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.
