The highest priority was to complete the acquisition through the use of stock and cash, without incurring any debt. We have taken great pains to ensure that the company remains debt-free as we continue to acquire proven reserves and low to medium risk drilling prospects.
Las Vegas, NV (PRWEB) August 15, 2006
Granite Energy, Inc. (Nasdaq OTC: GNGI) (the company), today announced that its board of directors has unanimously approved, and the company has subsequently closed on its acquisition of Irving Technical Drilling, Inc. Irving Technical Drilling (ITC) is a Nevada-based corporation with operations in Texas and Oklahoma. Granite Energy targeted the ITC acquisition as it allows the company the flexibility to utilize its own assets to efficiently execute its business plan. "The crown-jewel in the ITC portfolio was the recent delivery of a Schramm 130 Directional Drilling Rig," commented Benjamin Hoskins, President of Granite Energy. "We now have the ability to continue our workover process, offset drilling and shallow developmental drilling prospects without the constraint of limited rig availability slowing us down," continued Hoskins.
The ITC acquisition brought the Schramm T130XD RotaDrill rig, in addition to a duplex mud pump, a triplex mud pump, multiple semi tractor-trailer combinations including water trucks, fuel trucks, frac tanks, generators, doghouses (drillsite management trailers), light sets, and catwalks. Detailed information about the Schramm Rig can be found at: http://184.108.40.206/Rotadrills/PDFLiterature/T130XD8_05.pdf
Jason Griffith, Granite Energy's Chief Financial Officer added, "The highest priority was to complete the acquisition through the use of stock and cash, without incurring any debt. We have taken great pains to ensure that the company remains debt-free as we continue to acquire proven reserves and low to medium risk drilling prospects."
Granite Energy ("Granite") (NASDAQ OTC symbol: GNGI) is a leading independent energy company headquartered in Las Vegas, NV and focused on oil and gas development, exploration and production. With oil professionals in offices throughout North America, Granite executes on a proprietary business model that enhances the lifecycle for oil producing properties. Granite Energy has growing oil and gas holdings in Texas, New Mexico and Oklahoma. The combination of Granite's methodologies, geological and technical expertise enables Granite to deliver the tangible economic benefits in the acquisition and development of oil and gas fields with both current production as well as exploration and development of new prospects.
For additional information about Granite Energy, Inc., go to http://www.graniteenergy.com
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
Granite Energy, Inc.
S. Matthew Schultz, 801-244-4405
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