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 Company’s ongoing capital program and an
expansion acquisition in Wyoming. On June 30th, the Company’s Rocky Mountain
subsidiary, Stallion Rockies Ltd., acquired the assets of Bob’s Equipment
Rental, Inc. (of Casper, Wyoming) which included over 150 rig housing units and
a significant inventory of surface rental equipment.
Stallion’s 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 Stallion’s 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, Stallion’s CEO,
commented, “With the acquisition of Bob’s 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
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Source : http://www.prweb.com/releases/2005/7/prweb257650.htm