Aurora Signs Letter of Intent to Acquire Oilfield Services Company
Aurora Oil & Gas Corp. said Tuesday that it has signed a letter of intent to acquire Bach Enterprises, Inc., an oilfield services and manufacturing company located outside Traverse City, Mich. The cash and stock deal is expected to close within 90 days.
Bach Enterprises, Inc. is a second-generation, family-operated business that consists of operating assets, intellectual property, office facilities, and more than 30 full-time employees. Bach has become an industry leader in the development of oilfield technologies, including low-pressure CO2 removal, electric componentized compression, tankless water disposal, and water-evacuated sump inflow systems--all of which Aurora has used to increase efficiencies and reduce production costs.
“This strategic acquisition of Bach Enterprises ensures our ability to do business without interruption in our drilling and production programs,” said William W. Deneau, Aurora’s president. “We have had a long-standing relationship with the Bach family and they have played a large part in the technological innovations we have made in our production processes. Being able to guarantee access to services is critical to our ability to execute the business plan.”
It is expected that Bach Enterprises, Inc. will join Aurora Oil & Gas Corp. as a wholly owned and independently operated subsidiary. “This is an important step for our company,” said Richard Bach, Bach Enterprises’ president. “Joining Aurora will allow us to better service our current and future clientele. Our companies work very well together and we look forward to significant growth over the coming years.”
Aurora Oil & Gas Corp. is an independent energy company focused on unconventional natural gas exploration, acquisition, development, and production with its main operations in the Michigan Antrim Shale and the New Albany Shale of Indiana and western Kentucky.
- Aurora Oil & Gas Provides Update to Bankruptcy Proceedings (Jul 21)
- Aurora Oil & Gas Files Voluntary Bankruptcy Petitions Under Chapter 11 (Jul 14)
- Aurora O&G Voluntarily Delists from NYSE Amex (Apr 15)
Company: Bach Enterprises, Ltd. more info
- Aurora Signs Letter of Intent to Acquire Oilfield Services Company (Jul 18)