A Texas company appears poised to buy Red Deer’s Pentagon Optimization Services Inc.
Lufkin Industries Inc. (NASDAQ: LUFK) has announced that it has signed an agreement to purchase Pentagon. Terms of the deal were not disclosed, other than its anticipated closing date of September 2011.
Pentagon serves the oil and gas industry with a wide range of products and services. It has offices from Grande Prairie to Medicine Hat.
Lufkin sells and services oilfield pumping units, well automation systems and other equipment.
“This acquisition immediately expands our footprint in Canada, the second largest plunger lift market outside the U.S.,” said Lufkin president and CEO John (Jay) Glick.
“The acquisition of Pentagon is also expected to facilitate Lufkin International Lift Systems (ILS) with entry into the Canadian market and provide ILS with an upgraded product portfolio, avoiding costly startup and development costs.”
Meanwhile, it appears Savanna Energy Services Corp. (TSX:SVY) is selling its Blackfalds field office.
The Calgary company said in its second-quarter report that is has entered into an agreement to dispose of the property for proceeds of approximately $4.1 million. It said rigs operating from Blackfalds would move to Savanna’s Nisku and Medicine Hat facilities.
The Advocate requested additional information about the Blackfalds office from Savanna but did not receive a reply.