SSOF: Big Sales, 475M OS/No Convertible Debt, Audited Soon, Entry pps Now
Sixty Six Oilfield Services Receives Purchase Order for $1.071m of Pipe
OKLAHOMA CITY, OK / ACCESSWIRE / September 6, 2017 / SIXTY SIX OILFIELD SERVICES, INC. (OTC PINK: SSOF) announces that it has received a purchase order for just over $1M of Used Drill from an existing customer. The Company will source on a worldwide basis, purchase and refurbish the Drill Pipe for delivery to the customer in Oklahoma. The Company expects to complete delivery to the customer in the current quarter. The transaction will add roughly $223K in net revenues, when completed.
James Frazier, the Company's President, stated, "This sale purchase order continues to reflect our core business and the local demand for quality drill pipe in the current market. This order will add to an already good quarter and will make our 3rd quarter the best quarter in the last two years."
Sixty Six Oilfield Services Completes $320k Pipe Sale
OKLAHOMA CITY, OK / ACCESSWIRE / August 29, 2017 / SIXTY SIX OILFIELD SERVICES, INC. (OTC PINK: SSOF) announces that it has completed the sale of Used Drill Pipe by delivery to a repeat customer fulfilling a purchase order placed on July 6, 2017. This transaction has generated $320K in gross sales and $130K in net revenue for the Company during the current quarter. The customer is headquartered in Texas and is expected to use the Drill Pipe in its operations in the Texas.
Sixty Six Oilfield Services Completes $675k Pipe Sale
OKLAHOMA CITY, OK / ACCESSWIRE / August 22, 2017 / SIXTY SIX OILFIELD SERVICES, INC. (OTC PINK: SSOF) announces that it has completed the sale of Drill Pipe and Heavy Weight Drill Pipe by delivery to a repeat customer fulfilling a purchase order placed on June 16, 2017. This transaction has generated $675K in gross sales and $108K in net revenue for the Company during the current quarter. The customer is headquartered in Canada and is expected to use the Drill Pipe in its operations in the Permian Basin.
Sixty Six Oilfield Services Announces Engagement Of Independent Auditor And Renegotiation Of Convertible Debt
OKLAHOMA CITY, OK / ACCESSWIRE / August 7, 2017 / SIXTY SIX OILFIELD SERVICES, INC. (OTC PINK: SSOF) announces that it has engaged MaloneBailey LLP, a certified independent accounting firm of Houston, Texas, to audit its financial statements for the fiscal years ended December 31, 2015 and 2016. Audited financial statements are required for the Company's planned filing of a registration statement on Form 10 with the US Securities and Exchange Commission.
James Frazier, the Company's President, stated, "MaloneBailey has extensive experience in audit work for the oil & gas industry. Engagement of the firm puts us one step closer to achieving our goal of registering with the SEC, which we anticipate will occur in early Fall of this year. As exciting as this step is in positioning our Company for growth, this news is overshadowed by a renegotiation of our convertible debt, substantially eliminating its equity overhang of the market for our common stock."
The Company has approximately $399,000 in convertible debt originating in transactions before the acquisition of 66 Oilfield Services, LLC on March 14, 2017. The Company and the debt holder have agreed to suspend convertibility and the accrual of future interest on approximately $377,000 of principal, to extend the maturity date to September 30, 2020 and to a payoff of that principal and accrued interest through June 30, 2017 for a total fixed amount of $450,000, paid in eight installments beginning September 30, 2017.
Share Structure
Authorized Shares 500,000,000
Outstanding Shares 474,990,000
Float 411,876,209
