Nabors Industries moves to acquire Alberta driller - October 14, 2001

Providing coverage of Alaska and northern Canada's oil and gas industryOctober 2001

Vol. 6, No. 12

Week of October 14, 2001

Nabors Industries moves to acquire Alberta driller

Steve Sutherlin

19552 Yukon Inc., an affiliate of Nabors Industries Inc. owns 3,313,800 Command Drilling Corp. common shares representing approximately 11.28 percent of the outstanding common shares, 19552 Yukon said in an Oct. 6 statement. 19552 Yukon has been making purchases of Command’s shares on the Toronto Stock Exchange in furtherance of 19552 Yukon’s Sept. 26 offer to purchase all outstanding Command common shares on the basis of $3.30 cash per share.

Douglas A. Cutts, Command chief financial officer, told PNA Oct 9 that TD Securities Inc. will act as financial advisor to the board with respect to the unsolicited offer. Command will make a recommendation to stockholders as early as Oct.15.

19552 Yukon said it may make further purchases as circumstances permit and in accordance with the terms of its offer and applicable law.

Command builds rigs and operates 15, primarily in Alberta.

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