CALGARY, ALBERTA--(Marketwired - Feb 22, 2017) - Strad Energy Services Ltd. ("Strad" or the "Company") (SDY.TO) is pleased to announce the successful completion of the acquisition (the "Acquisition") of two private companies based in Fort St. John, British Columbia. The surface rental equipment and personnel of these two private companies will immediately be combined with Strad, which operates one of the newest, largest and most diverse fleets of rental equipment in the Deep Basin from key locations in Fort St. John, Dawson Creek and Grande Prairie. The Acquisition continues to create a stronger, more diverse rental platform for Strad to better service customers focused in the Montney and Duvernay plays of North East British Columbia and North West Alberta.
Consideration for the Acquisition consisted of 561,798 class A common shares of Strad ("Strad Shares") and $1.75 million in cash at closing, representing a total transaction value of approximately $2.75 million, based on the 20 day weighted average trading price of Strad Shares on the TSX immediately preceding the date hereof.
About Strad Energy Services Ltd.
Strad is a North American energy services company that provides rental equipment and matting solutions to the oil and gas and energy infrastructure sectors. Strad focuses on providing complete customer solutions in Canada and the United States.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".