Flint Announces Completion of Carson Energy Services Acquisition

abarrelfullabarrelfull wrote on 04 Oct 2011 10:47
Tags: canada carson flint services

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Flint Energy Services Ltd. ("Flint" or the "Company") announced that it completed the previously announced agreement to acquire (the "Acquisition") all of the issued shares of Carson Energy Services Ltd. ("Carson"), a privately held energy services company based in Saskatchewan.

The transaction was subject to regulatory approvals which were obtained at the end of September, 2011 and closed effective October 1, 2011. The purchase price is comprised of $112 million in cash and 2,121,212 Flint common shares, plus up to an additional $30 million earn-out spread over the next three years, subject to closing adjustments. Payment of the earn-out portion of the purchase price is dependent on the Carson operations meeting the EBITDA target of $40 million per year.

Carson, established in 1974 and based in Lampman, Saskatchewan, is one of Saskatchewan's largest private companies engaged in energy services, with over 900 employees and operations in 17 locations covering major energy plays in Saskatchewan, Manitoba and eastern Alberta. Carson offers pipeline construction, fabrication, civil and facility construction, oilfield maintenance, pipeline integrity, horizontal directional drilling, trucking and tubular management, environmental and safety sales and services. Carson's well respected safety performance, outstanding employees, strategic services and operations, and strong customer service provides Flint with a firm platform to expand its energy services reach in Saskatchewan and Manitoba.

Ron Carson, President of Carson Energy Services Ltd., will continue as President of Carson's operations within Flint. Carson will continue to operate under the Carson Energy Services brand while Flint and Carson adopt the best practices of each organization, ensuring uninterrupted and seamless services to their customers. The Carson operating results will be consolidated in the Company's Production Services segment, and will be reported in the fourth quarter and year end statements.

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