Transactions & Cases Detail
Quest Energy Services Ltd. acquires outstanding common shares of Production Enhancement Group, Inc.
June 6, 2008
Oil & Gas
69.6 Million CAD
On June 4, 2008, Quest Energy Services (Canada) Ltd. ("Quest"), an indirect wholly owned subsidiary of Al-Qahtani Marine & Oilfield Services Co. of Saudi Arabia ("Al-Qahtani"), and Production Enhancement Group, Inc. ("PEG" or the "Company") jointly announced that Quest has been successful under its previously announced offer to purchase the outstanding common shares of PEG for $0.65 Cdn per share. A total of 49,904,093 Common Shares of PEG representing 72.7% of the outstanding Common Shares (or 56.4% calculated on a diluted basis as of today's date) were validly deposited under the Offer. The total value of the deal was C$69.60 million.
McCarthy Tétrault LLP advised Production Enhancement Group with a team led by Andrew Grasby.