2010-07-09-2010-07-08

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
0MM
Description

To acquire oil and gas services company and associated assets.

Through its subsidiary Chanwest Resources Inc., EGPI Firecreek Inc., Scottsdale, Ariz., (OTCBB: EFIR) plans to acquire the assets of Brownwood, Texas-based oil and gas services company Circle D for an undisclosed price.

The assets will expand EGPI's recently acquired oil and gas services division, which will soon provide services to oilfield construction markets in northeastern and northwestern Texas and Louisiana, respectively.

Circle D operations will be based in Atlanta, Texas, and will provide oil and gas services to the Caddo Pine Island fields and surrounding areas. David Killian has been hired to supervise the operations. Killian has more than 35 years' experience in the oilfield services industry.

Chanwest Resources believes the acquisition will provide steady operational cash flow, while also making the company a recognized services provider in the region, EGPI reported in a press release.

EGPI Firecreek acquired Chanwest Resources in June. The company focuses on the acquisition and rehabilitation of existing oil fields that have not produced to optimum capacity.