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Elevate announces loan funding to Colombian firm to buy Canadian technology

Canadian exporter Probe Technologies, a global leader in oil and gas drilling technology, has announced their first purchase sale of a new Radii segmented bond tool to Applied Oil. Previously, Applied Oil has rented equipment and this new purchase will enable both Probe and Applied oil to develop their relationship and increase future revenue and profitability.

About the Transaction:


Probe Technologies, Canada Ltd, is a global leader in developing, manufacturing and supplying leading technology in the case hole logging and reservoir monitoring technology. This customer centric company continue to develop new, sustainable technology in the oil and gas industry, which makes them highly desirable around the globe.

The Buyer, Applied Oil, an existing customer of Probe Technologies and supplier of products and services to the Colombian oil and gas industry, agreed for the first time to the purchase of a Radii segmented bond tool. This tool enables them to accurately measure and map the quality of the cement behind the casing in the oil and gas wells. This was different to previous transactions; whereby Applied oil had rented the equipment. The difference this time was they wanted to reduce the cost of renting the equipment and also have the flexibility to deploy the equipment as part of their services. In addition, they also agreed to the purchase of two electro-hydraulic setting tools.

Growing demand and increasing customers and projects for the company. One of the few companies to offer the services of using logging tools to measure and determine the safety in the well environment.

The purchase will support the increase of revenue generation and enhance the profitability for the company.

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