BlackWatch Energy Services Corp., Calgary, (Toronto: BWT) plans to acquire a private directional services business from an undisclosed seller for approximately US$16.5 million in cash, stock and debt assumption.
BlackWatch will pay US$3 million in cash, issue 11.4 million common shares and assume approximately US$400,000 in net debt. Closing is expected in late October.
The business currently has limited operations in the U.S. including with large operators in the Haynesville, Barnett and Fayetteville shale regions, and with the majority of its focus in Mexico’s Chicontepec Basin.
John King, BlackWatch president and chief executive, says, “Having previously worked with the principals involved in this business in Latin America, and admired what they have developed in a short period of time, I am confident they can continue to generate significant growth for BlackWatch in Mexico and elsewhere in the region. This acquisition, from a service line and geographical point of view, fits extremely well with our long-term vision for BlackWatch.”
BlackWatch is a diversified international energy services company that provides drilling and related services, wireline services, oilfield hauling, production services and oilfield equipment rentals. The common shares of BlackWatch trade on the Toronto Stock Exchange under the symbol "BWT".
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