Stallion Oilfield Services Completes Credit Facility
Stallion Oilfield Services, Ltd. has 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."
- Stallion Oilfield Services Strengthens Capital Structure (Feb 03)
- Stallion Lands Deal to House Marathon at Alba (Jun 10)
- Stallion Inks LOI to Buy Stirling and Continue Expansion in Africa (Jun 04)