CALGARY, ALBERTA--(Marketwired - Jul 2, 2013) - Secure Energy Services Inc. ("Secure" or the "Corporation") (SES.TO) and its wholly owned subsidiary Marquis Alliance Energy Group Inc. ("Marquis Alliance"), announced today that they have completed the previously announced acquisition of all of the issued and outstanding shares of Target Rentals Ltd. ("Target") for an aggregate purchase price of $39.8 million. The purchase price, after closing adjustments, was paid with $21.0 million in cash and the issuance of 1,367,047 common shares of Secure valued at $13.70 per share.
About Secure Energy Services Inc.
Secure is a TSX publicly traded energy services company that focuses on providing specialized services to upstream oil and natural gas companies.
The Corporation operates three divisions:
Processing, Recovery and Disposal Division: Operating under the trade name Secure Energy Services, the processing, recovery and disposal services division focuses on clean oil terminalling, custom treating of crude oil, crude oil marketing, produced and waste water disposal, oilfield waste processing, landfill disposal and oil purchase/resale service.
Drilling Services Division: Operating under the name Marquis Alliance Energy Group Inc., and its wholly owned subsidiaries and operating under the trade name XL Fluids Systems Inc. ("XL Fluids") and under the trade name Imperial Drilling Fluids Engineering Inc. ("IDF"), the drilling services division focuses on drilling fluid systems, solids control, equipment rental service, drilling waste management and environmental services. The drilling fluids service line includes the design and implementation of drilling fluid systems for producers drilling for oil, bitumen and natural gas.
On Site Division: Operating under the name Frontline Integrated Services Ltd., the on site division offers fully integrated services supporting the energy, resource, pipeline and civil construction industries in Western Canada. The division offers a full spectrum of services that include the full life cycle of pipeline and facility operations, waste management, asset management and recovery as well as civil, remediation and reclamation earthworks.