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Article: Pure Energy sells fracturing unit to Calfrac for $42.8 million; Calfrac boosts capital budget.
- Article from:
- TendersInfo
- Article date:
- August 8, 2009
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Byline: pinto03
Pure Energy Services Ltd. (TSX:PSV), a Calgary oil and gas services company, has struck a deal to sell its Colorado-based well fracturing division to Calfrac Well Services Ltd. (TSX:CFW) for $42.8 million.
The company said Friday the pricetag includes $39.1 million in cash and $3.7 million of debt being assumed by Calfrac. For its part Calfrac is using the deal and a capital spending boost to expand its global operations during a weak period for the oil and natural gas servicing industry.
"Our ability to complete this transaction in a currently depressed market is a testament to the competitive successes, operating capabilities ...