New West Energy Services Inc. has completed its purchase of 1770245 Alberta Ltd., a private business in the oilfield services industry providing combination, hydrovac and boiler truck services to the completions and production sectors of the oil and gas industry, predominantly in the Peace region of Alberta.
The purchase was completed pursuant to the terms of a share purchase agreement dated September 17, 2013 among New West, the shareholders of 177024, Tippin D Oilfield Services Ltd., and 40 Creek Oilfield Services Ltd. pursuant to which the corporation acquired all of the issued and outstanding common shares of 1770245 for an aggregate purchase price of $1.8 million, comprised of a $1.3 million cash payment and the issuance of 3,000,000 common shares of the corporation at a deemed price of $0.10 per share.
A post-closing payment of up to $200,000 is payable as an earn out upon achieving certain performance thresholds over a twelve month period post close.
The new service will operate under the name Bearstone Vacuum Services which is a division of the wholly owned subsidiary BearStone Environmental Solutions Inc. Daniel Huys, the Founder and President of Tippin D, 40 Creek and 1770245, has agreed to serve as an Area Manager for Bearstone Vacuum Services.
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