Tuesday, January 18, 2000
CALGARY, ALBERTA--Trican Well Service Ltd. ("Trican")(TSE - TCW)
is pleased to announce that all conditions to its previously
announced offer to purchase Northline Energy Services Inc.
("Northline")(CDNX - NES) have been met, with greater than 93%
(5,455,299 shares) of the outstanding common shares of Northline
tendering to the offer (which constitutes Trican's sole position
in Northline). Trican anticipates taking up and paying for the
tendered shares within the next few days. Holders of Northline
shares who elected to receive Trican shares pursuant to the offer,
will receive a prorated number of Trican shares as holders of
Northline shares have elected to receive Trican shares in excess
of the 461,098 Trican shares available pursuant to the offer.
Trican intends to acquire the remaining Northline shares not
tendered to the offer shortly, pursuant to the compulsory
acquisition procedure of the Business Corporations Act (Alberta).
With this acquisition, Trican broadens the array of coiled tubing
services available to its customers.
Northline is a well service company that provides a variety of
coiled tubing services to both the drilling and service sectors of
the oil and gas industry in Canada. Northline's principal assets
include nine shallow and medium depth coiled tubing units.
Trican is a well service company that provides stimulation, coiled
tubing, cementing, fracturing and related services to the oil and
gas industry in Canada.
This news release is not an offer of Trican Shares in the United
States, which may not be offered or sold in the United States
absent registration or an exemption from registration under United
States securities laws.