Forster Buys Drilling Rig
Forster Drilling says that its subsidiary, Forster Drilling, Inc. has acquired a National T-32 Drilling Rig. The rig was purchased through Kruse Energy and Equipment Auctioneers, LLC. The price was not disclosed. The National T-32 will be financed by a combination of internal resources and borrowings.
Garrick Clayton, Forster Drilling, Inc.'s Chief Operating Officer, stated, "The acquisition of the T-32 will strengthen our fleet and allow us to offer stronger services to our customers. This rig represents the fourth rig in our fleet. Our short-term goal is to build and/or purchase and to put into service ten national drilling rigs."
The T-32 is a complete rig, less drill string. It will be refurbished to Forster's high standards. Fred Forster III, the Company's CEO, stated, "We believe good iron attracts and retains good customers and good iron attracts and retains good drilling crews." The Company anticipates it will take thirty days to refurbish this rig and then it will be pressed into service for Enhance Oil Resources, Inc. (EOR.v) in the St Johns Helium/CO2 field in Arizona and New Mexico under a multi-well contract.
The acquisition of the National T-32 will further standardize our rig fleet. We believe this acquisition increase our reputation of excellence and quality.
Forster Drilling Corporation is engaged in three related business activities:
- Forster Drilling, Inc. - Providing contract land drilling services to oil and gas exploration and production companies (E&P).
- Forster Tool and Supply, Inc. - Fabricates new drilling rig components and assembles them with refurbished components into "like-new", state-of-the-art drilling rigs. Certain components manufactured by the Company are branded as "ForceStar" for which a registered trademark application has been filed.
- Forster Exploration and Production, Inc. - Joint-venture participation with our drilling service customers in the exploration, development, and production of oil and gas reserves.