The news on DDCC could turn this into a nice multi Bagger here : Double Crown Resources Signs 5 Year Agreement for High Grade Barite Ore to Supply Petroleum Drillers 1 hours 59 minutes ago - Marketwire via Comtex
Double Crown Resources, Inc. (OTCQB: DDCC), a fully reporting company (hereinafter, "Double Crown"), has signed a 5 year Master Purchase Agreement with Grupro Estella, S. A. de C.V. for its strategic partner, Logistica Integral en Transportacion S.A de C.V. (http://logisticaintermodal.com) to supply barite ore (barium sulfate). The agreement will allow Double Crown to obtain large quantities of this key mineral which is needed by petroleum industry off-shore and on-shore drillers. The barite ore being made available to Double Crown is of a high grade demanded by modern drillers, per API Specifications of 4.20 density (75 micron = 3% max / 6 micron = 30% max), ground to mesh 200 13A in super sacks. Logistica Integral will be able to provide to Double Crown up to 140,000 metric tons of this barite ore per month, starting with smaller quantities and ramping up as the expected order demand increases. Projected resale on this amount of barite ore represents over $80 million in potential gross revenue over the 5 year term of the agreement.
Double Crown representatives Antonio B. Castillo and Keith A. Tubandt have just returned from an extensive trip to Mexico where they finalized the new Master Purchase Agreement. They also visited and personally inspected a number of other barite mining resource sites as additional supply sources for pending contracts currently under development. In addition to barite ore, these mining sites can also provide other vital minerals for drilling operations. Now that the key steps of establishing these supply sources are being put into place, the pending contracts for Double Crown to begin its oilfield supply service can be finalized and signed.
President and CEO Jerry Drew stated, "I am so pleased with the progress our team is making now for Double Crown Resources to become a full service operation to meet all the needs of our developing petroleum industry customer base. We are lining up an excellent selection of commodity suppliers such as Logistica Integral and others so that we will be able to act as a one-stop shopping source for each drilling customer we serve. We will also offer the highest quality materials to meet top industry standards as well as all regulations for environmental protection. I am now looking forward to soon announcing the first signings of new contracts with established drilling customers that have been awaiting our completion of the necessary supply agreements."
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