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Drake Gold Resources Inc. Announces Completion of the 100% Acquisition of Pegasus Oil Well Services with Projected Revenue of $2.3 Million for 2006
2006-07-10 12:01 ET - News Release
CENTURY CITY, CALIFORNIA -- (MARKET WIRE) -- 07/10/06
Drake Gold Resources, Inc. (PINK SHEETS: DKGR) is pleased to announce the 100% acquisition of Pegasus Cementers Inc. D.B.A. Pegasus Oil Well Services which is projected to do up to $2,300,000 USD of revenues for 2006.
The projections are based on the current contracts and the expansion model with Drake Gold over the next 6 months and will increase as new contracts are signed for Pegasus Oil Well Services (POWS). Drake Gold plans to purchase and develop 4 cementers, 1-2 fracturing units and one coiled tubing unit to fulfill existing contracts and new business. Drake also has plans to manufacture or purchase drilling rigs as Drake Oil starts to expand into the purchase of new leases and the development of those leases.
Pegasus is a San Antonio based company that services all of South Texas with a growing list of services. Most up to date information will be on the website. (http://www.pegasusoilwellservices.com) Drake Gold plans to expand both to Midland Texas and North Texas with the oil well services. The known petroleum deposits of Texas--about 8 billion barrels--make up approximately one-third of the known U. S. supply. The size of the market for oil well services is massive to say the least and Drake Gold plans to capitalize on it to the fullest.
The acquisition is for all restricted stock which is restricted for over 2 years. The purchase
Posts: 5120 | Registered: Jun 2004
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great news out, looking good, imo this is just the start, company is building itself up to be a strong player in a number of areas, revenues going to take it north big time.
-------------------- FurrySound -DD-GLTA-Unless I've quoted a source, I know not what I speak of. YahooIM=FurrySound Posts: 2170 | From: Pennsylvania, USA | Registered: Mar 2004
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