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Ryan Energy closes acquisition for MWD assets from local competitor.

CALGARY, Alberta--(BUSINESS WIRE)--March 8, 1996--Ryan Energy Technologies Inc. (Alberta Stock Exchange:RYN) announces that it has completed the acquisition of MWD assets from a local competing directional supplier. The assets acquired consist of one complete measurement while drilling (MWD) system, four non-magnetic drill collars, and associated MWD support equipment. Ryan will modify the equipment to be compatible with their current MWD systems. This asset purchase increases Ryan's capacity to provide horizontal and directional drilling equipment and services to oil and gas companies in Western Canada and internationally.

Ryan Energy Technologies Inc. will use the increased equipment resources to address orders for current and upcoming horizontal and directional drilling projects.

Ryan Energy Technologies Inc. is an industry leader in the development and provision of horizontal and directional drilling technology and services including Measurement While Drilling (MWD), Logging While Drilling (LWD), and Down-hole Drilling Motors. This equipment is used to steer and evaluate horizontal and directional well-bores for major, intermediate, and junior oil and gas companies. Ryan's technology is necessary for drilling any horizontal or directionally deviated well, and is not available from drilling rig contractors. -0-

Note to Editors: The Alberta Stock Exchange has neither approved nor disapproved the information contained herein.

CONTACT: Ryan Energy Technologies Inc.

Derek Logan

Vice-President

(403) 236-2157

(403) 236-2158 (fax)
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Mar 8, 1996
Words:216
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