Energy trust buys quintet of western oil service firms

GRANDE PRAIRIE, Alta. — Petrowest Energy Services Trust announced it is buying five private road construction, gravel crushing, and log hauling fleets in Alberta and B.C.

The $94.2 million deal includes the acquisitions of Cutbank Trucking, Cutbank Transport, Jim Moffatt Construction, Quigley Contracting, Rick’s Mechanical Services, and Tri-Dave Gravel Sales Ltd.

The companies are based in the Grande Prairie and Peace River regions of Alberta and the Fort St. John region of B.C.

The revenue generated by these companies over their last fiscal year totaled $76.6 million, says Petrowest.

The company said in a press release that these acquisitions willexpand the Trust’s geographic footprint, client base and provide increased utilization of assets within the oil sands.

Petrowest expects the deals to close this week.

Meanwhile, Petrowest also announced that it has also entered into a memorandum of understanding with the Woodland Cree First Nations that includes a major strategic alliance, which will see Petrowest provide a combination of services within the WCFN traditional lands comprising over 3,800 square miles, including a significant portion of the Peace River oil sands.