LOS ANGELES, CA, April 10, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Geopulse Exploration, Inc. (OTC:GPLS)("Geopulse" or the "Company") has entered into a Reorganization Agreement with Advanced Technology Construction, LLC, d/b/a ATC Services for the acquisition of all of the outstanding membership interests of ATC, to take place in two closings.
ATC Services is headquartered in the Permian Basin of Texas and is engaged in the business of oil and gas construction, maintenance, and fabrication services. Geopulse Management was attracted to the acquisition because the Permian Basin produced nearly 6 million barrels of oil a day in 2023. That's more than Iraq, the United Arab Emirates or Kuwait, according to Peter McNally, analyst at Third Bridge.
ATC Services provides high-margin support services to some of the largest players in the Permian and provides services including but not limited to drilling and facility pad construction, road construction and maintenance, frac pit construction, pit closures, fabrication, environmental remediation, hydrovacs, vacuum trucks, and other services.
In the first closing, which took place on April 9, 2024, Geopulse acquired fifty percent (50%) of the outstanding ATC membership units. At the second closing, ...