Calmena Energy Services Inc. has now closed the previously disclosed sale of all of its remaining Canadian Contract Drilling assets to CanElson Drilling Inc. (CanElson) for a purchase price of $15.0 million. The proceeds from the sale will be used to reduce corporate indebtedness.

The sale of the Canadian Contract Drilling assets is consistent with Calmena's previously announced process to explore strategic alternatives and this announcement does not imply that the process has concluded. It is Calmena's ongoing intention not to disclose developments with respect to the process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate.

Peters and Co. Limited has been engaged to act as financial advisor in connection with the process.

Tags: Calmena Energy Services Inc.