SERVICE SECTOR / Alpine sells Argentina operation
ALPINE OIL SERVICES (ARGENTINA) SOLD TO COMPUTALOG S.A.
CALGARY, ALBERTA--
Mr. Rodney Hauser, President of Alpine Oil Services Corporation,
today announced the sale of Alpine Oil Services (Argentina) to
Computalog S.A. Alpine Argentina's drill stem testing and
telemetry assets were not included in the transaction, and are
being re-deployed to Alpine's North American operations.
The sales price of the transaction is not disclosed in accordance
with an agreement with the buyer. This transaction is not
expected to result in any write-downs.
For the year ended December 31, 1997, Alpine Oil Services
(Argentina) generated revenue of $3.3 million CDN, and a net loss
of $1.3 million CDN ($0.06 per share). While the opportunities of
Argentina presented tremendous potential, the extended low oil
price environment made the prospect of generating profits in
Argentina in the near term exceedingly difficult.
Proceeds from the sale are being reinvested in underbalanced
drilling equipment, rotating blowout preventers and working
capital. Alpine expects to continue experiencing very strong
demand for underbalanced drilling and telemetry services in North
America during the remainder of 1998 and throughout 1999.
Management expects the strength of the Canadian natural gas
market to assist the Company in achieving higher earnings per
share than was achieved during 1997.
Alpine Oil Services Corporation is an innovative, value-added
energy services entity competing in the Canadian upstream oil and
gas market. Internationally the Company is involved in the sale
of its proprietary equipment. The various service lines offered
by Alpine include:
- Underbalanced surface pressure control equipment including
a comprehensive software program, rotating blowout
preventers, and downhole electronic data acquisition systems
placed in the horizontal section for post-drilling
operations evaluations;
- Mechanical wireline and slickline services for downhole well
completions, remedial and work-over operations, depth
determination, deviated hole surveys, paraffin cutting,
cementing operations, manipulation of downhole chokes,
circulating plugs, gauge cutters, swaging tools, safety
valves and gas lift valves;
- Bottom hole pressure and temperature surveys utilizing six
models of electronic subsurface pressure and temperature
probes, downhole programmable shut-in tools and electronic
fluid samplers;
- Model 23B Telemetry Production Tools [TPT(TM)] used for
reservoir evaluation, which are wireline set and
retrievable; no other wireline company in North America
offers these proprietary telemetry tools in conjunction with
their wireline operations;
- Pressurized frac recovery vessels used in conjunction with
gas well stimulation services;
- Model 23A and 23B Telemetry Cased and Open Hole Real-Time
Drill Stem Testing Tools ;
- Drill stem testing services in open and cased hole
applications using inflate or conventional equipment for
land operations, as well as cased hole annular pressure
operated full opening drill stem testing tools used
offshore. All drill stem testing tools are 5" O.D. and 3"
O.D. for work in small diameter casing for deeper tests.
Jason Krueger
Finex Business Consultants Inc.
krueger@cadvision.com
tel: 403-208-3123
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