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CE Franklin Buys Oil Field Equipment Distributor

June 2, 2009 (FinancialWire) — CE Franklin LTD. (NASDAQ: CFK) (TSX: CFT) (Current Market Cap: US$104.44 Mil.) said it has acquired a Western Canadian oil field equipment distributor. The company said that the transaction will be financed from existing bank credit facilities.

According to CE Franklin, the acquired business operates 22 oil field equipment supply stores across the Western Canadian Sedimentary Basin, of which 17 locations are located near existing CE Franklin supply stores and will be integrated.

The remaining five locations will extend the market reach of CE Franklin’s distribution network to 49 locations. Franklin CE said it expects that the acquired business will increase its annual revenue by more than 10% from current levels.

Canada-based CE Franklin is a supplier of products and services to the energy industry. CE Franklin distributes pipe, valves, flanges, fittings, production equipment, tubular products and other general oilfield supplies to oil and gas producers in Canada as well as to the oilsands, refining, heavy oil, petrochemical, forestry and mining industries.

The company’s products are distributed through its 49 branches, which are situated in towns and cities serving particular oil and gas fields of the western Canadian sedimentary basin.

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