TerraVest Industries (TVK.TO) on Friday said acquired the Canadian assets of Colter Energy LP, through one of its subsidiaries. .
Based in Alberta, Colter provides flow back and production testing equipment and services to the Canadian energy industry.
Financial details of the deal were not closed. TerraVest said the acquisition was funded utilizing cash on hand and a new credit facility.
The company's shares closed up $0.73 to $132.75 on Toronto Stock Exchange.
Sherritt International (S.TO) said Friday it plans to dissolve its Moa joint venture in Cuba following expanded U.S. sanctions on the country under a May 1 executive order.Under the proposed dissolution, Sherritt would become the sole owner of the Canadian refinery tied to the Moa JV, while its Cuban partner, General Nickel Company (GNC), would take ownership of the Cuban corporations. Sherritt would relinquish its Cuban assets and expects the dissolution process to result in a fair market value equalization payment owing from GNC to Sherritt, in addition to the approximately $277 million owed from GNC to Sherritt, the company said.The company also plans to exit its one-third stake in Energas and its oil and gas exploration and drilling contracts in Cuba, with no expected compensation for those interests, Sherritt said, adding it is seeking court approval to speed up the dissolution process."The intended outcome of the foregoing actions is to allow Sherritt to most definitively address the executive order by eliminating Sherritt's Cuban interests," the company said, adding that it has informed Cuban authorities of its plans and aims to complete the process as soon as possible. "There is no certainty, however, that such outcomes will be achieved."Sherritt shares were last seen up $0.005 to $0.115 on the Toronto Stock Exchange.
Price: $263.80, Change: $+6.28, Percent Change: +2.44%
Price: $263.77, Change: $+6.25, Percent Change: +2.43%