Omni Expands Barnett Shale Presence with New Contract
Omni Energy Services Corp. said that its wholly owned subsidiary, Rig Tools, Inc. (RTI), has been awarded a long-term contract to provide certain rental equipment and related services to a large independent oil and gas company operating in the Barnett Shale area of Texas. RTI, acquired by Omni in November 2006, owns a fleet of specialized rental equipment used by oil and gas companies operating principally in Texas and Louisiana. In addition to its main office in Youngsville, Louisiana, RTI operates from four Texas locations -- Teague, Timpson, Alice and Navasota.
In addition, Omni's newly acquired subsidiary, Charles Holston, Inc. ("CHI"), is close to completing the delivery and installation of 110 frac tanks leased to a large independent oil and gas company under a long-term rental agreement. CHI, acquired by Omni in March 2007, engages in the transportation of non-hazardous oilfield waste by-products from its main facility in Jennings, Louisiana. CHI also leases a specialized fleet of equipment to oil and gas companies operating in the Rocky Mountain region of the United States from its location in Vernal, Utah.
Commenting on the new rental contract, James C. Eckert, Omni's Chief Executive Officer, said, "CHI's long-term rental contract coupled with this new RTI long-term rental agreement, continues the organic revenue growth of our Equipment Leasing units. Both contracts continue the geographic expansion of our equipment leasing operations into the most active onshore oil and gas exploration regions of the United States. We expect this growth to continue in 2007 through a combination of capital expenditures and strategic transactions."
Headquartered in Carencro, La., Omni Energy Services Corp. offers a broad range of integrated services to geophysical companies engaged in the acquisition of on-shore seismic data and to oil and gas companies operating primarily in the Gulf of Mexico. Omni provides its services through four business divisions: Seismic Drilling (including drilling, survey and permitting services), Environmental Services, Equipment Leasing and Transportation Services.
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