ATK Completes Private Placement and Revised Bank Agreement
/EINPresswire.com/ -- CALGARY, ALBERTA -- (Marketwired) -- 11/26/15 -- ATK Oilfield Transportation Inc. ("ATK" or the "Company") has completed a $6 million private placement with the majority of the placement being taken up by current shareholders. The funds are being used to reduce outstanding indebtedness and for general corporate purposes. The closing of this private placement shows the support and confidence of the current and new shareholders in the ability of the management team to operate and strengthen the Company through the downturn.
Following the completion of the private placement the Company completed negotiations with its lender and have executed an agreement which provides more stability for the Company through the current downturn. These revisions demonstrate the strong relationship ATK has with its lender and will allow management to focus on providing quality service to our customers while continuing to improve our cost structure.
About ATK Oilfield Transportation Inc.
ATK provides rig moving and other specialized transportation services to exploration, development and production companies operating in the Western Canadian Sedimentary Basin and Permian Basin in West Texas. The Company was incorporated in 2010 to better serve the oil and gas industry's rig moving needs. ATK has six locations in two operating divisions: the Canadian division serves Northwestern Alberta and Northeastern British Columbia, and the USA division serves the Permian Basin in Midland, Texas.
For more information on ATK please see the Company's website at: www.atkoilfield.com
Contacts:
Artie Kos
President & CEO
(403) 263-8414
akos@atkoilfield.com
Darcy Campbell
Chief Financial Officer
(403) 263-8414
dcampbell@atkoilfield.com
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