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COMPETITION WATCH: Producers Oilfield Services announces major expansion

CALGARY, Alta. -- Producers Oilfield Services Inc announced today that it has entered into a letter of intent to pu...


CALGARY, Alta. — Producers Oilfield Services Inc announced today that it has entered into a letter of intent to purchase all of the shares of Formula Transport Ltd. a private Alberta company.

The purchase price will be satisfied with a combination of cash and the issuance of 6,820,000 Common Shares of Producers. The transaction is scheduled to close December 31, 2004.

Producers also announced today that Ric Petersen, the owner of Formula, will be appointed president, CEO and a director of Producers concurrent with the closing of Producers acquisition of Formula.

“With this acquisition, our organization will have reached a pivotal time in its growth. We now need a strong entrepreneurial leader who can devote his full time and attention to Producers and Ric brings to us all the qualities that we feel are needed for Producers continued success. We are also very excited to see Ric’s commitment to our company from both a leadership and a financial perspective”, said Mr. Stephen Lockwood, president.

Formula, based in Grande Prairie, Alta., offers services of fluid hauling, the hauling and warehousing of drilling mud, the hauling of oilfield equipment such as camps and service rigs and providing tank farms and oilfield rental equipment.

“Formula provides Producers with another strong operating business that has its own growth platform, secondly it brings with it the opportunity to realize many synergies with our existing businesses and thirdly it brings an experienced and valuable management team and workforce”, said Lockwood.

For further information, visit www.producersoilfield.com


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