Production Enhancement Group finalizes joint venture to deploy patented coiled tubing units in Mexico

    HOUSTON, TX and CALGARY, AB, April 19 /CNW/ - Production Enhancement
Group, Inc. (TSX: WIS) ("PEG" or the "Company") announced today that it has
finalized a joint venture agreement with Grupo Creatica, S.A. de C.V. ("Grupo
Creatica"), a Mexican company with operations in contract drilling services
and oilfield exploration and production. The joint venture company, named WISE
LATINA, is 51% owned by Grupo Creatica and 49% owned by PEG and will market,
sell and support well intervention systems and services in Mexico under PEG's
trademarked WISE(TM) brand. The joint venture will immediately begin
constructing six WISE multifunction coiled tubing units for deployment in
Mexico. The units are being funded by or through Grupo Creatica. The WISE
units will be custom-configured for each target location and will feature the
latest WISE patented technology, including site-generated nitrogen
    Philip C. Crawford, PEG's Chief Executive Officer, said, "We believe our
multifunction well intervention technology can play a key role as Mexico
focuses on restoring production from mature fields. With their excellent
reputation, their financial strength, and their experience in oil and gas and
operations in Mexico, Grupo Creatica is an ideal partner for us. We look
forward to working with them."

    About Production Enhancement Group

    Production Enhancement Group, a Houston-based energy services company
incorporated in Alberta, Canada, trades on the TSX under the symbol WIS. PEG
owns WISE Well Intervention Services, Inc., which markets patented
multifunction coiled tubing services, pressure pumping services, and wireline
services from locations in Texas, Louisiana, and Mississippi. WISE is a
trademark of Production Enhancement Group, Inc.

    About Grupo Creatica, S.A. de C.V.

    Grupo Creatica, S.A. de C.V. is a private holding company established in
Mexico, with operations in numerous industries, including contract drilling
services for geothermal fields and exploration and production in oilfields
outside of Mexico. The company wants to expand its operations by offering
oilfield services in Mexico through joint ventures such as the one described
in this release.


    The TSX does not accept responsibility for the adequacy or accuracy of
    this release.

    This release and PEG's website referenced in this release contain
forward-looking statements, including expectations of future components of
cash flow and earnings. Investors are cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of PEG. These risks
include, but are not limited to the risks associated with the oil and gas
industry, commodity prices, and exchange rate changes. Industry related risks
could include, but are not limited to operational risks in exploration,
development, and production, delays or changes in plans, and health and safety
risks, including, without limitation, costs and expenses. The risks outlined
above should not be construed as exhaustive. Investors are cautioned not to
place undue reliance on any forward-looking information. PEG undertakes no
obligation to update or revise any forward-looking statements.

    %SEDAR: 00023366E

For further information:

For further information: visit or contact:
Chester J. Jachimiec, EVP, Finance & Acquisitions, Production Enhancement
Group, Inc., (281) 282-1812,; Ken
Wetherell, Investor Relations, Iradesso Communications Corp., (403) 503-0144

Organization Profile


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