The board of EGPI Firecreek Inc., Scottsdale, Ariz., (OTCBB: EFIR) has approved a tender offer for the acquisition of Caddo Internationalan, an oil-service company that currently operated in northwestern Louisiana and East Texas.
The tender offer for Caddo is subject to completion of all required SEC filings and shall be structured as a share exchange based on independent third-party appraisals of the two entities. Currently, the tender offer has the support of 60% of the existing shareholders of Caddo. EGPI has agreed to honor its fulfillment once Caddo shareholders have tendered a minimum of 67% of their shares.
Both parties have agreed to move forward as expeditiously as possible with all filings and appraisals in order to complete this transaction in a timely manner.
As previously reported, Caddo International has been in business for over 40 years as an oil production and service company, utilizing their own equipment and pulling units, in order to provide oilfield services. The company currently produces revenues of approximately $1.4 million to $2.4 million per year with an estimated $6 million in assets.
Caddo also provides oilfield services to several operators in Caddo Pine Island Field, the Haynesville and in Desoto Parish's Spyder Field.
EGPI Firecreek's business and acquisition strategy is focused on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers Inc. and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources LLC.
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