Crosslands Energy Mulls Oilfield Service Acquisition
Crosslands Energy announced it has been negotiating to acquire a 20-year old Texas-based oilfield services company which also has some interests in oil and gas production. Its oilfield services include water and fluid hauling for oil and natural gas production companies in Texas. It plans to expand into the Haynesville shale area of Louisiana and the Marcellus shale area of Pennsylvania and New York, far and away the largest shale gas play in the US. Currently, the company generates approximately $1,000,000 in annual revenue. Its principals have over 40 years of combined experience in the business.
The company has a Master Services Agreement (MSA) with one of the largest independent oil and gas producers in the US. This potential transaction represents the first step in the Company's plans to grow through synergistic acquisitions in the energy services industry. It most likely would be structured as an all stock transaction contingent upon providing a capital infusion for expansion.