Hope you saw this -
Core Laboratories to Acquire PETRAK Group
HOUSTON, June 15 /PRNewswire/ Core Laboratories (Nasdaq: CRLBF - news) announced that it plans to acquire
all of the outstanding shares of PETRAK Group, S.A., a privately held company based in Zug, Switzerland. Petrak
specializes in characterizing crude oil and providing related services and derives the majority of its revenues from the
oil-producing regions of West Africa and the Commonwealth of Independent States. The merger further strengthens
Core's service base and market share in these low-cost producing regions. Petrak will maintain its trade name and will
develop and expand Saybolt's crude oil activities within Core.
Petrak, which had approximately $5.7 million in revenue in 1997, will be acquired in a stock-for-stock transaction.
Core will issue approximately 200,000 common shares in consideration for Petrak. It is expected that the transaction
will be accounted for as a pooling of interests and be completed on a tax-free basis. The transaction, which should be
accretive to Core's 1998 earnings, is expected to close by July 31, 1998 pending additional due diligence and other
customary closing conditions.
''Core Laboratories continues to execute our strategy of building and broadening our service base in West Africa and
the former Soviet Union,'' said President and CEO David M. Demshur. Added Jan Heinsbroek, Saybolt's Executive
Vice President, ''These producing regions will have increasing importance over the next several years. This is especially
the case in times of weak commodity pricing environments as these areas have some of the lowest lifting costs in the
world. Core Laboratories is positioning itself to meet the increasing future demand for petroleum reservoir fluids
characterization in these areas.''
Core Laboratories N.V. is a leading provider of proprietary and patented reservoir description, production
enhancement and reservoir management services. The Company has over 70 offices in more than 50 countries and is
located in every major oil producing province in the world. In addition, Core Laboratories manufactures and sells
petroleum reservoir rock and fluid analysis instrumentation and other integrated systems. The Company's outlook is
subject to various important cautionary factors as more fully described in the Company's 1997 Form 10-K filed March
31, 1998, and in other securities filings.
SOURCE: Core Laboratories N.V.
|
