PGI Energy and BGI Contractors Form Joint Venture to
Construct Land Drilling Rigs
HOUSTON, Jul 11, 2011 (BUSINESS WIRE) -- PGI Energy, Inc. (Pink Sheets: PGIE): has entered into
a joint venture partnership with BGI Contractors in conjunction with its previously announced partnership with
Structural Dynamics Engineering Co. for Manufacturing & Development of innovative proprietary land drilling
rigs designed by Jose A. Macias, a Mechanical Engineer. The joint venture partners will share 50% of profits
each. The joint venture partnership initially will focus on fabrication of drilling rigs for its existing contract orders
for 750 HP Mobile Drilling Rigs and the 2000 HP SCR Drilling Rig for the government of India, and its client in
China who have placed orders for three 250T Top-Drives the innovative Top-Drive drilling rig, and Malaysia for
four 1000HP SCR Drilling Rigs. Current customers of Structural Dynamics Engineering are Precision Drilling,
Arrow Drilling, Pie Grande Drilling, Fidelity Exploration and Production, JJ Drilling International, DIJOILFIELD
LLC., Petroleos de Venezuela, S.A. (PDVSA), and PetroleosMexicanos, S.A. (PEMEX). "We are excited about
the development of this new joint venture partnership with BGI Contractors to deploy these innovative drilling
rigs to oil field service providers, which adds significant value for our shareholders," says Robert Gandy, Senior
Underwriter/Chief Investment Officer for PGI.
About BGI Contractors
BGI Contractors is a general contractor, and the operation was founded in 1991 to serve the petrochemical
industry. BGI's clients include a number of industrial sectors, including petrochemical and refining, land drilling
rigs, power, manufacturing, specialty industrial, marine, and the U.S. government. Additional BGI clients
include, PGI Energy, Inc., J & L Instrumentation & Power, LLC, Shell Oil, Motiva Enterprises, ExxonMobil and
Gerdau Ameristeel. In addition, BGI works with major managing contractors such as Bechtel, Jacobs and KBR.
BGI manages projects of all sizes, coordinating engineering, subcontractors, planning, scheduling, construction
and quality/acceptance testing. BGI has an excellent safety record and follow extensive quality checks to
ensure standards compliance. BGI's scope of work includes:
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