Rockdale acquires oil service company

Rockdale Resources Corp. has reported the signing of a Share Exchange Agreement with Askarii Resources, LLC, a Houston based Service Company.

Rockdale will acquire 100% of the outstanding common stock of Askarii, in exchange for one million shares of the Company's restricted common stock. This transaction has an aggregate value of approximately US$50 000 at current market values.

By acquiring Askarii, the Company plans to diversify its business model, in order to remain competitive. The oilfield service business will allow greater access to the supply chain, allowing for enhanced cost controls, as well as the ability to generate additional revenue by offering other Operators logistic services and leasing out surplus heavy equipment.

Zel C. Khan, CEO, commented: "With the establishment of a service company in the Rockdale family, we can dramatically improve our cost controls at the field level, bringing value to our shareholders. Our goal is to develop Rockdale into a self-sufficient operator that is profitable during low oil prices and can take advantage of the windfall in the oil industry. By investing in technology and creating our own service environment, with falling equipment prices, we can maintain low operating costs no matter what the price of oil may be. Our skills allow us to operate complex oil fields and/or fields with environmental/compliance issues. Having our own service & supply division will greatly increase our efficiency, lowering costs and generate wealth from our current assets and future acquisitions."

Edited from press release by Angharad Lock

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/09022016/rockdale-acquires-oil-service-company-2416/