Mullen buys leading oilfield company
ALDERSYDE, Alta. (Oct. 29, 2003) — Mullen Transportation announced it has acquired Cora Lynn Drilling Co., a leader in the drilling and recovery of formation core samples in oil sands in Northern Alberta.
Cora Lynn owns and operates a fleet of 28 truck-mounted drill units, the majority of which are specifically designed to meet the needs of oil companies involved in the exploring and extracting and mining of heavy oil sands deposits.
Mullen said it expects Cora Lynn to increase its consolidated revenues in 2004 by approximately $45 million. Don Murray, founder of Cora Lynn, will remain with the company as president and continue to oversee operations.
The transaction is expected to close by the end of October 2003, subject to the completion of due diligence. Mullen says it will fund the purchase price from existing bank facilities along with additional long-term funding from its current lender.
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