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GeoBio Energy, Inc. Signs Definitive Agreements for the Acquisition of Two Companies in the Oil and Natural Gas Services Industry
SEATTLE, Apr 16, 2010 (GlobeNewswire via COMTEX) -- GeoBio Energy, Inc. (Pink Sheets:GBOE) ("GeoBio") today announced that it has signed separate, definitive stock purchase agreements for the acquisitions of two companies in the oil and natural gas services industry: one, a civil construction company located in the Piceance Creek Basin of Colorado (the "Target Acquisition") and, the other, Farmington, New Mexico-based H&M Precision Products, Inc. ("H&M").
The Colorado Acquisition is a civil construction company that operates in the Piceance Creek Basin and primarily constructs (i) sites and platforms for drilling and reclamation of site locations following the oil and natural gas drilling phase and (ii) access roads to and from wells, reserve pits and production facility pads. Its construction services occur primarily during the site construction and site completion or restoration life cycles of natural gas fields and oil wells.
H&M provides and applies proprietary chemical blends used to maintain, clean, and improve the operating efficiency of natural gas and oil wells. It primarily focuses on maintaining and improving the output and efficiency in the drilling and production phases over the course of the "life" cycle of natural gas fields and oil wells.
The proposed acquisitions indicate 2009 pro-forma Gross Revenue of $20 million, with a combined EBITDA of approximately $7 million. GeoBio believes that upon completion of the proposed acquisitions and consolidation of these companies, GeoBio will be well positioned to provide natural gas and oil well operators of a wide spectrum of well site construction, drilling and production, and completion services.
L.G. Miyatovich, CEO of GeoBio, summarized, "We are pleased to have reached definitive agreements on the proposed acquisition of the Colorado Acquisition and H&M. GeoBio is currently forming its new management team, including experienced executives from the natural gas and oil industry, to facilitate the financing and completion of these acquisitions and implement our long term business and growth plan. We believe that the Colorado Acquisition and H&M provide the platform that will make GeoBio a broad spectrum, value added service provider in the oil and natural gas services industry."
GeoBio and its investment bankers, I-Bankers Securities, Inc., are currently working to secure financing of up to $20 million to complete the acquisitions of the Colorado Acquisition and H&M.
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