Stallion Completes Expansion Acquisition in Casper, Wyoming
Stallion Oilfield Services, Ltd. completes credit extension to support its ongoing capital program and expansion acquisition in Wyoming.
Houston, Texas (PRWEB) July 3, 2005 -- On June 30, 2005, Stallion Oilfield Services, Ltd. completed a credit extension with its bank group which provided another $20 million in committed capital. The credit extension along with existing equity capital supports the Companys ongoing capital program and an expansion acquisition in Wyoming. On June 30th, the Companys Rocky Mountain subsidiary, Stallion Rockies Ltd., acquired the assets of Bobs Equipment Rental, Inc. (of Casper, Wyoming) which included over 150 rig housing units and a significant inventory of surface rental equipment.
Stallions goal is to become the leading drilling support services provider in the areas in which it operates and is targeting major basins of the United States. The Company now provides services in the Gulf Coast, South Texas, ArkLaTex, Ft. Worth Basin, Permian Basin, Rocky Mountains and Anadarko Basin of Western Oklahoma.
The Wyoming acquisition extends Stallions current geographic footprint in the Rocky Mountains where Stallion Rockies Ltd. d/b/a Envirotech operates and serves the entire state of Wyoming and Montana. Additionally, the Company is opening two new service locations in Rifle, Colorado, and Elk City, Oklahoma, where customers have requested services.
Craig Johnson, Stallions CEO, commented, With the acquisition of Bobs and the new store openings in Rifle and Elk City, our national service offering capability to provide Everything but the Rig is further enhanced. Being the clear leader in drilling support services in the US will enable the Company to continue to deliver comprehensive solutions to our customers. Our continued capital program will also target other services that our customers are demanding in the field including surface rental equipment and communications."
With over 225 employees in 15 locations and over 900 land-based rig housing units, a significant fleet of surface rental equipment and significant solids control capability including closed-loop systems, Stallion is the leading drilling support service provider in the United States.
Contact:
David Schorlemer
3203 Audley St., Houston, Texas 77098
713.528-5544
###
Bookmark -
Del.icio.us |
Furl It |
Technorati |
Ask |
MyWeb |
Propeller |
Live Bookmarks |
Newsvine |
TailRank |
Reddit |
Slashdot |
Digg |
Stumbleupon |
Google Bookmarks |
Sphere |
Blink It |
Spurl
|
