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Friday, February 22, 2013

Western Energy to purchase IROC Energy for C$157.1 mln, (CVE: ISC.V)

Canadian contract driller Western Energy Services Corp said it would purchase IROC Energy Services Corp for about C$157 million ($154 million) in cash and stock, gaining an entry into the oilfield equipment rental business. Western Energy will pay the equivalent of C$3.10 per share, a premium of 31 percent to IROC's closing price on Thursday.

IROC Energy Services Corp. (IROC Energy) is an oilfield services company. Shares of ISC fell by 0.42% or $-0.01/share to $2.37. In the past year, the shares have traded as low as $2.10 and as high as $2.64. On average, 58952 shares of ISC.V exchange hands on a given day and today's volume is recorded at 35342.