Essential Energy Services Acquires Technicoil

Essential Energy Services Ltd. (TSX:ESN) completed the acquisition of Technicoil Corporation, a TSX-listed Alberta-based oilfield services company pursuant to a plan of arrangement under the Business Corporations Act (Alberta). The aggregate economic value of the transaction was approximately $265 million. As a result of the acquisition, Essential is the predominant coil tubing and nitrogen well service provider in Canada and has a large conventional service rig fleet. Essential provides oilfield services to oil and gas producers in western Canada and internationally in Colombia for new drilling activity as well as servicing producing wells.

Pursuant to the arrangement, Essential acquired all of the issued and outstanding common shares of Technicoil in ex-change for 0.7111 of a common share of Essential and $0.80 in cash for each Technicoil share issued and outstanding. Technicoil is now a wholly owned subsidiary of Essential and has been de-listed from the TSX.

Fasken Martineau DuMoulin LLP advised Essential on this transaction with a team that included Lloyd Symons, Chelsea Bushfield, Mark Hawkins, Charles Lynch and Harpreet Nahal (corporate/securities); Michael Black (energy); Gary Rose (banking); Clarke Barnes, Frank Schober (tax); Alex Kotkas, Arif Chowdhury (litigation) and Huy Do (regulatory).

Bennett Jones LLP acted on behalf of Technicoil with a team that included Brent Kraus, Paul Barbeau, Matt Olson, Don Sullivan and Gavin Carscallen (corporate/securities); Scott Bodie (tax); Laurie Goldbach (litigation) and Alexander (Sasha) Rozenblyum (banking).