OKLAHOMA CITY, OKLAHOMA, May 21, 2018 SIXTY SIX OILFIELD SERVICES, INC. (OTCBB: SSOF), announces First Quarter Net Revenue of $426K on Gross Sales of $2.1M for the period ended March 31, 2018. Compared to the same period in 2017, the Company achieved quarter over quarter improvements of approximately 35% in gross sales and 28% in net revenue.
We feel that the oil industry in the U.S. will further strengthen which helps us to grow with the industry. OPECs monthly report in May specifically cites U.S. shale producers continuing to ramp up volume. According to CNN Money, the number of rigs in the U.S. has doubled over the past year.
While business is brisk, the Companys clear focus continues to be working on the details around the acquisition of Five Star Rig and Supply. The Company has been working diligently with Five Star Management and Ownership and looks to consummate the deal in the near future. New announcements are expected to be made by the end of the second quarter.
The Company announces that all remaining debt that was not forgiven has been converted to stock. The first step of this process has been completed during the first quarter and will be fully settled by the end of the second quarter. Jim Frazier, Vice President and Chief Financial Officer, said The conversion of the remaining debt allows SSOF to become fully debt free and we have done so without significant dilution to our shareholders. This will allow the company to move forward with our business plans unencumbered. It has been a long time coming and is the primary reason that the Company had to delay the current Press Release and filing of First Quarter financials.
Time for $SSOF to EXPLODE!!
SURGE66
