Halliburton And Cancoil Sign Alliance Agreement

Cancoil Integrated Services Inc. and its subsidiary in the U.S., Technicoil Integrated Services Inc. (Cancoil), have finalized an Alliance Agreement with Halliburton Energy Services.

The Alliance Agreement confirms Cancoil as a supplier of coil tubing rigs for Halliburton's coil tubing fracturing service in Canada and the United States. The combination of Cancoil's advanced patented technology equipment, together with Halliburton's patented CobraFrac(SM) fracturing process, will create the most advanced coil fracturing process in the industry. The Alliance Agreement is effective July 1, 2001 and supplies Halliburton with up to nine rigs by March 31, 2002.