EDMONTON, ALBERTA--(Marketwire - Sept. 11, 2012) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Cancen Oil Canada Inc. ("Cancen" or the "Corporation") (TSX VENTURE:COI) is pleased to announce that it has closed its previously announced acquisition of the Kinsella Crude Oil Terminal and Blending Facility (the "Facility") from Astra Energy Canada Inc. ("Astra"). The total purchase price was $5.0 million consisting of $4.5 million cash and a $0.5 million promissory note (the "Note") bearing interest at prime plus 2% secured against the Facility and due on October 31, 2012.
The Facility is an operating clean oil pipeline terminal and blending facility strategically located north of Hardisty, Alberta and is connected to the Inter Pipeline Bow River pipeline system in Beaver County, Alberta. The Facility consists of surface facilities and equipment required to facilitate custom blending and terminalling of 500 m3 of various sweet, sour and heavy clean crude oil per day. The Facility has been in operation since 2004 and provides services to Western Canadian producers. The Transaction was an "Arm's Length Transaction", as such term is defined in the policies of the TSX Venture Exchange Inc.
Cancen is an energy services company that focuses on providing specialized services to upstream oil and natural gas companies operating in the Western Canadian Sedimentary Basin. The services provided by Cancen assist these companies with the treatment and sale of crude oil and the handling of by-products associated with oil and natural gas development and production. The services provided by Cancen include crude oil emulsion treatment, oilfield waste processing, and disposal of produced and waste water.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.