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Article: Bronco Drilling Company Announces Acquisition of Well Services Company.
- Article from:
- PR Newswire
- Article date:
- January 9, 2007
CopyrightCOPYRIGHT 2007 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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OKLAHOMA CITY, Jan. 9 /PRNewswire-FirstCall/ -- Bronco Drilling Company, Inc., , announced today that it has acquired Eagle Well Service, Inc. and related subsidiaries for $2.5 million in cash, 1,070,390 shares of Bronco common stock and the assumption of debt, net of working capital, estimated at approximately $3.0 million.
The purchase will include 31 workover rigs, 24 of which are currently working. The remaining 7 rigs will be deployed periodically over the coming months with all 31 expected to be active by the end of the second quarter of 2007. Eagle currently operates in Oklahoma, Texas, Kansas, and New Mexico. Seventeen of the acquired workover rigs in ...