Houston, August 10, 2000
Weatherford International, Inc. (NYSE: WFT) announced today that it has completed its acquisition of Alpine Oil Services Corporation (Toronto: ASL).
Under the terms of the acquisition, Weatherford will issue a total of approximately 1.26 million shares of stock to Alpine securityholders. Each Alpine Common Share is exchangeable into 0.039 shares of Weatherford common stock.
The acquisition of Alpine Oil Services, headquartered in Calgary, Canada, will extend Weatherford’s underbalanced services capabilities worldwide and add new completion technology capabilities to Weatherford’s Completion System’s division.
Houston-based Weatherford International, Inc. www.weatherford.com is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford operates in over 50 countries and employs approximately 10,000 people worldwide.
Contacts:
Don Galletly (713) 693-4148
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 concerning, among other things, Weatherford's prospects for its operations and the integration of recent acquisitions, all of which are subject to certain risks, uncertainties and assumptions. These risks and uncertainties, which are more fully described in Weatherford International, Inc.'s Annual, Quarterly and Current Reports filed with the Securities and Exchange Commission, include the impact of oil and natural gas prices and worldwide economic conditions on drilling activity, the demand and pricing of Weatherford's products, as well as the ability to achieve the anticipated synergies and savings from the recent merger between EVI, Inc. and Weatherford Enterra, Inc. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated.
Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027
713-693-4000