Bronco Drilling Acquires Assets of Thomas Drilling
Bronco Drilling Company has entered into a definitive purchase and sale agreement to acquire the assets of Thomas Drilling Co., located in Duncan, Oklahoma for cash consideration of $68 million.
The purchase includes nine operating rigs, two rigs currently under construction, and two inventoried rigs. The acquisition also includes a considerable amount of excess rig equipment and inventory. Six of the operating rigs are currently working in Oklahoma with the remaining three operating in Texas. The operating rigs range from 850 to 1,100 horsepower. This acquisition increases Bronco's operating fleet to 25 rigs and inventoried rigs to be refurbished to 25.
Frank Harrison, Bronco's Chief Executive Officer, said, "This is a strategic acquisition for us in terms of personnel, equipment, and expansion into new areas. This acquisition will be the catalyst that allows us to expand our geographic reach into the Barnett Shale and East Texas. Thomas Drilling and the McCasland family name have long been synonymous with quality and excellence. We are pleased to be able to retain the key management of Thomas and feel they will be instrumental in the continued growth of the Company."
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