Provident Energy takes stake in trucking company

Natural gas services provider Provident Energy Ltd. (TSX:PVE) says it has agreed to take a two-thirds equity interest in a Saskatchewan based oilfield hauling company for $20 million.

CALGARY — Natural gas services provider Provident Energy Ltd. (TSX:PVE) says it has agreed to take a two-thirds equity interest in a Saskatchewan based oilfield hauling company for $20 million. Three Star Trucking Ltd. provides transport services for crude oil producers in the lucrative Bakken Formation area, which runs under Saskatchewan, Manitoba, North Dakota and Montana. Three Star has a fleet of approximately 170 tractors and 160 trailers. Under terms of the agreement, Provident will pay $8 million in cash, 945,000 Provident shares and approximately $4 million in assumed debt and capital.