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Element Technical Services Completes Acquisition of Essential Energy Services

CALGARY, Alberta, Nov. 10, 2023 (GLOBE NEWSWIRE) -- Essential Energy Services Ltd. (TSX: ESN) (“Essential”) is pleased to announce the closing of its previously announced amalgamation (the “Amalgamation”) with 2544592 Alberta Ltd. (“Subco”, with the amalgamated entity being referred to as “Amalco”), a wholly-owned subsidiary of Element Technical Services Inc. (“Element”) pursuant to the amalgamation agreement dated September 15, 2023 among Essential, Element and Subco (the “Amalgamation Agreement”).

Upon completion of the Amalgamation, each holder of common shares of Essential (“Essential Shares”), received one redeemable preferred share of Amalco (each, an "Amalco Redeemable Preferred Share") for each Essential Share held by such holder of Essential Shares and the Amalco Redeemable Preferred Shares were automatically redeemed for $0.40 in cash per Amalco Redeemable Preferred Share (the “Consideration”).   The Amalgamation was approved at a meeting of holders of Essential Shares held on November 7, 2023.

For information on how former holders of Essential Shares can receive the Consideration they are entitled to pursuant to the Amalgamation, holders should review Essential’s management information circular dated October 3, 2023 which is available under Essential’s profile on SEDAR+ at www.sedarplus.ca. For further information regarding the Amalgamation, readers should review the Amalgamation Agreement and Essential’s news releases dated September 15, 2023, October 5, 2023 and November 7, 2023, all of which are available under Essential’s profile on SEDAR+ at www.sedarplus.ca.

ABOUT ESSENTIAL

Essential provides oilfield services to oil and natural gas producers, primarily in western Canada. Essential offers completion, production and wellsite restoration services to a diverse customer base. Services are offered with coiled tubing, fluid and nitrogen pumping and the sale and rental of downhole tools and equipment. Essential offers one of the largest active coiled tubing fleets in Canada.

The TSX has neither approved nor disapproved the contents of this news release.

Contact:
403-263-6778


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