Sanjel sells pressure pumping assets to Liberty, STEP

CALGARY, Alberta -- Sanjel Corporation is selling two separate North American pressure pumping providers, the company said Monday.

Sanjel has signed a definitive agreement for the sale of its Canadian fracturing, coiled tubing and cementing assets to STEP Energy Services Ltd., an ARC Financial Corp. sponsored company.

STEP is a privately owned, technically focused, oilfield services company providing specialized coiled tubing and associated pressure pumping equipment and fracturing services. According to the company, the acquisition will add 165,000 pressure pumping hp to STEP’s current fracturing fleet of 115,000 hp.

Sanjel has also signed a definitive agreement for the sale of its U.S. fracturing, coiled tubing and cementing assets to Liberty Oilfield Services. Liberty is an oilfield service company providing specialized stimulation services to optimize well production. Liberty currently operates in the Williston, DJ and Powder River basins and is headquartered in Denver, Colo.

With this acquisition, Liberty will double its fracture stimulation capacity to approximately 500,000 hp, expand its geographic footprint and service offerings, and further its focus on increasing the returns of its E&P customers. The acquisition adds two new basins for Liberty, the Permian and Eagle Ford.

The transactions will be facilitated through a court-monitored process. Closure is anticipated within the next 30 days.