NISKU, AB, Sept. 24, 2012 /CNW/ - Hyduke Energy Services Inc. ("Hyduke") (TSX:HYD) reports an update on the proposed Arrangement with Do All Industries Ltd. ("Do All"). Further to earlier news releases, Hyduke wishes to re-confirm that the Arrangement Agreement (the "Agreement") between Hyduke and Do All continues in full force and effect and to date neither party has expressed an intention to terminate the Agreement. Hyduke also wishes to re-confirm that completion of the Arrangement is subject to certain conditions and the parties continue to clarify the conditions to close as set out in the Agreement. Currently, Hyduke and Do All are in negotiations to amend the Agreement to set a revised closing date. Failure of the parties to satisfy the conditions to close may result in the Arrangement not being completed on the proposed terms, or at all.
Hyduke is an integrated oilfield services company with over thirty years experience in the manufacture, repair and distribution of oilfield equipment and supplies in Canada and worldwide. Hyduke specializes in providing customized, integrated solutions to the drilling and well service industries including:
- Turn-Key Equipment - drilling rig and service rig packages including in-house design, engineering and drafting, major component procurement and overall project management;
- Life Cycle Management - inspection, certification, service, repair and supply services throughout the operating life of the drilling or well service rig; and
- Single Source Supply - providing new capital equipment, repair and maintenance on existing capital equipment and supply of operating consumables.
Hyduke is headquartered in Nisku, Alberta and has facilities in Edmonton, Calgary, Nisku, Leduc, Red Deer and Lloydminster, Alberta.
Hyduke operates in three operating segments. The Drilling Equipment segment includes manufacture and repair of land based drilling rigs and drilling rig structures, supply and repair of drilling rig equipment, procurement and distribution of drilling supplies, supply and service of pneumatic controls, engineering and design of drilling rigs and inspection and certification of drilling rig equipment. The Well Service Equipment segment includes manufacture and repair of well service rigs, mobile and skid mounted pump units and other well service equipment, procurement and distribution of well servicing supplies, supply and service of pneumatic controls, engineering and design of well service rigs and inspection and certification of well service equipment. The Other Oilfield Services segment includes manufacture and distribution of cased hole and overburden drill bits and drilling systems, custom and production machining services, distribution and repair of truck-mounted equipment including cranes, winches and dump boxes and industrial sandblasting, painting and collision repair.
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this News Release.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this news release contains forward-looking statements and information concerning the ability of Hyduke and Do All to satisfy the conditions to, and to complete, the Arrangement; and the anticipated timing of the closing of the Arrangement. In respect of the forward-looking statements and information concerning the anticipated completion of the proposed Arrangement and the anticipated timing for completion of the Arrangement, Hyduke has provided such in reliance on certain assumptions that it believes are reasonable at this time, including assumptions as to the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the Arrangement. This date may change for a number of reasons, including the need for additional time to satisfy the conditions to the completion of the Arrangement. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning the conditions of the Arrangement and timing of the closing of the Arrangement, if any. Risks and uncertainties inherent in the nature of the Arrangement include the failure of Hyduke or Do All to satisfy the conditions to the Arrangement, in a timely manner, or at all. Failure of Hyduke or Do All to satisfy the conditions to the Arrangement may result in the Arrangement not being completed on the proposed terms, or at all. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on other factors that could affect the operations or financial results of Hyduke are included in reports on file with applicable securities regulatory authorities, including but not limited to, Hyduke's Annual Information Form for the fiscal year ended December 31, 2011 which may be accessed on Hyduke's SEDAR profile at www.sedar.com. The forward-looking statements and information contained in this news release are made as of the date hereof and Hyduke undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws..
SOURCE: Hyduke Energy Services Inc.
For further information:
Gordon R. McCormack
President and Chief Executive Officer