Logan International Incorporated’s wholly-owned subsidiary, Source Energy Tool Services Inc., has acquired Complete Oil Tools Inc., a private oilfield services company headquartered in Calgary, Alberta.
Complete Oil Tools Inc. provides downhole completion tools and related services to the oil and natural gas industry in Western Canada. The move further enhances Logan International's position in the downhole tool and completion market and adds to its growing Canadian footprint with four locations in Alberta including Calgary, Edmonton, Red Deer and Grande Prairie.
"Complete is a great addition to our growing downhole tool and completion business in Western Canada" said Gerald Hage, Chief Executive Officer of Logan International.
"The acquisition will enhance value for Logan shareholders by further strengthening our sales and service team and providing access to a new customer base for the Logan Oil Tools and Source product lines."
Combined business operations are expected to generate over $900,000 of EBITDA for full-year 2010. Logan International expects to realize financial and operational synergies once the complete acquisition is fully integrated.
The company anticipates releasing the Q2'10 results of operations before the opening of the market on Monday, August 16.
Peters and Co. Limited acted as financial advisor to Logan International.
Logan International is a growth-oriented oilfield manufacturing and services company focused on the downhole tool and completion technology market segments. Logan manufactures and sells a complete line of downhole products.
Source: Logan International
Complete Oil Tools Inc. provides downhole completion tools and related services to the oil and natural gas industry in Western Canada. The move further enhances Logan International's position in the downhole tool and completion market and adds to its growing Canadian footprint with four locations in Alberta including Calgary, Edmonton, Red Deer and Grande Prairie.
"Complete is a great addition to our growing downhole tool and completion business in Western Canada" said Gerald Hage, Chief Executive Officer of Logan International.
"The acquisition will enhance value for Logan shareholders by further strengthening our sales and service team and providing access to a new customer base for the Logan Oil Tools and Source product lines."
Combined business operations are expected to generate over $900,000 of EBITDA for full-year 2010. Logan International expects to realize financial and operational synergies once the complete acquisition is fully integrated.
The company anticipates releasing the Q2'10 results of operations before the opening of the market on Monday, August 16.
Peters and Co. Limited acted as financial advisor to Logan International.
Logan International is a growth-oriented oilfield manufacturing and services company focused on the downhole tool and completion technology market segments. Logan manufactures and sells a complete line of downhole products.
Source: Logan International
