New West Energy Services Inc. (NWE.V) announced that it has completed its previously announced transaction with Porterco Welding Ltd.
The company said it acquired the operating assets of Porterco, which assets include all equipment used in the hauling and handling of drilling waste solids, rental equipment, vehicles, inventory and customer lists.
In addition, the company has retained approximately 9 employees employed in the drilling waste business. The acquired drilling waste business will operate under the name Porterco Oilfield Services Inc., a wholly-owned subsidiary of the Corporation. Cory Porter, founding principal of Porterco, has been appointed General Manager of Porterco Oilfield.
The company noted that it has closed its previously announced private placement of common shares at $0.06 per Common Share for gross proceeds of $120,000 with Cory Porter. The Common Shares were issued to Porter concurrently with the closing of the Acquisition. Each of the Common Shares issued today are subject to a four month hold period.
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