Oil States Acquires Oil Sands Lodge
Oil States International, Inc. reported that its Canadian subsidiary, PTI Group Inc., has purchased all of the equity of Christina Lake Enterprises Ltd., the owners of a high-end lodge ("Christina Lake Lodge") in the Conklin area of Alberta, Canada. Ideally situated on over 40 acres, Christina Lake Lodge provides upscale lodging and catering for up to 92 people in the southern area of the oil sands region and can be expanded to accommodate future growth. Consideration for the lodge consisted of C$6.5 million in cash, funded from borrowings under the Company's existing credit facility, and is subject to post-closing working capital adjustments. For its fiscal year ended October 31, 2007, Christina Lake Lodge generated approximately C$3.9 million of revenues.
"We are excited to complete the acquisition of Christina Lake Lodge which expands our accommodations offerings into the southern oil sands area," stated Cindy B. Taylor, Oil States' president and chief executive officer. "We are pleased to add high quality accommodations and services to support our customers' growing SAGD developments in the area."
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