Mullen buys Alta ‘liquid lugger’

OKOTOKS, Alta. – Western energy services transporter, the Mullen Group closed its acquisition of Polaris Petroleum, a privately owned oil services and fluid hauler based in Drayton Valley, Alta.

Polaris, a medium-size outfit which cleverly dubs itself the "liquid luggers" on its website, also provides drilling and production fluid services to oil and gas companies operating in the Cardium resource play.

Polaris will be operated as a stand-alone business unit. Its former owners Monte and Cindy Waronek have agreed to stay on and run the day-to-day operations.

This acquisition is expected to increase Mullen Group’s consolidated revenues by approximately $22 million on an annualized basis and generate operating margins consistent with Mullen Group’s other production services businesses.

"Acquiring businesses leveraged to fluid hauling and the production services segment of the oil and gas industry has been and continues to be a strategic focus of the Mullen Group," said Stephen Lockwood, president and Co-CEO of Mullen.

"The addition of Polaris to our production services operations expands Mullen Group’s geographic coverage into the heart of the Cardium play, an area in which our oil and gas customers continue to invest."