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-Canelson Drilling Inc. (CDI.V) got much bigger last week, with the proposed acquisition of privately held Totem Drilling Ltd.

The purchase of Totem, for C$10 million in cash plus C$30 million in stock, boosts Canelson's rig count by about 50% and gives it exposure to the very hot Bakken play in southeast Saskatchewan. That was the reason for the deal, according to Canelson's chairman and chief executive, Elson McDougald.

The acquisition "gives us an operating base in southeast Saskatchewan, which is the heaviest drilling area in Canada. Activity there is very strong.

 

Source: The Wall Street Journal

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