Local Oil Company Sold - KXNet.com - Bismarck/Minot/Williston/Dickinson-KXNEWS,ND

Local Oil Company Sold

Posted: Updated:

A long-time, local company has been sold to a Canadian firm.

Superpumper-Farstad Oil - most recently known as S-P-F Energy - was purchased by Parkland Fuel Corporation, Canada's largest independent supplier of oil products, for 110-million dollars.

Parkland's CEO says the acquisition helps the company add value by improving its fuel distribution system in the United States - especially in the region with the strongest economic growth on the continent.

At Superpumper-Farstad's home office in Minot, the sale means excitement, according to Chief Operating Officer Dennis Krueger.

About 125 of the S-P-F workforce of 350 people work in Minot.

He says there is every reason to believe that employment of local people will be stable or even grow under new ownership.

(Dennis Krueger, SPF Energy COO) "The number one thing with Jeff Farstad, the president of our company, and with Parkland is that the employees are the ones that made the company what it is today. And they certainly want to continue with the employees and the names of the companies are very important to them."

Krueger says SPF Energy President Jeff Farstad looked at the sale of the company as a way to ensure the future of the operation, and the jobs it provides.

(Dennis Krueger, SPF Energy COO) "Sometimes when owners get to a certain age they have to look at the succession, what's the best for the company, what's the best for the employees in the future and I think Jeff has looked at that in a very positive way. His number one concern is that the employees have jobs for a long time to come and that the company continues to be prosperous for a long time to come.."

The purchase of S-P-F by Parkland is the first acquisition of a U-S company by the Alberta-based firm.

And company officials say they intend to continue to expand into the U-S oil market.

Quick Clicks
View list
What's happening?
Lottery Results
Feeling lucky?
Viewer Photos
Submit yours!
Road Report
Current conditions
TV Listings
See what's on
Gas Prices
Check near you
E-Mail Newsletter
Signup now

Most Popular

Powered by WorldNow
General information or questions:

Phone: 701-223-9197
News Fax: 701-223-1985

Phone: 701-852-2104
News Fax: 701-838-1050
All content © Copyright 2000 - 2014 WorldNow and KXNET. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.