Powder River Petroleum International Inc. 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, as announced in the press release of November 13, 2007.
This gives Powder River 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 their 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.
Currently, the first rig is on the Brookeshire project. The Company is also preparing a rework schedule for the Weesatche and Biamante projects to be completed in conjunction with the Brookeshire project. Powder River also plans to complete an upgrade of all existing properties which are currently in production.
"This is an exciting step for Powder River Petroleum International Inc., 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," stated Powder River Petroleum International Inc. CEO Brian Fox.
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