May 15th, 2000
?ASL? - Toronto Stock Exchange
Investor Relations: Jason Krueger
Toll Free: (877) 474-4544
Telephone: (403) 263-7800
Internet: www.alpineoil.com
Email: invest@alpineoil.com
WEATHERFORD ANNOUNCES INTENT TO ACQUIRE ALPINE
Alpine Oil Services Corporation (ASL-TSE) announced today that five of its principal shareholders holding an aggregate of approximately 34% of the issued and outstanding common shares of the company have entered into shareholder agreements with Weatherford International Inc. (WFT-NYSE). These shareholders have agreed to vote their shares in support of a proposed plan of arrangement that will see all Alpine common shareholders receive $Cdn 2.50 per share payable directly or indirectly by Weatherford common shares. The acquisition is subject to the approval of Alpine?s shareholders, Canadian regulatory and judicial authorities and Weatherford?s Board of Directors.
Houston-based Weatherford International, Inc. (http://www.weatherford.com) is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 50 countries and employs approximately 10,000 people worldwide.
The acquisition of Alpine would extend Weatherford?s capabilities in both its Drilling & Intervention Services and Completion Systems divisions. Specifically, Alpine?s separation technology and downhole pressure control product lines would enhance Weatherford?s leading role in underbalanced drilling systems. Alpine?s production testing, mechanical and electric wireline, telemetry and open and cased hole drill stem testing services would be consolidated into Weatherford?s similar existing operations.
Alpine Oil Services Corporation is an innovative, value-added energy services entity competing in the Canadian upstream oil and gas market. Alpine is the second largest provider of Underbalanced Drilling surface pressure control equipment complete with rotating blowout preventers, and the largest provider of Real-Time Drill Stem Testing services, in North America. Alpine is the only company in North America that has developed and now offers a mechanical wireline-set and retrievable production telemetry tool. Internationally the Company is involved in the sale of its proprietary equipment into select markets. Alpine is a recognized leader in the research, development and application of innovative technologies related to the services it provides. Alpine uses this technological knowledge base to design and manufacture many of the downhole tools used in its services. To date, Alpine has developed and presently uses more than 100 types of proprietary tools and equipment in its three main service lines.
For further information, please contact:
Jason Krueger, GM Planning
Telephone: (403) 294-7802 or (877) 474-4544 |
