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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (11262)	6/17/1998 3:12:00 AM
From: Kerm Yerman	Respond to of 15196

SERVICE SECTOR / Inter-Tech Drilling Solutions Completes Acquisition INTER-TECH DRILLING SOLUTIONS LTD. TSE SYMBOL: IDL JUNE 16, 1998 Inter-Tech Announces Completion of Acquisition CALGARY, ALBERTA--Inter-Tech Drilling Solutions Ltd. has today announced that it has completed its previously announced acquisition of Big D Rentals & Sales (1981) Ltd. pursuant to a plan of arrangement under the Business Corporations Act (Alberta). Big D was, prior to this transaction, the owner of approximately 57 percent of the issued and outstanding shares of Inter-Tech. Pursuant to the acquisition Inter-Tech issued to the Big D shareholders, directly and indirectly, a number of shares equal to the number of common shares of Inter-Tech held by Big D and an additional 4,833,044 Inter-Tech common shares. In addition, a cash adjustment may be payable by Inter-Tech to the Big D shareholders in connection with a prescribed formula based upon the working capital of Big D as at the date of the closing of the acquisition. As a result of the acquisition Inter-Tech's issued and outstanding shares now aggregate 21,459,298. After giving effect to the acquisition of Big D, F. Fong Seto, Wayne J.A. Wright and Marina Yakiwchuk each hold 3,533,971 common shares of Inter-Tech (16.5 percent) of those outstanding, all of which shares were acquired in connection with the transaction. Each of the previous shareholders of Big D tendered all of their respective common shares in Inter-Tech to the offer made by Precision Drilling Corporation for all of the outstanding common shares of Inter-Tech. Inter-Tech Drilling Solutions Ltd. is an oilfield technology and services company that specializes in adding value to oil and gas companies through safe underbalanced drilling. This is completed by using the company's proven and reliable rotary RBOP(TM), its engineering services and surface equipment. Inter-Tech shares trade on The Toronto Stock Exchange under the symbol: IDL.