Phoenix Technology Income Fund, Calgary, (Toronto: PHX.UN) has completed the acquisition of the directional drilling assets of Wellco Energy Services Partnership, an affiliate of Wellco Energy Services Trust, (Toronto: WLL.UN) for cash consideration of C$5 million. Certain employees of Wellco have also entered into employment agreements with Phoenix. With this divestiture, Wellco will further focus its efforts on product lines that are consistent with the company's growth strategy of providing an integrated suite of products and services.
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