Collaborative Energy Services announces business acquisitions, financings and credit facility
CoEnergy is a private oilfield service company currently operating in Canada and the United States. — Photo courtesy CoEnergy
CALGARY, Alberta, April 27, 2017 (GLOBE NEWSWIRE) -- Collaborative Energy Services Inc. (“CoEnergy”) is pleased to announce that it has completed two business transactions and the purchase of several pieces of oilfield equipment in the oilfield service sector to complement CoEnergy’s downhole oil and gas, environmental and engineering services. As a result of the transactions, CoEnergy can provide an integrated, turn-key business model targeted at the entire life cycle of oil and gas wells focusing on producers in the Canadian Western Sedimentary Basin and the Permian, Eagle Ford and Midland basins in Texas.
The Transactions
In the transactions, CoEnergy acquired two oilfield service companies operating in Canada and the United States. These companies specialize in well servicing by providing service and rod rigs in both countries. In addition, CoEnergy acquired several additional pieces of specialized equipment including wireline, cementing and high pressure pumping to provide a full suite of services for completions, abandonments and workover/optimization operations. As a result of the transactions, CoEnergy currently owns 7 full service rig packages, 5 rod rigs and specialized wireline, cementing, pumping and transport components and has entered into agreements to purchase additional well servicing equipment to compliment CoEnergy’s current and diverse fleet.
Financings
In order to complete the transactions, CoEnergy completed a series of financings including an initial private placement of 12,000,000 Common Shares for gross proceeds of $3,000,000, an additional private placement of 6,200,000 Common Shares for gross proceeds of $1,550,000 and a secured capital financing facility of up to $10,000,000 with Maynbridge Capital (http://www.maynbridge.ca) of Vancouver, BC, a boutique lender that specializes in equipment and property financings to companies across Canada. The facility provided by Maynbridge to CoEnergy is a capital lease facility with conventional terms and conditions and may be increased by both parties to fund the future growth of CoEnergy. CoEnergy will also maintain traditional financing arrangements for operating accounts with Alberta Treasury Branches in Canada and Wells Fargo in the United States.
Board and Management
CoEnergy is led by President and CEO Darryl Wilson, who held senior positions with CenAlta Well Services and Precision Drilling and was a founder of CWC Energy Services and CASA Energy Services. The other directors and members of the management team include Todd Dillabough, Chairman, Brian Shewchuk, VP Finance, Mike Dowker, VP Operations, Chad Barber, VP Engineering and Ross Drysdale, Director and Counsel.
About Collaborative
CoEnergy is a private oilfield service company currently operating in Canada and the United States. The company was formed in January, 2017 in Alberta by a senior management team with extensive experience in oil and gas operations and services. The management team is comprised of former managers and executives of Precision Drilling, Cenovus Energy, Ascent Oilfield Services, Denarii Well Servicing and Central Alberta Well Services. As a result, the management team has many years and significant experience in petroleum engineering, drilling, production and the oilfield well servicing business. CoEnergy currently owns 7 service rigs, 5 rod rigs and specialized wireline, cementing and high pressure pumping equipment and has immediate plans of mobilizing additional service rigs and rod rigs to its operations base in South and West Texas.
