Bonnett's Energy Corp. Announces Acquisition of Business Assets of Choice Energy Services Ltd.

CALGARY, Sept. 30, 2011 /CNW/ - Bonnett's Energy Corp. (TSX: BT) (the "Corporation) is pleased to announce that the Corporation, through Bonnett's Energy Services Partnership (the "Partnership"), has entered into an asset purchase agreement dated September 30, 2011 (the "Agreement") wherein the Partnership will acquire the business assets of Choice Energy Services Ltd. (the "Acquisition") for aggregate cash consideration of $4.4 million.

Closing of the Acquisition is anticipated to occur early next week and is subject to conditions set forth in the Agreement.

The acquired assets, consisting of 12 swabbing rigs and related equipment, will be consolidated with and operate as Silverline Swabbing, a division of the Partnership, operating a combined total of 19 swabbing rigs and related equipment.

Murray Toews, Chief Executive Officer of the Corporation commented, "We are very pleased with the purchase and welcome the employees of Choice. The acquisition will enable our company to continue to provide our best in class service to our customers as we continue to execute our disciplined growth strategy."

Bonnett's Energy Corp. is a diversified corporation, providing wireline, frac flow-back and testing, fishing, and swabbing services in the Western Canadian Sedimentary Basin.

Forward-Looking Information Cautionary Statement

Certain statements contained in this release constitute forward-looking information.  These statements relate to future events or the Corporation's future performance.  The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events.  Actual results and developments may differ materially from those contemplated by this forward-looking information depending on, among other things, the risks that the parties will not proceed with the Acquisition and that the Acquisition will not be successfully completed for any reason.  The Corporation disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

SOURCE Bonnett's Energy Corp.

For further information:

Additional information can be obtained by contacting Bonnett's Energy Corp., R.R. 2, Site 33, Box 1, Grande Prairie, Alberta, T8V 2Z9. Information is also available on the Corporation's website at or by contacting Murray Toews, Chief Executive Officer at (780) 513-3400 or David Ross, Chief Financial Officer at (403) 264-3010, Fax: (403) 693-0093, E-mail:

Organization Profile

Bonnett's Energy Corp.

More on this organization

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