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Jilpetco will continue as a registered operator with the Texas Railroad Commission, with Pinney serving as its president.
The acquisition strengthens Blackeagle's existing Texas operations and puts the company at 'the epicenter of the nation's largest oil producing region.'
Located in Tyler, Texas, NBR has access to prolific shales within the state with the capacity to produce more than 2 million tons of fine-grade frack sand per year.
U.S. Silica, determined to make acquisitions in the downturn, has added Texas regional sand, high-purity Illinois sand and logistics to its portfolio this year.
The offshore drilling industry is facing challenges as oil companies postpone or cancel exploration and development projects due to low crude prices.
Baker Hughes' outlook was more "sanguine" than its peers', said Evercore ISI analyst James West, noting that oil prices have slid from last week, when Schlumberger and Halliburton reported results.
Founded in 2004 by Donal Bramblett, IPI president, the company is one of the largest domestic suppliers of natural polymers, including guar, to the industry, according to a press release.
Oilfield services companies were forced to cut rates after oil producers slashed their capital budgets in response to a slide in crude prices to their lowest in more than a decade.
The rig count in North America has improved by 26 over the last several weeks, Halliburton said on July 20."We believe the North America market has turned," CEO Lesar says.
The company has inked two deals in 2016 and says it has more opportunities it is exploring as it expands during the downturn.
The combination of companies creates a complete deepwater managed pressure drilling offering, with technology covering both onshore and offshore applications, according to the release.
Following closing, Trican's operations will be conducted solely in Canada. The company's operations will include specialized products, services and technology for use in the drilling, completion, stimulation and reworking of oil and gas wells.