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Article: Pure Energy Services Ltd. Announces Sale of Fracturing Division.

Article from:
Marketwire Canada
Article date:
August 7, 2009
Copyright

CALGARY, ALBERTA, Aug 7, 2009 (Marketwire via COMTEX) -- Pure Energy Services Ltd. (TSX:PSV) ("Pure") announces that it has entered into a definitive agreement (the "Agreement") to sell its Colorado-based well fracturing division to Calfrac Well Services Ltd. ("Calfrac") for a purchase price of $42.8 million, subject to certain post-closing adjustments (the "Sale Transaction"). The purchase price is comprised of $39.1 million in cash and $3.7 million of debt being assumed by Calfrac.

Mr. Kevin Delaney, the CEO of Pure, noted "Our ability to complete this transaction in a currently depressed market is a testament to the competitive successes, operating ...

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