Ensign Completes Purchase of 12 Land Rigs
Ensign Energy Services Inc. has announced that its wholly owned partnership, Ensign Drilling Partnership, has completed the previously announced acquisition of all of the drilling rigs and related equipment of Terracore Specialty Drilling Ltd.
The acquisition of the 12 specialty drilling rigs and related assets closed on July 17, 2008. The purchase price, which is not being disclosed in accordance with the terms of the agreement, was funded from existing working capital and available credit facilities.
The Terracore rigs are designed for coring operations used primarily in the oil sands industry and were newly built within the last four years. These newly acquired drilling rigs are also capable of conventional oil and natural gas drilling, coalbed methane drilling and the re-entry of existing oil and natural gas wells. The acquisition of the Terracore rigs further expands Ensign's capabilities in the oil sands coring and specialized drilling markets. The additional rigs are being operated through the Encore Coring & Drilling division of Ensign. Ensign now operates a fleet of 197 drilling and coring rigs in Canada, the second largest drilling fleet in the Canadian industry.
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