USA Superior Energy Holdings, Inc., a company focused on the application of new technologies to increase volume and production in oil and gas wells, has entered into an agreement to acquire a CHHD rig. This is a cased hole horizontal drilling rig.
This unit is being purchased to enable the company to enter into its second phase of well stimulation. The first phase in utilizing the company's work over rig program will be completed in approximately 60 days.
At that time the 88 wells located in the Bateman field will have completed the mechanical stimulation phase. The progress to date of phase one has given a real incentive to the firm, and the need to acquire the rig.
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