Collaborative Energy Services (CoEnergy) completed two business transactions and the purchase of several pieces of oilfield equipment in the oilfield service sector to complement CoEnergy’s downhole oil and gas, environmental and engineering services.

To complete the transactions, CoEnergy closed a series of financings including an initial private placement of 12,000,000 common shares for gross proceeds of $3 million, an additional private placement of 6,200,000 common shares for gross proceeds of $1.55 million and a secured capital financing facility of up to $10 million with Maynbridge Capital of Vancouver, BC, a boutique lender that specializes in equipment and property financings to Canadian companies.

The facility provided by Maynbridge to CoEnergy is a capital lease facility with conventional terms and conditions and may be increased by both parties to fund the future growth of CoEnergy.

CoEnergy will also maintain traditional financing arrangements for operating accounts with Alberta Treasury Branches in Canada and Wells Fargo in the U.S.

Through these transactions, CoEnergy acquired two oilfield service companies operating in Canada and the U.S. These companies specialize in well servicing by providing service and rod rigs in both countries. In addition, CoEnergy acquired several additional pieces of specialized equipment including wireline, cementing and high pressure pumping to provide a full suite of services for completions, abandonments and workover/optimization operations.

As a result of the transactions, CoEnergy currently owns seven full service rig packages, five rod rigs and specialized wireline, cementing, pumping and transport components and has entered into agreements to purchase additional well servicing equipment to complement CoEnergy’s current fleet.