Layne Christensen Announces Divestitures.Business Editors MISSION WOODS, Kan.--(BUSINESS WIRE)--Feb. 5, 2004 Layne Christensen Company (Nasdaq:LAYN) announced that in January its Layne Energy Division sold its Toledo Oil & Gas ("Toledo") service company assets to Smith International (NYSE NYSE See: New York Stock Exchange :SII SII Servicio de Impuestos Internos (Chile) SII Seiko Instruments, Inc. SII Strong Interest Inventory SII Standards Institution of Israel SII Securities and Investment Institute (UK) ) and the assets of Layne Christensen Canada Limited to Ensign Drilling Partnership and its affiliate Ensign Coring & Specialty Drilling (USA) Inc. The purchase price, which was not disclosed in accordance with the agreements, will result in Layne recording a gain of approximately $.05 per share in the fourth quarter of fiscal year ending January 31, 2004. Colin Kinley, Division President of Layne Energy, stated: "This realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of our oil and gas service businesses is consistent with our strategic decision to focus future efforts and capital in the exploration and production ('E&P') opportunities in which we are currently involved and those under discussion. Within Layne Energy or its affiliates, we still have sufficient drilling and completion resources necessary to maintain and manage our integrated coalbed methane Coalbed methane is a form of natural gas extracted from coal beds. In recent decades it has become an important source of energy in United States, Canada, and other countries. development model. Although we remain bullish Bullish Word used to describe an investor's attitude. Bullish refers to an optimistic outlook, while bearish means a pessimistic outlook. bullish on the entire energy industry, we feel the best and most consistent returns on employed capital for Layne Energy going forward will be on the E&P side of our business. To that end, I anticipate within the next two weeks the completion of our Kansas pipeline which connects our Colt COLT. An animal of the horse species, whether male or female, not more than four years old. Russ. & Ry. 416. Energy and GLNA GLNA Great Lakes of North America (Project) projects. We currently have sixty gross wells which we expect to put on line once the pipeline is completed. Our Osage Oklahoma project, in which Layne Energy has a forty percent working interest, will also have during this period five conventional gas wells on line and producing." This press release contains 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. Such statements are based on current expectations and are subject to certain risks, uncertainties and assumptions, including, but not limited to, prevailing prices for various metals and unanticipated slowdowns in the Company's major markets. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those currently estimated. These statements are made as of the date of this release, and the Company assumes no obligation to update such forward-looking statements or to update the reasons why actual results could differ materially from those anticipated in such forward-looking statements. Layne Christensen Company provides sophisticated services and related products for the water, mineral, construction and energy markets. |
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