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WESTERN ENERGY SERVICES ANNOUNCES CLOSING OF PANTERA DRILLING ACQUISITION AND ANNOUNCES THE SYNDICATION AND INCREASE OF ITS CREDIT FACILITIES
WESTERN ENERGY SERVICES ANNOUNCES CLOSING OF PANTERA DRILLING ACQUISITION AND ANNOUNCES THE SYNDI...
About this update from Western Energy Services Corp.
[{"type":"text","content":"\n\n\n\n Dec. 17, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nCALGARY, Dec. 17 /CNW/ - Western Energy Services Corp. ("Western") (TSX Venture: WRG) and Pantera Drilling Income Trust ("Pantera") (TSX: RIG.UN) are pleased to announce the closing of the previously\n announced acquisition of Pantera by Western.  Western is also pleased\n to announce the syndication of its credit facilities, which increases\n Western's aggregate credit limit from $50 million to $75 million.\n\n\nACQUISITION OF PANTERA\n\n\nFurther to the joint press release by Western and Pantera dated October\n 18, 2010, Western acquired all of the outstanding securities of Pantera\n by way of a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement").  The transaction was approved at the special meeting of Pantera\n unitholders on December 16, 2010 and by the Court of Queen's Bench of\n Alberta on December 17, 2010.  Over 99% of the votes cast by the\n Pantera unitholders, present at the meeting in person or by proxy,\n voted in favour of the transaction.  Pursuant to the Arrangement,\n Pantera unitholders received 21.9048 common shares of Western for each\n trust unit of Pantera held, resulting in the issuance of approximately\n 226 million Western common shares. It is anticipated that Pantera trust\n units will be de-listed f...