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

To: Lazlo Pierce who wrote (22600)	5/21/1998 8:52:00 AM
From: pz	Respond to of 95453

Core Laboratories to Acquire Owen Oil Tools PR Newswire - May 21, 1998 08:22 CRLBF %OIL %TNM V%PRN P%PRN ------------------------------------------------------------------------ Jump to first matched term HOUSTON, May 21 /PRNewswire/ -- Core Laboratories (Nasdaq: CRLBF) announced that it plans to acquire all of the outstanding shares of Owen Oil Tools, Inc., a privately held Fort Worth, Texas based company. Owen is a recognized world leader in providing well completion and well perforating products, many of which are proprietary and patented. The acquisition continues to strengthen Core's ability to offer a wider range of production enhancement technologies and to further leverage the Company's operating network of over 70 offices in 50 countries. Owen, which recorded calendar 1997 revenues of approximately $46 million, will be acquired in a stock for stock transaction valued at approximately $55 million. Core will assume approximately $7 million in debt. It is expected that the transaction will be accounted for as a pooling of interests and be completed on a tax-free basis. Completion of the transaction, which should be accretive to Core's 1998 earnings, is expected by 30 June, 1998, pending additional due diligence and other customary closing conditions. "The acquisition of Owen Oil Tools broadens the completion and stimulation technologies available from Core Laboratories and nicely complements our recent acquisitions of StimLab, Scott Pickford and ProTechnics," said President and CEO David M. Demshur. "The industry recognizes Owen as a leading technological innovator and we are especially excited about Owen being the manufacturer and the exclusive distributor of the new StimGun(TM) Assembly and the StimTube(TM) Tool." The StimGun Assembly (part of the MaraStim(TM) technology owned by Marathon 0i1), developed in a cooperative effort by Marathon Oil, Owen, HTH Technical Services, and Computalog, utilizes solid rocket propellant in combination with perforating guns to produce far superior well completions by significantly reducing formation damage. Damage to oil and gas reservoirs during the completion process is estimated to cost the industry billions of dollars per year in lost production. "Our clients have asked Core to focus technology on solving the multi-billion dollar reservoir formation damage problem. StimGun Assembly, especially when combined with other Core Lab production enhancement technologies, provides solutions to some of the most critical events in the well completion process," Demshur added. "Owen will benefit from Core Laboratories' worldwide reservoir rock database when developing new completion and perforating systems," quoted Harrold D. Owen, founder and long-recognized leader in the development of oilfield perforating systems. David S. Wesson, Vice President of Engineering and Product Development said, "Currently we cannot meet the demands for the StimGun Assembly but our merger with Core will provide additional resources for Owen to meet this strong demand." Added President Dean Owen, "Our growth and market penetration will be aided by Core Laboratories' worldwide presence and we all look forward to combining our technologies. StimGun Assembly has the potential to be the dominant perforating system that limits formation impairment and Owen and Core Laboratories will be well positioned to provide this superior technology to our worldwide client base." 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 31 March, 1998, and in other securities filings. StimGun, StimTube and MaraStim are trademarks of Marathon Oil Company. SOURCE Core Laboratories N.V. /CONTACT: Richard L. Bergmark for Core Laboratories, 713-329-7403, or fax, 713-939-8295/