PetroSun to Lasso Maverick
PetroSun, Incorporated said Wednesday that it has executed a Letter of Intent to acquire Maverick Drilling Company, Incorporated and Maverick Drilling Services, LLC. Financial terms of the transaction were not disclosed.
Maverick Drilling is an Austin, Texas-based drilling company with four land-based rigs that have serviced the Texas and Louisiana Gulf Coast as well as Central and East Texas for over three decades. Management will remain in place following the acquisition, including veteran driller Don Henrich, who will remain as President of Maverick Drilling.
Another energy veteran, Brad Simmons, heads Willis,Texas-based Maverick Drilling Services. Mr. Simmons will oversee deployment of drilling and associated energy services and anticipated rig fleet expansion throughout Maverick's domestic and overseas drilling operations. PetroSun had previously announced expansion into Australia through Icon Drilling that is based in Brisbane.
"The acquisition of Maverick Drilling and Maverick Drilling Services and their seasoned management teams is a tremendous addition for PetroSun and its future plans," said Rayfield Wright, President of PetroSun. "This is an excellent fit into the growing PetroSun family with Maverick's capabilities to deploy on-shore drilling rigs and expertise virtually anywhere in the world." The transactions are expected to close no later than the first quarter of 2007.
PetroSun's current operations are concentrated in the Ark-La-Tex region with plans to expand into New Mexico, Arizona, Utah and Australia in 2007. PetroSun provides a comprehensive array of products and services to the oil industry. Algae BioFuels, a wholly owned subsidiary of PetroSun, is an emerging producer of biodiesel derived from the cultivation of algae. The Company's cutting edge technologies, combined with a proven ability to apply them effectively and safely within a disciplined ROI framework, creates long-term value for PetroSun shareholders and partners. PetroSun is headquartered in Phoenix, Arizona.
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Company: Maverick Drilling more info
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