The oil service company has been in business for over 40 years as a production and service company utilizing its own pulling units, swab rigs and other industry equipment to provide oil field services. The company has estimated assets of approximately $6m.
The company presently provides oil field services to several oil and gas company operators including one with several hundred wells in the Caddo Pine Island field, Haynesville field and Desoto Parish known as the Spyder field, EGPI said.
Negotiations for the acquisition have been ongoing, and recently the oil service company’s board of directors has given the go-ahead to move forward to negotiate and structure the terms for a definitive agreement.
Dennis Alexander, CEO of EGPI, said: “This proposed acquisition would exponentially enhance our growth in the oil and gas sector by having equipment, experienced personnel and a history within the industry.
“We look forward towards collectively focusing on a structure and terms that will enhance and benefit both operations. With this acquisition we have targeted several additional related entities that we are currently actively pursuing as a result of this relationship.”
