PHX Energy Announces Agreement for the Sale of Russian Operations
14 Diciembre 2020 - 6:30AM
PHX Energy Services Corp. ("
PHX Energy"
"
we" "
our" or the
"
Corporation") (TSX: PHX) announced today that it
has entered into a preliminary sale and purchase agreement with
Well Tech Services Ltd (the "
Purchaser"), a
company incorporated under the laws of the Russian Federation, for
the sale of our Russian operations to the Purchaser (the
"
Transaction"). Under the Transaction, the
Purchaser will acquire all of the outstanding shares of Phoenix TSR
LLC ("
Phoenix TSR"), an indirect wholly-owned
subsidiary of PHX Energy. The Transaction is expected to be
completed late in the first quarter of 2021, subject to
satisfaction of certain conditions including execution of a final
agreement, a stipulated minimum working capital requirement and the
preparation and delivery of customary closing documentation. The
agreed purchase price for the disposition is 240 000 000 Russian
Rubles, or approximately $4.2 million CAD using an exchange rate of
57.392. Upon completion, the Corporation intends to apply the net
proceeds from the Transaction to partially fund its 2021 capital
expenditure program.
Phoenix TSR was established in Russia a decade
ago and over this time has built a positive reputation. The sale of
Phoenix TSR will strengthen our balance sheet and cash position and
is aligned with our strategy to operate our high-performance
technologies in the most lucrative basins in the world, benefitting
from the higher margins generated. This divestment will allow our
personnel to focus on our objectives to continue gaining market
share and assist our customers’ in their efforts to constantly
drill faster.
About PHX Energy Services
Corp.
The Corporation, through its directional
drilling subsidiary entities, provides horizontal and directional
drilling technology and services to oil and natural gas producing
companies primarily in Canada and the US.
Forward-Looking Statements
This news release contains certain
forward-looking statements or information ("forward-looking
statements") as defined by applicable securities laws that involve
substantial known and unknown risks and uncertainties, many of
which are beyond PHX Energy's control. These statements relate to
future events or our future performance. All statements other than
statements of historical fact may be forward looking statements.
The use of any of the words "plan", "expect", "prospective",
"project", "intend", "believe", "should", "anticipate", "estimate",
or other similar words or statements that certain events "may" or
"will" occur are intended to identify forward-looking
statements.
Forward looking statements contained herein
include, but are not limited to: the anticipated entering into of a
final agreement in respect of the Transaction; the anticipated
satisfaction of conditions to completion of the Transaction; that
the Transaction will be completed on the terms contemplated or at
all; the anticipated timing of completion of the Transaction and,
if completed, the intended use of proceeds and the expected impact
of the Transaction on the Corporation including its financial
position and growth prospects. There can be no assurances that the
final agreement will be entered into nor assurances the Transaction
will be completed on the basis contemplated herein or at all and,
accordingly undue reliance should not be placed on the same.
Forward-looking statements involve significant
risks and uncertainties, should not be read as guarantees of future
performance or results and will not necessarily be accurate
indications of whether such results will be achieved. Readers are
cautioned not to place undue reliance on these statements as a
number of factors could cause actual results to defer materially
from the results discussed in these forward-looking statements,
including but not limited to those factors referred to under the
heading "Risk Factors" in the Corporation's Annual Information Form
("AIF") for the year ended December 31, 2019 and
the Corporation's management's discussion and analysis for the
three and nine months ended September 30, 2020. Although
forward-looking statements contained in this news release are based
upon what the Corporation believes are reasonable assumptions, the
Corporation cannot assure investors that actual results will be
consistent with these forward-looking statements. The
forward-looking statements in this press release are expressly
qualified by this cautionary statement. Unless otherwise required
by law, PHX Energy does not intend, or assume any obligation, to
update these forward-looking statements.
For further information please contact: John
Hooks, CEO; Michael Buker, President; or Cameron Ritchie, Senior
Vice President Finance and CFO
PHX Energy Services Corp. Suite 1400, 250 2nd
Street SW Calgary, Alberta T2P 0C1 Tel: 403-543-4466
Fax: 403-543-4485 www.phxtech.com
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