CALGARY, April 5 /CNW/ - Flint Energy Services Ltd. (Flint, the Company) is pleased to announce that it has acquired all of the issued shares of PES Surface Inc. (PSI) a subsidiary of Paintearth Energy Services Inc. for approximately $7.3 million in cash and the assumption of $610,000 debt, subsequent to closing adjustments. PSI is a production equipment fabrication company with a facility located in central Alberta. Flint has been a leader in the design and manufacturing of oil and gas production equipment across the United States for a number of years. This facility and workforce will allow Flint to expand its production equipment manufacturing services into Canada.
The outstanding quality, customer service and manufacturing process at PSI will provide the platform for Flint to add engineering and design solutions for production equipment to Flint's customers in Western Canada. This wider range of services will include gas dehydration, dewpoint control, gas filtration, BTEX removal and incineration, oil dehydration and process equipment design to match the production specifications of the field and formation it is designed for. Flint's extensive geographic footprint and business development team will be used to expand the sales and grow the business. The close tie to Production Services will allow for the design manufacturing and field installation of equipment, providing production solutions to our customers.
Bill Lingard, President and CEO of Flint said, "I am excited to welcome the employees of PSI into the Flint team. Flint sees this as a strategic opportunity for growth, tied to the expansion work in oil drilling and shale gas drilling in Western Canada."
Flint Energy Services Ltd. is a market leader providing an expanding range of integrated products and services for the oil and gas industry including: production services; field construction; oilfield transportation; process equipment design and manufacturing; and tubular management services. With more than 10,000 employees, Flint provides this unique breadth of products and services through over 60 strategic locations in the oil and gas producing areas of western North America, from Inuvik in the Northwest Territories to Mission, Texas on the Mexican border. Flint is a preferred provider of infrastructure construction management, module fabrication, maintenance services for upgrading, and production facilities in Alberta's oil sands sector. www.flintenergy.com
FORWARD LOOKING STATEMENTS
Certain statements in this news release are "forward-looking statements", which reflect current expectations of the management of Flint regarding future events or Flint's future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. Flint believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Flint assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding risks and uncertainties relating to Flint and its securities can be found in the disclosure documents filed by Flint with the securities regulatory authorities, available at www.sedar.com.
SOURCE FLINT ENERGY SERVICES LTD.
For further information: For further information: Guy Cocquyt, Director of Investor Relations, Telephone: (403) 218-7195, email@example.com, Website: www.flintenergy.com