Canada’s largeset privately-held fracking company will be closed later this month. The head of the company buying Calgary-based Sanjel Corp says the decision is due to lack of demand.
Step Energy Services though is downplaying reports by Sanjel employees that all but a handful of staff will lose their jobs. However, Step CEO Regan Davis refused to say how many staff will lose their jobs. Davis says his company has already hired some of the Sanjel staff and will likely hire more after the deal closes.
Sanjel said last month it had 22-hundred staff in Canada and the US when it filed for court protection from creditors. Step Energy is buying the Canadian operations while Liberty Oilfield Services out of Denver is buying the US assets.
Since prices plunged due to a glut of North American oil and gas over the past two years, more than 100,000 people are estimated to have lost their jobs in the Canadian oilpatch.