GASFRAC Announces Court Approval of Agreement for Purchase of Operating Assets and Services, Proposed CCAA Plan of Compromise and Arrangement and CCAA Update

CALGARY, ALBERTA–(Marketwired – March 27, 2015) – GASFRAC Energy Services Inc. (TSX:GFS)(“GASFRAC” or the “Corporation“) announces that GASFRAC has obtained the approval of the Court of Queen’s Bench of Alberta (the “Court“) in respect of a definitive asset purchase agreement (the “Purchase Agreement“) entered into between GASFRAC and a third party oil and gas service industry partner, whereby GASFRAC would purchase certain fracking assets and related services (the “Purchase Transaction“). The Purchase Transaction will assist GASFRAC in maintaining continued operations following completion of the previously announced sale transaction involving STEP Energy Services Ltd. announced in March 3, 2015 (the “Asset Sale Transaction“), under the supervision of its board of directors and Ernst & Young Inc., the court appointed monitor (“Monitor“).


from MasterMetals


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