GFCI: Forms Precision Drilling Inc. for Gas Wells in Crockett County, Texasadmin
Grifco International, Inc. (GFCI) announced that it has formed Precision Drilling Inc., to act as the prime drilling contractor for the 208 gas wells to be spudded in Crockett County, Texas. The new profit center will be incorporated in Nevada, with 51% ownership retained by the Company.
The drilling rig and equipment list for the new company includes an Ingersoll Rand Drilling Rig mounted on a CAT-powered crane carrier. The rig is powered with a Detroit diesel engine, with an air-mounted compressor unit. All hand tools necessary to run 7 inch, 5 1/2 inch and 4 1/2 inch casings are included. The total value of the equipment is $1,800,000.