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Friday, February 22, 2013

Western Energy to purchase well services provider IROC, (CVE: ISC.V)

Western Energy Services Corp, owner of the sixth-largest fleet of drilling rigs in Canada, will purchase IROC Energy Services Corp for about C$157 million ($154 million) to add rigs used in maintaining oil and gas wells.IROC's 51 well-servicing rigs operate mainly in Western Canada's oil-rich shale fields, which is likely to benefit Western Energy as oil wells need more maintenance than gas wells.Western Energy, which had 49 drilling rigs and seven newly built service rigs as of December, will also gain an entry into the oilfield equipment rental business."All of IROC well-servicing rigs are ideally suited for the continued demand for workover services as a result of the number of producing oil wells," Western Energy said in a statement on Friday.

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 0.