Flint Energy Services Ltd. Announces Acquisition of Denmar Energy Services Group
Flint Energy Services Ltd. (“Flint”) today announced that it has acquired the Denmar Energy Services Group (“Denmar”), a privately held operation based in Bonnyville, Alberta. Denmar provides small diameter pipeline, facilities construction and maintenance, fabrication and general mechanical and contract operator services in the active in-situ and conventional heavy oil areas of eastern Alberta as well as servicing natural gas installations. Garry Lapointe and Roger Fortier, the principals of Denmar, will continue to oversee and manage ongoing operations.
“We are very pleased to welcome the Denmar group and their employees to the Flint family. The addition of their people and facilities capabilities makes our combined group a true leader in the area. We look forward to working with Garry and Roger to enhance what we can offer both Flint’s and Denmar’s customers, as well as providing opportunities for all of Denmar’s valued employees. We anticipate that Denmar will be able to build on its prior year’s revenues of approximately $50 million and to produce operating earnings consistent with Flint’s Production Services business unit’s results,” said Bill Lingard, President and CEO of Flint.
“This is a great step in the evolution of the Denmar operation,” said Garry Lapointe, President of Denmar. “By partnering with Flint we will be able to do more for our customers, with the best safety, quality and project management systems in our part of the industry and provide long term growth opportunities, employment and rewards for the people that have contributed to the growth of the Denmar Group.”
Flint funded the acquisition from cash on hand raised in its recent share offering, as well as the issuance of shares and notes payable to the principals of Denmar.
FORWARD-LOOKING STATEMENTS
Certain statements in this news release are “forward-looking statements”, which reflect management’s current expectations regarding future events or the Company’s future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. The Company believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding the risks and uncertainties can be found in the disclosure documents filed by the Company with the securities regulatory authorities, available at www.sedar.com.
Flint Energy Services Ltd. is a publicly traded company listed on the Toronto Stock Exchange under the symbol “FES”. Flint provides a full range of integrated midstream production services through 46 operating locations throughout western and northern Canada and the southern and mid-western United States.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
For further information
W.J. (Bill) Lingard, President & Chief Executive Officer OR Terry Freeman, Chief Financial Officer, Telephone: (403) 218-7100, Fax: (403) 215-5481
Website: www.flintenergy.com
Source: Flint Energy Services Ltd.
