) announced today that it has closed the previously announced (May 5, 2014) acquisition of all the shares of Enviro-Mulch Land Clearing Solutions Ltd. for the purchase price of $6.36 million plus the assumption of approximately $2.3 million of debt. Subsequent to closing, approximately $0.8 million of this assumed debt will be converted to an operating lease. The purchase price was paid with approximately $3.64 million in cash and the issuance of approximately 2.87 million Class A common shares of Petrowest having a value of approximately $2.73 million (based on a price per share of $0.95).

Enviro-Mulch Land Clearing Solutions Ltd. is an environmentally sound land clearing and construction site preparation company operating in northeast British Columbia and northern Alberta.


Petrowest is an Alberta corporation involved in pre-drilling and post-completion energy services as well as industrial and civil infrastructure projects, gravel crushing and hauling for non-energy sector customers. Petrowest's primary operations are based in the Grande Prairie area of northern Alberta and in northeastern British Columbia.

SOURCE: Petrowest Corporation

For further information: Richard Quigley, President and Chief Executive Officer, at (780) 830?0881, or Ian Hogg, Vice President, Corporate Affairs, at (403) 384-0407 or

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890