Lexington Energy Launches Coiled Tubing Subsidiary
Lexington Energy Services has launched a wholly owned subsidiary, Lexcoil coiled tubing services.
Lexcoil will operate two coiled tubing units from Lexington Energy Services' operational headquarters in Calgary, Alberta. Both units are operational and ready for use on site. The units are available to clients on a day-rate contract basis, which will include two Lexcoil employees to support the service. The Company also intends to provide customers with the option of contracting the coiled tubing units in tandem with the Company's nitrogen generation units.
Coiled tubing units are primarily used for well cleanouts to enhance or initiate production in oil or gas wells. Coiled tubing units use a continuous string of pipe that is inserted into a drill hole, to facilitate the use of specialized tools, stimulation fluids, and nitrogen pumping into a well or drill hole.
Chief Executive Officer, Brent Nimmeck, stated, "The introduction of Lexcoil and the immediate availability of these two coiled tubing units, illustrates how we are systematically expanding and growing our business. I believe our ability to add ancillary products and services for Lexington Energy's growing list of clients will increase value not only for our customers but also for the Company and our shareholders."
Recently, Lexington announced over $1.9 million in drilling revenue from its winter drilling season in the Athabasca Oil sands, through its drilling subsidiary, Lexcore.
Lexington Energy Services is an oilfield services and nitrogen generation company serving the Canadian oil and gas industry.
- Lexington Brings in New CFO (Nov 01)
- Lexcore Services Wins 25-Well Drilling Contract (Oct 02)
- Lexington Energy Launches Coiled Tubing Subsidiary (May 31)