2009-06-04-2009-06-01-2009-06-01

Bought western Canada oil field equipment distributor, gaining 22 supply stores.

CE Franklin Ltd., Calgary, (Toronto: CFT; Nasdaq: CFK) has acquired an undisclosed western Canadian oil field equipment distributor for an undisclosed price. The acquired business operates 22 oil field equipment supply stores across the western Canadian sedimentary basin, of which 17 are proximate to existing CE Franklin supply stores and will be integrated. The remaining five stores will extend the market reach of CE Franklin's distribution network to 49 locations. The acquired business is expected to increase CE Franklin's annual revenue by more than 10% from current levels. CE Franklin president and chief executive Michael West says, "This acquisition will strengthen CE Franklin's existing store operations and expand its market reach while improving our service capability, operating efficiencies and customer base." The transaction will be financed from existing bank credit facilities. CE Franklin provides pipe, valves, flanges, fittings, production equipment, tubular products and other general oilfield supplies to oil and gas producers in Canada.