Georgetown Corporation ( OTCBB : GTCP ), an independent energy company engaged in the oil & gas exploration sector, announced the formation of Synergy Services USA, LLC, a wholly-owned subsidiary established to provide services to oil and gas producers in North America and the gulf of Mexico related to the ongoing servicing of producing wells and new drilling activity.
Synergy intends to provide a broad range of oilfield services to both local and international markets, including services to assist with the drilling, completion and production phases of oil and natural gas wells.
According to GBI Research, the global market for oil field services is expected to become a $200 billion Industry by 2015. Synergy intends to sell and service a full range of products including drill pipe, casing and tubing as well as provide multi-stage fracturing services, non-destructive testing services and rental equipment. In addition, Synergy intends to provide offshore and onshore Intensive Comprehensive Managing Maintenance Programs (PMP).
Synergy plans to have the ability to manufacture and remanufacture drilling, production and wellhead equipment for the purpose of providing support for the completion and production of all oil & gas wells that range between 1,000 - 30,000 feet.
"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, " says Carl Swan, CEO of Georgetown Corporation.
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