CALGARY, July 12, 2016 /CNW/ - Secure Energy Services Inc.
("Secure" or the "Corporation") (TSX – SES) is pleased to announce
today that it has completed the acquisition of the 50% interest in
all of the Joint Venture assets of the La
Glace and Judy Creek
facilities (collectively, the "Facilities") previously held by the
other joint venture participants, increasing Secure's interest in
the related Facilities to 100% (the
"Acquisition").
The purchase price, including working capital, was $26.7 million which was funded through existing
capacity under the Corporation's credit facility. The Acquisition
relieves Secure of the administrative requirements of operating the
Facilities under a joint venture structure, while adding additional
cash flow from an increase in ownership in the Facilities. The
Acquisition will not result in any operational changes to the
Facilities.
ABOUT SECURE ENERGY SERVICES INC.
Secure is a TSX publicly traded energy services company that
provides safe, innovative, efficient and environmentally
responsible fluids and solids solutions to the oil and gas
industry. The Corporation owns and operates midstream
infrastructure and provides environmental services and innovative
products to upstream oil and natural gas companies operating in
western Canada and certain regions
in the United States
("U.S.").
The Corporation operates three divisions:
Processing, Recovery and Disposal Division ("PRD"): The PRD
division owns and operates midstream infrastructure that provides
processing, storing, shipping and marketing of crude oil, oilfield
waste disposal and recycling. More specifically these services are
clean oil terminalling and rail transloading, custom treating of
crude oil, crude oil marketing, produced and waste water disposal,
oilfield waste processing, landfill disposal, and oil
purchase/resale service. Secure currently operates a network
of facilities throughout Western
Canada and in North Dakota,
providing these services at its full service terminals ("FST"),
landfills, stand-alone water disposal facilities ("SWD") and full
service rail facilities ("FSR").
Drilling and Production Services Division ("DPS"): The DPS
division provides equipment and product solutions for drilling,
completion and production operations for oil and gas producers in
Western Canada. The drilling
service line comprises the majority of the revenue for the division
which includes the design and implementation of drilling fluid
systems for producers drilling for oil, bitumen and natural gas.
The drilling service line focuses on providing products and systems
that are designed for more complex wells, such as medium to deep
wells, horizontal wells and horizontal wells drilled into the oil
sands. The production services line focuses on providing equipment
and chemical solutions that optimize production, provide flow
assurance and maintain the integrity of production
assets.
Onsite Services Division ("OS"): The operations of the OS
division include Environmental services which provide pre-drilling
assessment planning, drilling waste management, remediation and
reclamation assessment services, Naturally Occurring Radioactive
Material management, and waste container services; Integrated Fluid
Solutions ("IFS") which include water management, recycling,
pumping and storage solutions; and Projects which include pipeline
integrity (inspection, excavation, repair, replacement and
rehabilitation); demolition and decommissioning, and reclamation
and remediation of former wellsites, facilities, commercial and
industrial properties, and environmental construction projects
(landfills, containment ponds, subsurface containment walls,
etc.).
SOURCE SECURE Energy Services Inc.