New West buys oilfield services firm Porterco for $1.4M
Porterco provides drilling waste solids hauling, excavating, equipment rentals and fabrication
CALGARY—New West Energy Services Inc. has entered into an agreement to acquire the operating assets of Porterco Welding Ltd. in a $1.4-million deal.
Based in Slave Lake, Alta., Porterco is an oilfield services company that provides drilling waste solids hauling, excavating, equipment rentals and fabrication.
According to New West, Porterco has fixed assets of approximately $750,000 and, at its year end April 30, 2012, had revenue of $2.5-million.
The operating assets of Porterco include all equipment used in the hauling and handling of drilling waste solids, rental equipment, vehicles, inventory and customer lists
The transaction is scheduled to close on August 24, 2012.
All transactions referred to in this press release are subject to the approval of the TSX Venture Exchange.