Caddo Acquires 180 O&G Wells, Plans to Drill to Increase Production
Caddo International announced an acquisition of up to 180 Oil and Gas Wells depending on lease validity. Management is optimistic that all due diligence and documents for the acquisition should be completed by June. During the first year following the consummation of the acquisition, Caddo International will implement drilling and rework programs to increase production in the 180 Oil & Gas Wells significantly in order to rapidly grow the company.
Caddo's new spin off subsidiary, Petrolind Drilling Company, announced today that Rig No. 1 has already drilled 10 wells in Louisiana during the last 18 months. Petrolind Drilling Company has aggressively increased market share by charging a fraction less than its competitors and will receive a 3% royalty on each well they drill. The company has commitments to drill several more over the next couple months.
All shareholders of CADD.PK on the record date of June 1, 2009 will receive 1 share of Petrolind Drilling Company for every 20 shares they own of CADD.PK. In addition to the spinoff, Caddo will be offering a warrant. The warrant will be for 100 shares at 50 cents.
We also look to announce another spinoff company which is being developed in the Green Housing Market. More information on this company will be announced very soon.