October 18, 2018 - Elite Group, Inc. (ELTZ) Retains Ryder Scott (Oil & Gas Industry Consultants & Engineers) and Safe Harbor Equity Advisors for Acquisition of Wells in Colorado
About Ryder Scott: Oil & Gas Industry Consultants & Engineers - Seasoned Professionals - Services include: Oil field analyses, industry management support, etc. - Corporate Offices in Houston, TX; Denver, CO; and Calgary, Alberta, Canada - "Experts to trust, Professionals you can believe."
ELITE GROUP, INC. (ELTZ)
Elite Group Incorporated is a publicly-traded OTC company under the ticker symbol: ELTZ.
Specializing in Acquisition of Assets relating to Oil Field Water used in upstream Oil & Gas.
Elite Group, Inc.'s corporate offices are located in Frisco, TX (Dallas-Fort Worth Metroplex)
About the Company:
ELITE Group, Inc. is a Nevada corporation established to acquire assets in theoilfield service sector. ELITE Group, Inc. specializes in the acquisition of assets related to the oilfield services. Its management’s objective is to acquire and consolidate oil field service assets in the prolific oil and gas exploration areas – primarily in the Permian and Eagle Ford Basins.
Elite's management believes it will accomplish its goal to maximize shareholder value through strategic acquisitions, effective business model design and economies of scale in an expanding sector. The company currently has relationships with a substantial number of oil and gas operators in the Permian and Eagle Ford basins. ELITE Group, Inc. will use the most environmentally friendly procedures and processes available to the industry.
Currently, ELITE Group, Inc. is focused on acquiring oil and gas service companies that are operating in both of these basins. The principals of ELITE Group, Inc. have over 50 years of combined knowledge and experience providing financial and operational management support to numerous companies in the oil and gas industry.
As a result, they have identified several companies that complement each other through the services they offer. ELITE Group, Inc. will be able to provide substantial growth opportunities for these companies through their relationships with these companies.
***NEWS OUT*** October 18, 2018 - Elite Group, Inc. Retains Ryder Scott and Safe Harbor Equity Advisors for Acquisition of Wells in Colorado
Link to Today's Article: https://globenewswire.com/news-release/2018/10/18/1623326/0/en/Elite-Group-Inc-Retains-Ryder-Scott-and-Safe-Harbor-Equity-Advisors-for-Acquisition-of-Wells-in-Colorado.html
October 18, 2018 08:00 ET | Source: Elite Group Inc
FRISCO, TX, Oct. 18, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Elite Group, Inc. (OTC: ELTZ) a Nevada corporation announced today that the company has retained Ryder Scott Petroleum Consultants and Safe Harbor Equity Advisors to provide petroleum engineering, reserve analysis and Investment Banking for private placement funding associated with the acquisition of 17 producing oil and gas wells from Silver Lake Industries Inc. The company has signed a letter of intent with Silverlake Industries to purchase the wells that provide annual cash flow of approximately $4.8 million.
With the addition of Ryder Scott and Safe Harbor, the company has added two critical professional business partnerships that will enable ELITE to analyze and fund its acquisition strategy and is now in position to accelerate growth. Additionally, the company is currently in the process of updating the appropriate corporate filings and financials and are expected to be completed shortly.
About the Company
ELITE Group, Inc. (www.EliteGroupEnergy.com) a Nevada corporation is an independent energy company engaged in the acquisition and development of oil and gas related assets in the United States.
Management believes it will accomplish its goal of maximizing shareholder value through strategic acquisitions, effective execution of it business model, and implementing corporate governance and oversite with strong financial controls and procedures.
Certain statements in this press release and elsewhere by management of the Company that are neither reported financial results nor other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of the Company's operations varying significantly and materially from anticipated results. Debt Resolve undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by SEC rules. Investors are advised to consult any further disclosures made on related subjects in the Company's reports filed with the SEC.
Transfer Agent(s): Island Stock Transfer
15500 Roosevelt Boulevard
ELTZ Management Team: Terrance A. Tecco – CEO
Mr. Tecco’s market and management experience began as a registered representative for Merrill Lynch in the Canton, Ohio office holding a Series 7 and Series 22 licenses. After his tenure with Merrill Lynch, he became Vice President of Buckhorn Oil Company with offices in Houston, Texas and Columbus, Ohio; where his duties included raising capital for drilling and land acquisitions.
Jeffrey M Lightsey (Operations)
Mr. Lightsey is a Veteran that has over 10 years’ experience working as a Petroleum Engineer for different oil and gas companies all over the world as well as his families previously owned oil and gas lease. He started his working career after the Army for NASA as the Johnson Space Center Mission Control Computer Security Executive and advancing to the U. S. Security Representative for the International Space representing the U.S. to all foreign agencies involved.
J. Mark Fox,(CPA)
Mr. Fox has over 25 years of oil and gas industry experience. He has over 20 plus years of executive management experience in various corporate positions. Responsibilities included managing oil and gas assets of over $250 MM in Texas, Louisiana, Montana, Michigan and Pennsylvania with an E&P budget of $80+ MM. He has held CFO positions in several companies.
Craig DeArmond ( Carter County Resources )
Mr. DeArmond has over 30 years of oil and gas experience providing consulting, engineering and operational support to numerous major oil and gas companies as well as private companies.
Michael Ramos ( Pirate Field Operations)
Mr. Ramos founded TMR Services in 2006 located in Rankin, TX and operated in a 200 mile radius. TMR provided a variety of services to its customers in the oil and gas industry, they included Roustabout, Dirt Work (drill pads, frac pits, pipeline construction) and maintenance, production and facilities work along with general construction and maintenance.
Pirate Oilfield Services, Inc.
ELITE Group, Inc. (ELITE) has acquired Pirate Oilfield Services, Inc. The company has executed a purchase and sale agreement for the company and closed the transaction September 12, 2017.
Pirate Oilfield Services, Inc. is an oil and gas service company located in Midland, Texas. Pirate provides multiple services to oil and gas companies including roustabout services, equipment rental, welding services, and many others.
Pirate Oilfield Services, Inc. is the initial acquisition for ELITE and will serve as the platform entity for future acquisitions.
Current Joint Venture Partners
Carter County Resources, Inc.
Carter County Resources, Inc. (CCR) was established in 2009 in the Permian Basin as a roustabout, hydro-excavation, and production services company. CCR has remained profitable during the downturn and is positioned for exponential growth over the next few years.
The current owners of CCR have been in the Permian area for over 25 years and have built and continue to build a stellar reputation as they grow their customer base. CCR has focused on 100% customer satisfaction and has an excellent Health, Environmental, and Safety record with a TRIR rating of 0.0.
Their MSA portfolio is diversified and they are currently being sought after by new customers due to their reputation. CCR has an established 5 acre yard and office compound in Odessa strategically located with access off the main highway. The current management will continue to remain with the company and will continue to grow revenue with the business management support that Elite Group will provide.
Elite Group, Inc. announces acquisition of Pirate Oilfield Services, Inc.
FRISCO, TX -- (Marketwired) -- 11/01/17 -- Elite Group, Inc. (OTC PINK: ELTZ), a Nevada corporation established to acquire assets in the oil field service sector, is proud to announce it has acquired Pirate Oilfield Services, Inc. The company has executed a purchase and sale agreement for the company and closed the transaction September 12, 2017.
Pirate Oilfield Services, Inc. is an oil and gas service company located in Midland, Texas. Pirate provides multiple services to oil and gas companies including roustabout services, equipment rental, welding services, and many others. Pirate had revenue of $6.5 mil for 2016 and will do approximately $5 mil in revenue for 2017 due to the reorganization and ramp up. New services in addition to the roustabout work will be vacuum truck rental, grubber clearing and site, pipeline and pit construction. This new work will be added through Pirate's existing MSA's (Master Service Agreements) with multiple companies such as Pioneer, Energen, Anadarko, Koch Industries, Parsley, Sandridge, McGuire and others. Pirate estimates its revenue could increase to over $8 million for 2018.
Terry Tecco, CEO of ELTZ, commented, "Pirate Oilfield Services, Inc. is the initial acquisition for ELITE and will serve as the platform entity for future acquisitions. As part of our ongoing business strategy we will continue to research and identify additional acquisitions that fit our model."
The 8K for this transaction may be viewed in Elite Group, Inc.'s October 26, 2017 filing. https://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=12340348
About Elite Group, Inc. ELITE Group, Inc. is a Nevada corporation established to acquire assets in the oil field service sector. ELITE Group, Inc. specializes in the acquisition of assets related to the oil field services. Management's objective is to acquire and consolidate oil field service assets in the prolific oil and gas exploration areas - primarily in the Permian and Eagle Ford Basins. Management believes it will accomplish its goal to maximize shareholder value through strategic acquisitions, effective business model design and economies of scale to an expanding industry. Elite's management currently has relationships with a substantial number of oil and gas operators in the Permian and Eagle Ford basins. ELITE Group, Inc. will use the most environmentally friendly procedures and processes available to the industry.
About Pirate Oilfield Services Pirate Oilfield Services, Inc. is a company formed in 2013. The company was originally formed to provide oil and gas services and also began offering roustabout services to SandRidge Energy. Pirate expanded its services to include sandblasting and welding, although, roustabout services were the primary source of revenue through the summer of 2017. Pirate has 22 various trucks and had 13 three man roustabout crews running http://www.otcmarkets.com/stock/ELTZ/news BullsEye Services - letter of intent and purchase agreement have been signed to purchase 100 percent of the company for $350,000 increasing shareholder equity without increasing the outstanding shares.
Learn more about Bullseye Services at: http://bullseye-services.com Purchase Agreement for 75% working interest in a 2 well package in the Permain Basin of Texas. The company has arranged for $200,000 in debt financing for this acquisition, increasing shareholder equity without increasing the outstanding shares. Initial production of these wells is estimated at 20 barrels per day plus 350-400 MCFD, indicating a payout of approximately 12 months.