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CanElson Drilling Inc Closes Acquisition of CanGas Solutions Ltd.

Tuesday, 15 May 2012 07:00am EDT 

CanElson Drilling Inc announced acquisition of CanGas Solutions Ltd. (CanGas), a company that provides containerized natural gas transport services in Alberta and Saskatchewan. CanElson has issued 2,052,239 common shares for 100% of the shares of CanGas. CanElson now expects to invest approximately $19 million of additional capital expenditures into CanGas to grow its natural gas transport and bi-fuel capabilities. The investment is expected to be focussed on a combination of the purchase of additional equipment for rich gas transport (RGT) and bi-fuel related equipment for the conversion of oilfield services equipment. CanGas Solutions Inc., as the newly amalgamated company, will be run as a separate but wholly owned subsidiary of CanElson. 

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0.08 +0.97%
3:59pm EDT