Reuters: Mergers News: UPDATE 1-CanElson eyes natgas as fuel, to buy CanGas

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UPDATE 1-CanElson eyes natgas as fuel, to buy CanGas Mar 29th 2012, 12:38 March 29 | Thu Mar 29, 2012 8:38am EDT March 29 (Reuters) - CanElson Drilling Inc said it will buy privately held CanGas Solutions Ltd in a stock deal worth C$9.7 million as it looks to power its drilling equipment with natural gas to cut fuel costs. CanGas provides natural gas transport services in Alberta and Saskatchewan. CanElson will issue about 2.05 million shares to CanGas shareholders. CanElson shares closed at C$4.71 on Wednesday on the Toronto Stock Exchange. Oilfield services provider CanElson is speeding up its plans to use both diesel as well cheaper natural gas for its drilling equipment. CanElson will acquire six natural gas transport trailers, three portable custom engineered natural gas compression systems as part of the deal.

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