SERVICE SECTOR M&A / Plains Energy Serv. & Lagore Bros.
PLAINS ENERGY SERVICES LTD. ANNOUNCES THE ACQUISITION OF
LAGORE BROS. DRILLING SERVICES LTD.
CALGARY, July 8 /CNW/ - Plains Energy Services Ltd. (''Plains'')
announces the acquisition of all of the issued and outstanding shares of
Lagore Bros. Drilling Services Ltd. This strategic acquisition provides
Plains access to the directional drilling market through 100% Plains
subsidiary, Fleet Coil Technologies Corp., both through utilization of
conventional jointed drill pipe as well as through coiled tubing conveyed
directional drilling. It is anticipated that the acquisition of Lagore Bros.
Drilling Services Ltd. will be immediately accretive to Plains Energy Services
Ltd. income.
Plains Energy Services Ltd. is a fully integrated Canadian oil and gas
service company carrying on operations in drilling, completions, production
and abandonment activities through the western Canadian sedimentary basin, as
well as in Texas and California.
Plains Energy Services Ltd. trades on The Toronto Stock Exchange under
the symbol ''PLA''.
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For further information: Ken Mullen, President and CEO; Darcy Draudson,
CFO; or George Chow, Vice-President, (403) 264-6299, Fax: (403) 264-6164,
E-mail: info@plainsenergy.com
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