CALGARY, ALBERTA–(Marketwire – Nov. 4, 2011) – Logan International Inc. (TSX:LII) (“Logan”) today announced that, through a wholly-owned subsidiary, it acquired all of the outstanding equity interests of Scope Production Developments Ltd. and Scope Production developments Partnership (collectively, “Scope”) for total cash consideration of approximately CDN $6.5 million.
Scope provides proprietary and patented products and services that are focused on production optimization in sand laden heavy oil wells. Scope’s technologies dislodge sand from the well by combining mechanical action and hydraulic pressure resulting in enhanced production and lower operating costs. Scope’s current management will remain with the company. Scope is based in Lloydminster, Alberta.
Mr. David Barr, Logan’s Chief Executive Officer, stated “We believe the acquisition of Scope will enhance our reputation of being a leading worldwide supplier of downhole products and services to the energy industry and will increase our presence in the production segment of the industry. We further believe the Logan sales and distribution infrastructure will accelerate Scope’s sales growth in Canada and other regions. While we are impressed with Scope’s technologies, we are even more excited for the Scope management team to join Logan.”
Logan manufactures and sells a complete line of quality fishing and intervention tools including retrieving tools, surface tools, stroking tools and remedial tools for a variety of well work-over, intervention, drilling and completion activities (Logan Oil Tools, Inc.); provides proprietary fracturing products including multi-zonal completion technology as well as conventional completion products and services (Logan Completion Systems Inc.); manufactures and sells high performance polycrystalline diamond compact (“PDC”) cutters and bearings (Dennis Tool Company); and, manufactures and sells packers, bridge plugs and other completion products (Kline Oilfield Equipment, Inc.). The common shares of Logan International Inc. are traded on the Toronto Stock Exchange under the ticker symbol “LII”.
