Entrec has signed a letter of intent to acquire Alberta, Canada-based Capstan Hauling.
Capstan Hauling provides heavy haul transportation services to the oil and natural gas industry in northwest Alberta and northeast British Columbia.
“With our outlook improving for the oil and natural gas industry in western Canada, this acquisition is very timely for Entrec,” said John M. Stevens, Entrec’s president and ceo.
“Following completion of the acquisition, we plan to merge Entrec’s Grande Prairie oilfield transportation division with Capstan and operate the combined business under the Capstan brand,” added Stevens.
The shareholders of Capstan will also retain a large ownership interest in the combined business while the existing Capstan management will lead the combined business going forward.
The proposed acquisition of Capstan remains subject to a number of conditions. Entrec anticipates the acquisition will close in September 2018.
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