2010-11-09-2010-11-02-2010-11-02

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

Acquired operating assets of company that designs, manufactures and leases hydraulic rod pumping units for oil and gas wells.

Lufkin Industries Inc., Lufkin, Texas, (Nasdaq: LUFK) has acquired the operating assets of Lafayette, La.-based Petro Hydraulic Lift Systems LLC and certain related companies.

Petro Hydraulic designs, manufactures and leases hydraulic rod pumping units for oil and gas wells.

Lufkin president and chief executive John Glick says, "This acquisition is consistent with our long-term growth strategy of integrating strategic assets to leverage our position of industry leadership. The PHL hydraulic rod pumping system is a very attractive option both for producing low volume oil wells and for dewatering low-pressure gas wells. This technology can help extend the life of mature oil and gas wells that traditionally would have been plugged due to well economics."