August 16, 2017 12:01 PM ET

Commercial Services and Supplies

Company Overview of Ceiba Energy Services Inc.

Company Overview

As of August 1, 2017, Ceiba Energy Services Inc. was acquired by Secure Energy Services Inc. Ceiba Energy Services Inc. provides specialized environmental services primarily to the companies involved in the exploration, extraction, and production of oil and natural gas in Western Canada. It offers crude oil emulsion treatment, clean oil terminalling, and crude oil storage and marketing; and produced water, as well as waste fluid processing and disposal services. The company was formerly known as Cancen Oil Canada Inc. and changed its name to Ceiba Energy Services Inc. in July 2013. Ceiba Energy Services Inc. was incorporated in 2010 and is headquartered in Calgary, Canada.

521–3rd Avenue SW

Suite 910

Calgary, AB T2P 3T3


Founded in 2010





Key Executives for Ceiba Energy Services Inc.

Ceiba Energy Services Inc. does not have any Key Executives recorded.

Ceiba Energy Services Inc. Key Developments

Ceiba Energy Services To Be Deleted From Other OTC

Ceiba Energy Services, Inc.'s ordinary shares (Canada) will be deleted from Other OTC, effective August 10, 2017. The deletion was due to Acquisition/Merger/Amalgamation.

Ceiba Energy Services To Be Delisted From TSX Venture Exchange

Ceiba Energy Services Inc. announced the completion of the previously announced acquisition of Ceiba by SECURE Energy Service Inc. ("SECURE") pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement"). Immediately following the completion of the Arrangement, SECURE amalgamated with Ceiba. The amalgamated corporation will continue business under the name of "Secure Energy Services Inc." The Ceiba Shares are expected to be delisted from the TSX Venture Exchange within two or three business days following the completion of the Arrangement.

Ceiba Energy Services Inc. Announces Amending Agreement to Amended Credit Facility

Ceiba Energy Services Inc. ("Ceiba" or the "company") announced that it has entered into an amending agreement with Alberta Treasury Branches ("ATB") dated effective July 13, 2017 to amend the terms of its previously amended credit facility entered into on March 7, 2016. The credit facility provided for up to $15 million of credit which included a $5 million revolving credit facility and a $10 million term credit facility, $5 million of which was immediately available (and fully drawn in mid-2016) and $5 million of which is available when Ceiba achieves adjusted EBITDA in the last twelve months of $4 million. The credit facility has one financial covenant that requires the company's debt service coverage ratio to be greater than 1.3. The debt service coverage ratio calculation is defined in the credit facility and is generally the company's adjusted EBITDA in the last twelve-month period divided by the total of the company's interest paid and principal payments (excluding repayment of convertible debentures) in the last twelve-month period. The amendment has, among other things, extended the maturity date of the $5 million drawn term facility from May 31, 2017 to September 30, 2017 (unless further extended by Ceiba and ATB), removed the second $5 million term facility and removed the financial covenant for the twelve-month period ended June 30, 2017. The $5 million revolving credit facility remains in place and interest rates for the credit facility remain unchanged.

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Recent Private Companies Transactions

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