Press release from Marketwire
Canadian Energy Services & Technology Corp. Announces Acquisition and Monthly Cash Dividend
Thursday, February 16, 2012
Canadian Energy Services & Technology Corp. Announces Acquisition and Monthly Cash Dividend 16:53 EST Thursday, February 16, 2012CALGARY, ALBERTA--(Marketwire - Feb. 16, 2012) -Canadian Energy Services & Technology Corp. ("CESTC" or the "Corporation") (TSX:CEU) is pleased to announce that it has acquired all of the business assets of Petrotreat Inc. ("Petrotreat"). Established in 2001, Petrotreat is a privately held production chemical and well stimulation service company head quartered in Red Deer, Alberta. Petrotreat is focused on providing solutions to oil and gas producers to increase the productivity of their oil, gas or injection wells and provides products to remove paraffin, asphaltene and inorganic deposition in the near wellbore or from production equipment both downhole or on surface. Petrotreat currently services customers throughout central Alberta and Southwest Saskatchewan. Petrotreat will operate as part of the Corporation's PureChem division. PureChem is CESTC's drilling fluid and production chemical manufacturing division, which designs, manufactures and sells specialty drilling fluids for use by the Corporation and production chemicals for oil and gas operators. PureChem is a complimentary business to both CESTC's drilling fluids business and its transportation businesses in Canada. Tom Simons, President and Chief Executive Officer of CESTC, stated that "The acquisition of Petrotreat is consistent with our strategy to pursue strategic growth opportunities in the stimulation and production chemical space. It will be a platform from which we can accelerate the growth of our PureChem division. Petrotreat has a strong local market position and many long term customer relationships. The founder of Petrotreat and the key staff will be joining CESTC and will be instrumental in the further development and execution of our PureChem expansion strategy."CESTC also announced that it will pay a cash dividend of $0.045 per common share on March 15, 2012 to the shareholders of record at the close of business on February 29, 2012. About Canadian Energy Services & Technology Corp. CESTC designs and implements drilling fluid systems for the oil and natural gas industry in western Canada and in the United States through its subsidiary AES Drilling Fluids, LLC. Additional information about CESTC is available at www.sedar.com or at CESTC's website at www.CanadianEnergyServices.com.FOR FURTHER INFORMATION PLEASE CONTACT: Tom SimonsCanadian Energy Services & Technology Corp.President and Chief Executive Officer(403) 269-2800ORCraig F. Nieboer, CACanadian Energy Services & Technology Corp.Chief Financial Officer(403) firstname.lastname@example.org.CanadianEnergyServices.comTHE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.