Powder River Petroleum International has entered into an agreement to complete the purchase of the balance of Texoma Drilling Corporation. Powder River had previously purchased a 50% interest in Texoma.
This agreement gives Powder River Petroleum 100% control of a full well service and drilling company. This purchase was completed in order to allow Powder River Petroleum to have full control over the drilling and rework schedules of the company’s properties.
Equipment includes three drilling rigs and three pulling units (service rigs) as well as six full time service crews. It also includes dozers, backhoes, trenchers, rock saws, winch trucks, transport trucks, welders and several service trucks as well as several acres of oilfield supplies.
Brian Fox, CEO of Powder River Petroleum, said: This is an exciting step for Powder River Petroleum, as it puts us in a position where we have control over the rework and drilling schedules for all our projects. This will serve to protect the interests of our working interest owners, shareholders and investors.