Calfrac Well Services Ltd. (TSX:CFW) entered into an indicative term sheet to acquire GASFRAC Energy Services, Inc. (TSX:GFS) (GASFRAC) for CAD 9.5 million on March 27, 2015. The transaction is subject to creditor and court approval and customary closing conditions. The creditors approved the deal on June 22, 2015 and the Alberta Court of Queen's Bench in Bankruptcy and Insolvency approved the deal on June 24, 2015, with the recognition by the United States Bankruptcy Court for the Western District of Texas, San Antonio Division on June 25, 2015. The deal is anticipated to be completed in June 2015.

As on July 6, 2015, all Directors of GASFRAC have resigned. Borden Ladner Gervais LLP and Vinson & Elkins LLP acted as the legal counsel for GASFRAC. Ernst & Young Inc. (Monitor) acted as the court appointed monitor in the deal. The Monitor's Canadian counsel is Norton Rose Canada LLP and United States counsel is Norton Rose Fulbright US LLP.