Georgetown Corp. (GTCP) Bets on Global Oilfield Services for Robust Growth
LOS ANGELES--(BUSINESS WIRE)-- Georgetown Corp. (OTCBB: GTCP) is an oil firm that is booming because of technological advances such as "directional drilling." Three months back Georgetown Corp. announced the formation of Synergy Oil Tool & Supply LLC, a new wholly-owned subsidiary established to provide oilfield equipment to both independent and major oilfield companies. The orders started flowing in almost immediately. The first sale was for joints of used Double-White Band Drill Pipe and Hexagonal Kelly Drive Bushings Rollers. Read the full story here. This was followed by an order worth $447,778 for sale of various oilfield items. Georgetown Corp.'s new subsidiary has also been putting together an experienced management team headed by the new President, Gary Haub. The newest hires include Happy Wells and Michael Marshall to the board of Directors and James Guy Tucker as Chairman.
Happy Wells is the CEO of Private Jets Inc., which provides charter services to business and individuals. He is also the Managing Member of General Operations, LLC and Security Jets, LLC, a private FBO two hanger complex. Mr. Wells has served as a board member for both private and public companies, some of which operated in the oil and gas sector.
Michael Marshall is the CEO of Oklahoma Rig Fabricators, LLC and Five Star Rig & Supply LLC, and sits on the Board of Directors for the Canyon Drilling Company. He has over 35 years of oilfield experience in the drilling services and supply side of business.
James Guy Tucker is a political figure from the state of Arkansas. He has been a founder, investor, and Chairman of multiple successful companies in the United States and Asia since 1982. Mr. Tucker is well versed in the understanding of all types of public companies.
Recently Georgetown Corp. announced the formation of another subsidiary, Synergy Services USA, LLC (Synergy), which would target oil and gas producers in North America and the Gulf of Mexico for ongoing servicing of producing wells and new drilling activity. Detailed story is here.
Georgetown Corp. strongly believes in the latent potential of the oilfields industry. According to GBI Research, the global market for oil field services is expected to become a $200 billion industry by 2015. Establishment of Synergy has thus been a step in the right direction.
"With the addition of Synergy Services USA, we are moving closer to our goal of creating a company with a vertical integration strategy which will result in overall operational efficiencies, and provide additional services to our existing clients," said Carl Swan, CEO of Georgetown Corporation about Synergy.
About Georgetown Corp.
Georgetown, through its subsidiaries, is a provider of oilfield services and equipment to independent and major oilfield companies in exploration, production and development of oil and gas properties, domestically and in selected international markets. The Company plans to continue its growth organically, search for new acquisitions, and expand geographically. For more information on the company, visit www.georgetowncorp.net
This press release is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Information, opinions and analysis contained herein are based on sources deemed to be reliable and are subject to change without notice.
KEYWORDS: United States North America California
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