UPDATE: IROC Energy Services Corp In JV With O'Chiese First Nation; ISC Slips From Near Year Highs
IROC Energy Services Corp. (ISC.V), trading just shy of a year high $3.04, announced a joint venture with the O'Chiese First Nation, whereby its Eagle Well Servicing division and O'Chiese will jointly construct and operate a mobile free-standing double service rig to be named O'Chiese Eagle Rig #1. Construction of O'Chiese Eagle Rig #1 is anticipated to be completed in June 2013, with the cost of construction to be funded equally by Eagle and O'Chiese.
The rig will be marketed to oil and natural gas exploration companies that operate wells on the O'Chiese lands, providing equipment and personnel for oil and gas well completions and maintenance. This joint venture provides a commercial opportunity for the O'Chiese to participate in the development of natural resources on their lands as well as to provide new employment opportunities for the members of the O'Chiese First Nation.
IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides services and equipment to the oil and gas industry that is among the newest and most innovative in the WCSB. IROC Energy Services Partnership operates under the business names of Eagle Well Servicing, Aero Rental Services and Helix Coil Services.
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