Venezuela is one of the largest oil and natural gas reserve bases in the world with excellent prospects for continued strong demand for oilfield services. The Venezuela and Ecuador operations to be acquired from Flint complement Ensign's existing ODE operations in Argentina and provide an excellent platform for continued expansion in South America. Upon completion of the proposed transaction, which is expected to add between USD $50 million to USD $60 million to ODE's annual oilfield services revenues. Ensign's international oilfield services operations that are managed by ODE will now comprise 35 drilling rigs and 18 workover rigs.
Flint has a long and successful operating history in Venezuela dating back to the 1970s when it first started to provide workover services. Ensign & ODE were able to verify the high operational and safety standards of Flint during the due diligence review process. Selby Porter, President of Ensign, stated, "An oilfield service contractor is only as good as its people, so Ensign and ODE are delighted that all of the key personnel associated with the Flint operations have indicated their willingness to join us upon completion of the proposed transaction."
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