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 www.bonnettsenergy.com 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: email@example.com.