China North East Petroleum (NEP) Acquires Oil Drilling and Services Company For $13M
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China North East Petroleum Holdings (NYSE: NEP) announced that it has acquired all of the equity interest in Song Yuan Tiancheng Drilling Engineering Co. Ltd., an oil drilling and services company based in Song Yuan City, China. This acquisition marks NEP's expansion into the oilfield services industry and enhances the Company's vertical integration within China's private oil exploration and production (E&P) industry.
NEP paid $13.0 million in cash for 100% of the equity interest in Tiancheng. Due to PRC legal restrictions, 5% of the equity interest has to be held in trust for the benefit of NEP.
Tiancheng is a leading oil drilling and services company with seven rigs in operation. With approximately 320 employees, it has the capacity to drill 220 wells on an annual basis.
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