MATRRIX Energy Technologies Inc. has announced Elson McDougald's rejoining the board of directors after a non-competition agreement at the time of the sale of CanElson Drilling Inc. restricting him from involvement in the land-based contract drilling ...
On June 11, Trinidad Drilling Ltd. and CanElson Drilling Inc. announced an combination worth $505 million. However, while the value of the deal is over half a billion dollars, just a small fraction of that will be paid in cash.
Mattrix also said that drilling heavyweight Elson McDougald has rejoined its board of directors following the expiry of a non-competition agreement entered into at the time of the sale of CanElson Drilling Inc. that restricted him from any involvement ...
... Inc. ("MATRRIX" or the "Corporation") (TSX-V: MXX) announces that Elson McDougald has rejoined the Board of Directors of the Corporation following the expiry of a Non-Competition Agreement entered into at the time of the sale of CanElson Drilling Inc.
In its first results since taking over rival CanElson Drilling Inc. in a cash and shares deal in August, Trinidad chopped its quarterly dividend to a penny per share from five cents, a move expected to save $36 million annually.
Canadian companies like Precision Drilling Corp., CanElson Drilling Inc. and Calfrac Well Service Corp. among others, have been active in Mexico, but the business makes up a tiny fraction of their overall businesses.
Mr. McDougald is subject to a Non-Competition Agreement entered into at the time of the sale of CanElson Drilling Inc. that restricts him from any involvement in the land-based contract drilling rig business until August 11, 2017.