Ensign acquires under-balanced drilling assets from ICE in Canada

Aug 06, 1999 02:00 AM

Ensign Resource Service Group Inc. announces that its wholly owned subsidiary, Opsco Energy Industries Ltd., has purchased from ICE Drilling Systems Inc. all of the operating assets formerly owned and operated by ICE. The assets consist of 8 underbalanced drilling packages and related assets that were previously operated in western Canada. The purchase price has been funded from Ensign's working capital.
The acquisition of the assets of ICE further expands the range of drilling services provided by the Ensign Group in Canada. The additional equipment will be operated through the Company's Opsco division, which is based in Calgary, Alberta. Selby Porter, President of the Ensign Group, stated that "the acquisition of state-of-the-art membrane, compression and flow test equipment will enable our Opsco division to provide sophisticated underbalanced drilling services and air compression services to the Canadian oil and natural gas industry, with a goal of reducing costs for our customers".

Ensign Resource Service Group Inc. is an oilfield services contractor involved in oil and natural gas contract drilling in Canada through Champion Drilling, Ensign Drilling and Tri-City Drilling and well servicing in Canada through Rockwell Servicing, Leyen Oilwell Servicing and Continuous Tubing.
The Company provides contract-drilling services in the Rocky Mountain region of the United States through its Caza Drilling Inc. division. The Ensign Group also provides manufacturing and production services to the Canadian oil and natural gas industry through its Opsco Energy Industries division.

Source: Newspage
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