before years end doubling financials..
Landdrill International Inc - Mexican Acquisition
LANDDRILL INTERNAT INC LDI
4/1/2011 9:30:00 AMMONCTON, NB, Apr 1, 2011 (Canada NewsWire via COMTEX News Network) --
Landdrill International Inc. (TSX.V:LDI) ("Landdrill" or the "Company") is pleased to report that it has acquired the drilling assets and operations of HD Drilling, s. de r.l. de c.v. and Inflight S. de r.l. de c.v. (jointly referred to as "HD Drilling"), of Mazatlan, Sinaloa, Mexico.
HD Drilling owned and operated 9 drill rigs, being RC, diamond and manned portable drills and during 2010 had just over $11,000,000 in revenues. The cost of the acquisition was $5,300,000 and this was partially funded with a short-term promissory note that management intends to replace with a long-term financing arrangement. The Company plans to merge HD Drilling's operations with their current Mexican branch, bringing their combined drill fleet to 20 rigs.
Ron Goguen Sr., the President and CEO of Landdrill said, "I am very pleased to announce the purchase of HD Drilling. Mike Clarke and Bart Forsyth have built a very reputable operation and these assets will represent a significant addition to Landdrill's Mexican operation, effectively doubling its current capacity and anticipated revenues for 2011."
For a review of the Company's results, copies of Landdrill's financial statementsalong with the management discussion and analysis (MD&A) can be found on SEDAR (www.sedar.com).