DLY-cdnx Delaney Energy Services (not an E&P co. but oilpatch related)
fin-info.com
2001-03-15 Delaney Energy has Formed a Special Committee and Appointed a Financial Advisor
CALGARY, ALBERTA--Delaney Energy Services Corporation ("Delaney"),
advises that in response to the news release issued by Integrated
Production Services Ltd. ("IPS") on March 12, 2001, announcing a
proposed unsolicited takeover offer for Delaney, Delaney's Board
of Directors has formed a Special Committee to consider
alternatives to the proposed IPS offer.
The Board and the Special Committee believe that the IPS
unsolicited takeover offer of $1.05 per share does not adequately
reflect the true value of Delaney. While the Board of Directors
awaits receipt of a formal written offer, the Special Committee
has engaged Raymond James Ltd. as its financial advisor and has
initiated a process designed to maximize value for the
shareholders of Delaney.
Delaney has a Shareholder Rights Plan in place, which allows the
time necessary to conduct a proper value maximization process.
Delaney Energy Services Corporation is an integrated service
company serving the western Canadian oil and gas industry. The
Corporation provides its Field Services through Delaney Energy
Production Testing from its offices in Calgary and Grande Prairie;
Delaney Energy Reservoir Analysis and Reporting, provider of
pressure transient analysis and testing supervision from its
offices in Calgary; Delaney Energy Wireline Division, provider of
slickline services from its offices in Sylvan Lake, Lloydminster,
and Calgary; Delaney Energy Cased-Hole Logging and Perforating
Division, provider of cased-hole logging and perforating services
from its offices in Calgary, and its stations in Vegreville,
Brooks, Halkirk, and Grande Prairie. Delaney Energy Manufacturing
manufactures wellsite process facilities from its plant near
Halkirk, Alberta |
