Bri-Chem Announces Oklahoma Drilling Fluids Wholesaler Acquisition

EDMONTON, Alta. -- Bri-Chem Corp., a leading North American wholesale distributor and manufacturer of oil and gas drilling fluids and steel pipe, has announced that Bri-Chem has entered into a letter of intent to acquire 100 per cent of the issued and outstanding shares of an Oklahoma based drilling fluids wholesaler.

The business operates as a wholesaler primarily in the state of Oklahoma and the transaction will also include the purchase of certain land and building assets related to their operation.

The total purchase price is approximately US$2.5 million which includes a US$250,000 one year vendor takeback and the issuance of US$200,000 in common shares of Bri-Chem. Subject to receipt of TSX approval, closing is expected to be on or before Dec. 31.

Since its formation in 1985, Bri-Chem has established two primary segments of business through a combination of internal growth and acquisitions: Bri-Chem's Drilling Fluid Division is North America's largest independent wholesale supplier of drilling fluids for the oil and gas industry.

It provides over 100 drilling fluid products, cementing, acidizing and stimulation additives from 25 strategically located warehouses throughout Canada and the United States; Bri-Chem's Steel Pipe Division is the first company to introduce and construct a Thermal Pipe Expansion (TPE) facility in North America for manufacturing, testing and supply of large diameter seamless steel pipe for the energy industry.

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