SERVICE SECTOR / Plains Energy Services Ltd. Private Placement
PLAINS ENERGY SERVICES LTD. COMPLETES SPECIAL WARRANT OFFERING
CALGARY, Feb. 6 /CNW/ - Plains Energy Services Ltd. (''Plains'')
announces that it has closed the qualification of 4,200,000 special warrants
issued on October 8, 1997 at a price of $12.00 per special warrant. As a
result of closing the offering, Plains will receive $25 Million of proceeds in
addition to $25,400,000 of proceeds, net of underwriting commissions related
thereto, received previously. The proceeds from the special warrant offering
will be utilized to fund construction of three coiled tubing drilling units by
Fleet Coil Technologies Corp., a 100% subsidiary of Plains, as well as to fund
the construction of a 75,000 sq. ft. machining, manufacturing and R&D facility
for Polar Completions Engineering Inc. and Plains Perforating Ltd., also 100%
subsidiaries of Plains. Finally, a portion of the offering will be utilized
to construct additional underbalanced drilling surface control systems for
Entest Corp., adding to their present fleet of 9 true underbalanced surface
control systems.
Operations for all the Plains' group of companies continue strong with
final engineering specifications for Fleet Coil Technologies Corp. patented
coiled tubing drilling unit having been completed, and construction to
commence imminently. Delivery of the first three units is expected in
May-June, 1998.
Plains Energy Services Ltd. is an integrated oilfield service company
providing cost-effective services in all aspects of the completions and
production areas of the oilfield services business. Plains operating
subsidiaries include Entest Corp., Fleet Cementers, Inc., Fleet Coil
Technologies Corp., Plains Perforating Ltd., Polar Completions Engineering
Inc., Round-Up Well Servicing Corp., Challenger Wireline Services Ltd. and
Silverline Pressure Control Ltd.
Plains Energy Services Ltd. trades on The Toronto Stock Exchange under
the symbol ''PLA''. |
