Element Technical Services to acquire Essential Energy Services for $78m.

Element Technical Services, an oil and gas industry company that provides fracturing and coiled tubing services, agreed to acquire Essential Energy Services, a growth-oriented, dividend paying corporation that provides oilfield services to producers in western Canada, for $78m. “We have successfully led Essential and its predecessor entities through almost two decades of turbulent oilfield service industry and capital markets dynamics. Throughout this long history, we have strived to maximize value for stakeholders of our business. As a part of our normal course of business, and in particular over the past seven years, Essential has actively evaluated and explored numerous opportunities, culminating in this transaction with Element. We believe this transaction provides compelling value for Essential’s shareholders and enhanced product offerings to Essential’s customers,” Garnet Amundson, Essential President and CEO.