Steel Excel acquired the business and assets of Eagle Well Services
And of course another highly inadequte press release giving ZERO clear detail into what they bought & what they spent.
Steel Excel Inc. (Other OTC: SXCL.PK) (the “Company”) announced today that it has acquired the business and assets of Eagle Well Services, Inc., a leader in the oilfield service industry serving customers in the Bakken basin in North Dakota and Montana.
“We are excited to complete the acquisition of the Eagle Well Services business. This business complements the Rogue Pressure Services acquisition we completed last December. We are looking forward to having a major presence in the Bakken basin as well as the Eagle Ford basin in Texas,” said John Quicke, President and Chief Executive Officer of the Company.
I wished they released more data. But, I think this foray into oil services is a good idea. A lot of the companies in this segment are at great valuations and don't run on very much debt. This is a segment that will pick up considerably over the next couple of years since things are only now transitioning after the GOM spill.
My feeling is this company will be slightly not profitable (that's probably why they sold), as are most companies in this segment. But in 2012 and 2013 they will transition to profitability.
Hopefully, we find the SXCL paid a reasonable price.