Canadian Court Sets Date for Decision on UTI Energy and REMY Bid to Acquire the Assets of Fracmaster Ltd.HOUSTON--(BUSINESS WIRE)--April 30, 1999-- UTI UTI urinary tract infection. UTI abbr. urinary tract infection UTI urinary tract infection. UTI Urinary tract infection, see there Energy Corp. (AMEX AMEX See: American Stock Exchange :UTI) today announced that the Court of Queen's Bench of Alberta The Court of Queen's Bench of Alberta is the superior court of the Canadian province of Alberta. Structure
"Today's ruling is not a surprise, given the circumstances, and is consistent with our timetable," said Mark S. Siegel, Chairman of UTI Energy and President of REMY's General Partner. "We believe that at the end of this process, our offer still will be perceived as clearly in the best interests of all of Fracmaster's constituents," Siegel added. About UTI Energy UTI Energy Corp. is a leading provider of contract drilling and pressure pumping services in the continental United States United States territory, including the adjacent territorial waters, located within North America between Canada and Mexico. Also called CONUS. . Upon completion of the merger with Norton Drilling Services, Inc., UTI will have a total of 120 drilling rigs that provide drilling services primarily in Texas, Oklahoma, New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). , and the Rocky Mountains Rocky Mountains, major mountain system of W North America and easternmost belt of the North American cordillera, extending more than 3,000 mi (4,800 km) from central N.Mex. to NW Alaska; Mt. Elbert (14,431 ft/4,399 m) in Colorado is the highest peak. . The Company's pressure pumping subsidiary provides stimulation and cementing services in the Northeast. Statements made in this press release that state the Company's or management's intentions, beliefs, expectations or predictions for the future are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . It is important to note that the Company's actual results could differ materially from those projected in such forward-looking statements. In addition to the factors set forth above, other important factors that could cause actual results to differ materially include, but are not limited to, the impact of recent declines in prices of oil and gas on the demand for the Company's and Fracmaster's services and the risk of any further declines in oil and gas prices that could adversely affect demand for such services, industry conditions, the Company's and REMY's ability to integrate the acquisition of Fracmaster's assets and manage the newly acquired assets, demand for oil and gas, and ability to retain management and field personnel necessary to successfully operate Fracmaster's assets. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in the Company's SEC filings, including but not limited to the Company's report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1998. Copies of these filings may be obtained by contacting the Company or the SEC. |
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