CALGARY,June 1, 2011 /CNW/ -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX:SES) announced today that it has completed the previously announced acquisition of all of the outstanding shares of Marquis Alliance Energy Group Inc. ("Marquis Alliance") for a purchase price of approximately $131 million which was paid by issuance of 10,015,291 common shares of Secure and the payment of approximately $65.5 million in cash. The cash portion of the purchase price was financed through an $86.25 million subscription receipt bought deal financing through a syndicate of underwriters co-led by FirstEnergy Capital Corp. and Raymond James Ltd. Pursuant to the financing, Secure issued 12,969,900 subscription receipts at $6.65 per subscription receipt. With the closing of the acquisition, each subscription receipt was deemed to have been exchanged for one (1) common share of Secure, effective as at 1:00 p.m. today. The transfer register for the subscription receipts shall be closed at 5:00 p.m. as of today's date. The remaining net proceeds of the financing will be used for working capital and general corporate purposes including the funding of capital expenditures.
About Secure Energy Services Inc.
Secure is a TSX publicly traded energy services company that focuses on providing specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin. The services provided by Secure assist these companies with the treatment and sale of crude oil and the handling of by-products associated with oil and natural gas development and production. The services provided by Secure include crude oil emulsion treatment, the terminalling and marketing of crude oil, oilfield waste processing, tank washing, landfill disposal, disposal of produced and waste water and the purchase and resale of crude oil at Secure facilities. The Corporation's services are provided at ten facilities in Alberta and two facilities in British Columbia.
Through its wholly-owned subsidiary, Marquis Alliance, Secure also specializes in the development and supply of drilling fluids and drilling fluid systems. Marquis Alliance focuses on providing products and systems that are designed for more complex wells, such as medium to deep wells, horizontal wells and horizontal SAGD wells. Marquis Alliance provides drilling fluids services in the WCSB, Eastern Canada (St. Lawrence Low Lands in Quebec), the Rocky Mountain States and India. Marquis Alliance has a large focus on serving the ongoing major resource plays such as, but not limited to, the Muskwa shales of the Horn River, the Cardium of Central Alberta, the Montney in the Deep Basin of Alberta and British Columbia, the oil sands of Alberta and Saskatchewan, the Bakken of Saskatchewan and North Dakota and the Utica shale of Quebec. Marquis Alliance also provides solids control and ancillary equipment rentals for drilling operations in both western Canada and Rocky Mountain States and environmental services comprised of drilling waste management and environmental sciences in connection with reclamation services.
When used in this news release, the words "will", "estimate" and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the date that the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if conditions or opinions should change, except as required by applicable law.
The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities law and may not be offered or sold in the United States absent registration or applicable exemption from those registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
