Grifco International Inc. (OTC: GFCI)
The Massive Libyan Oil Reserves at Today’s Prices and its Reborn Industry Make Grifco International, Inc. (OTC: GFCI) a Potential Takeover Target
Grifco International is a leading provider of oil and gas services equipment, specializing in the conception, architecture, and development of tools for the coil tubing, wire line, and snubbing industry.
GFCI, is an Oil Service Company, with a footprint in the Middle East.
Grifco International, Inc. (OTC: GFCI) announced that it is reviewing several offers to merge or to be acquired.
Current offers originating from the United Kingdom, the United States and Libya range from GBP 28 Million British Pounds (USD $49 Million equivalent) to GBP 36 Million British Pounds (USD $59 Million equivalent). “The timing to move on Libya with Lyamec was a catalyst for the merger and equity investment overtures.
Now that Libya has fully normalized diplomatic relations with the United States; oil prices, oil service companies, and especially oil service companies with a footprint in the Middle East, are at a premium,” stated Jim Dial, President and CEO of Grifco International.
Libya’s highest priority is increasing oil and gas production through the revitalization and overhaul of underperforming oil fields with proven reserves to their previous production levels.
Libya’s expanding onshore/offshore exploration and production has created robust demand and a growing market for American oil equipment and services.
In a statement issued by RG Raymond interim CEO of Lyamec Corp, “While we regard this as a positive development, we will carefully review our options to ensure the basis of any transaction falls within the parameters of our objective to effect managerial change at Grifco.” Adding, “Clearly, the positive political climate both here and in Libya places an improved position on the options.”
Libya is engaged in a massive rebuilding program, reinvigorating oil and gas wells left stagnant in Libya since the mid-1980s.
http://biz.yahoo.com/iw/060608/0134154.html
GFCI is definitely a Company on the Move!
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