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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Big Dog who wrote (48927)	8/5/1999 6:03:00 PM
From: The Ox	Respond to of 95453

WFT NEWS: Weatherford Acquires Cardium Tool Services; Downhole Production and Drilling Tools Further Complement Weatherford's Completion Services HOUSTON, Aug. 5 /PRNewswire/ -- Weatherford International, Inc. (NYSE: WFT) announced today that it has acquired Cardium Tool Services, Inc. of Edmonton, Alberta, Canada. Cardium specializes in the design, engineering, manufacture and service of completion tools and specialty completion systems. The purchase price was US $14.5 million, inclusive of assumed debt. Cardium's product lines include liner hangers, permanent and retrievable packers for production applications and service tools such as treating packers and cement retainers. The acquisition of Cardium furthers Weatherford's integrated completions strategy. Weatherford's capabilities include packers, best-in-class liner hanger systems, a comprehensive line of inflatable packers, a broad selection of well screens, intelligent well technology and cementing and elastomer products. Cardium's liner hanger systems complement Weatherford's product lines and include both hydraulic and mechanical systems. Houston-based Weatherford International, Inc. is one of the world's largest providers of engineered products and specialized services to the drilling, completion and production sectors of the global oil and gas industry. SOURCE Weatherford International, Inc. CO: Weatherford International, Inc.; Cardium Tool Services, Inc. ST: Texas, Alberta IN: OIL SU: TNM 08/05/99 14:30 EDT prnewswire.com