Earlier this week, it was announced that a subsidiary of Capital City Energy Group, Eastern Well Services, signed a letter of intent to acquire Osage Wireline, Inc. The cash and stock acquisition is expected to produce immediate benefits, including a postulated increase in gross revenues of around forty percent.
Eastern Well Services is a fast-growing oil and gas service entity with projects in both the United States and Africa. The company provides fracturing, cementing, logging, perforating, and well testing services for oil and natural gas companies. This latest acquisition will broaden Eastern’s wireline ability, which is the use of a cabling system to lower mining apparatus into an oil and gas well.
Osage Wireline Inc., which specializes in wireline technology and open-hole logging, is headed up by Mike Mackey. Mackey has been excelling in the wireline business for nearly three decades, attaining a wealth of knowledge which will be inherently beneficial for Eastern Well Services.
Eastern’s CEO Daniel Coffee comments: “I have known Mike Mackey, his experienced engineers, and personnel for years. I believe Mike’s expertise in this geographic area will be very beneficial as we join forces to better serve our customers in these regions. We plan on adding Cased Hole and production logging services to round out Osage’s wireline operations.”
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