Bonnett's Energy Services Trust, Grand Prairie, Alberta, (Toronto: BT.UN) has closed the acquisition of Fort St. John, British Columbia-based Hess Oilfield Services Ltd. for C$5 million in cash and 249,814 trust units. Bonnett's will also pay an additional C$1 million in cash to Hess if a pre-defined earnings target is achieved during the one year period subsequent to closing. The cash portion of the acquisition will be funded using existing debt facilities of the trust. Hess provides the rental of completion and fishing tools and equipment to oil and gas producers in northeastern British Columbia. Dave Hess will continue to manage Hess from the Fort St. John office. This acquisition provides Bonnett's an opportunity to further expand into the rentals business which is complementary to the wireline services it currently offers.
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