CALGARY, Nov. 5, 2012 /CNW/ - Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX:SES) announced today that it has amended and extended its existing $200 million syndicated credit facility ("Syndicated Facility") to $300 million led by the Alberta Treasury Branch ("ATB"). All members of the previous syndicate, plus the addition of Wells Fargo, participated in the expansion of the Syndicated Facility. There were no changes to the covenant terms of the underlying syndicated credit agreement previously announced on August 4, 2011. Key amendments include:
- Extension of the term of the agreement to July 31, 2015 with annual extensions available at management's option.
- A $50 million accordion option that will allow Secure to increase the amount available to $350 million at any time by exercising the option.
- Reduced borrowing rates and facility standby fees.
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, storage and marketing of crude oil, oilfield waste processing, tank washing, landfill disposal and disposal of produced and waste water. The Corporation's services are provided at fifteen facilities in Western Canada and two facilities in North Dakota.
About Marquis Alliance Energy Group Inc.
Marquis Alliance, a wholly owned subsidiary of Secure, is an energy services company that specializes in the supply and development of drilling fluids and drilling fluid systems. Marquis Alliance focuses on providing products and systems 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 Western Canadian Sedimentary Basin and in the northern United States with strategic focus on servicing 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, the Niobrara of Colorado.
Marquis Alliance also provides environmental services comprised of drilling waste management and environmental sciences in connection with reclamation services. Environmental services involves determining the appropriate processes for disposing of drilling waste such as drill cuttings and fluids and/or the recycling of the fluids produced by drilling operations. In addition, Marquis Alliance provides a reclamation service to assess and determine the most appropriate and cost effective method for reclaiming the land back to its original pre-drilling state. Environmental scientists and chemists, in conjunction with its drilling fluids specialists, work to execute the reclamation and disposal process.
In addition, Marquis Alliance provides solids control and ancillary equipment rentals for drilling operations in both western Canada and the Rocky Mountain States. The majority of the activity for the solids control and equipment rental service line is in central Alberta and the oil sands. Marquis Alliance' current fleet of high speed centrifuges, drying shakers, bead recovery units, tanks and ancillary equipment is offered as a stand alone package or part of an integrated package with the drilling fluids and environmental services.
The Toronto Stock Exchange has not reviewed, nor does it accept responsibility for the adequacy or accuracy of this release.