Alpine Oil Services to acquire Techcorp Industries

Aug 05, 1999 02:00 AM

Alpine and Techcorp announced that they have entered into an agreement whereby Alpine will offer one third of an Alpine common share for everyone Techcorp common share. The offer will be conditional upon Alpine acquiring at least 66 2/3 % of the Techcorp common shares.
Techcorp's board of directors, subject to receiving an independent valuation, have unanimously agreed to recommend acceptance of the offer. The board of directors of Techcorp hold in aggregate approximately 39 % of the outstanding common shares of Techcorp. The issued and outstanding share capital of Techcorp consists of approximately 15.3 mm common shares.
The acquisition of Techcorp will be a strategic addition to Alpine's underbalanced drilling services and will further establish Alpine's position as a leader in integrated underbalanced drilling services and underbalanced drilling technology.

Techcorp is an oil and gas service company that designs and manufactures specialised proprietary oil tools used in the drilling and completion of oil and gas wells. Techcorp's current products are focused around underbalanced drilling and include Rotating Blowout Preventers, an Underbalanced Drilling Downhole Deployment Valve, an Electronic Gauge Carrier System and External Casing Packers.

Alpine Oil Services Corporation is an innovative, value-added energy services entity competing in the Canadian upstream oil and gas market. Alpine is the second largest provider of Underbalanced Drilling surface pressure control equipment, complete with rotating blowout preventers, and the largest provider of Real-Time Drill Stem Testing services, in North America.
Alpine is the only company in North America that has developed and now offers a mechanical wireline-set and retrievable production telemetry tool. Internationally the Company is involved in the sale of its proprietary equipment into select markets. Alpine is a recognized leader in the research, development and application of innovative technologies related to the services it provides.
Alpine uses this technological knowledge base to design and manufacture many of the downhole tools used in its services. To date, Alpine has developed and presently uses more than 65 types of proprietary tools and equipment in its three main service lines.

Source: Canadian Corporate News
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