GeoBio Energy Inc., Seattle, (Pink Sheets: GBOE) has closed its acquisition of Aztec, N.M.-based Magna Energy Services for $3.2 million in stock.
Magna Energy, based in the San Juan Basin shale play area in New Mexico, is a chemical treatment and service company focused on increasing oil and gas production.
GeoBio believes the Magna chemical business, coupled with the other planned acquisitions and the proposed acquisition of a civil construction company operating in the Piceance Creek Basin shale play area of Colorado, provides a platform for growth in the oil and gas services industry.
GeoBio chief executive John Sams says, "We are happy with the closing of the Magna acquisition, and we look forward to the successful integration of this established and profitable company into GeoBio operations, and to accelerating our planned growth strategy.”
Recommended Reading
For Sale, Again: Oily Northern Midland’s HighPeak Energy
2024-03-08 - The E&P is looking to hitch a ride on heated, renewed Permian Basin M&A.
E&P Highlights: Feb. 26, 2024
2024-02-26 - Here’s a roundup of the latest E&P headlines, including interest in some projects changing hands and new contract awards.
Gibson, SOGDC to Develop Oil, Gas Facilities at Industrial Park in Malaysia
2024-02-14 - Sabah Oil & Gas Development Corp. says its collaboration with Gibson Shipbrokers will unlock energy availability for domestic and international markets.
E&P Highlights: Feb. 16, 2024
2024-02-19 - From the mobile offshore production unit arriving at the Nong Yao Field offshore Thailand to approval for the Castorone vessel to resume operations, below is a compilation of the latest headlines in the E&P space.
TotalEnergies Acquires Eagle Ford Interest, Ups Texas NatGas Production
2024-04-08 - TotalEnergies’ 20% interest in the Eagle Ford’s Dorado Field will increase its natural gas production in Texas by 50 MMcf/d in 2024.