CALGARY, July 4, 2011 /CNW/ - Secure Energy Services Inc. ("Secure" or the "Corporation") (TSX:SES) announced today that it has completed the previously announced acquisition of all of the operating assets of XL Fluid Systems Inc., excluding working capital, for a purchase price of approximately $37 million which was paid by issuance of 2,297,885 common shares of Secure and the payment of approximately $18.5 million in cash.
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.