The transaction, which is effective from December 31, 2009, marks the expansion of the company’s international oilfield services operations into Mexico. The purchase price has been funded from existing working capital and available lines of credit.
Upon completion of the proposed transaction, Ensign’s international oilfield services operations will be comprised of 55 drilling and workover rigs. All key personnel associated with the Foxxe operations have indicated their willingness to remain with Ensign upon completion of the transaction, Ensign said.
All of Foxxe’s drilling rigs were newly constructed within the last two years and are capable of drilling to depths of approximately 10,000 feet. The drilling rigs are currently contracted and operating in the Chicontepec and EPC fields in Mexico.
Based in Calgary, Alberta, Ensign Energy Services is an oilfield services contractor.
