Elite Group, Inc. (OTC PINK: ELTZ), a Nevada corporation established to acquire assets in the oil field service sector, is proud to announce it has acquired Pirate Oilfield Services, Inc. The company has executed a purchase and sale agreement for the company and closed the transaction September 12, 2017.
Pirate Oilfield Services, Inc. is an oil and gas service company located in Midland, Texas. Pirate provides multiple services to oil and gas companies including roustabout services, equipment rental, welding services, and many others. Pirate had revenue of $6.5 mil for 2016 and will do approximately $5 mil in revenue for 2017 due to the reorganization and ramp up. New services in addition to the roustabout work will be vacuum truck rental, grubber clearing and site, pipeline and pit construction. This new work will be added through Pirate's existing MSA's (Master Service Agreements) with multiple companies such as Pioneer, Energen, Anadarko, Koch Industries, Parsley, Sandridge, McGuire and others. Pirate estimates its revenue could increase to over $8 million for 2018.
Terry Tecco, CEO of ELTZ, commented, "Pirate Oilfield Services, Inc. is the initial acquisition for ELITE and will serve as the platform entity for future acquisitions. As part of our ongoing business strategy we will continue to research and identify additional acquisitions that fit our model."
About Elite Group, Inc.
ELITE Group, Inc. is a Nevada corporation established to acquire assets in the oil field service sector. ELITE Group, Inc. specializes in the acquisition of assets related to the oil field services. Management's objective is to acquire and consolidate oil field service assets in the prolific oil and gas exploration areas - primarily in the Permian and Eagle Ford Basins. Management believes it will accomplish its goal to maximize shareholder value through strategic acquisitions, effective business model design and economies of scale to an expanding industry. Elite's management currently has relationships with a substantial number of oil and gas operators in the Permian and Eagle Ford basins. ELITE Group, Inc. will use the most environmentally friendly procedures and processes available to the industry.
About Pirate Oilfield Services
Pirate Oilfield Services, Inc. is a company formed in 2013. The company was originally formed to provide oil and gas services and also began offering roustabout services to SandRidge Energy. Pirate expanded its services to include sandblasting and welding, although, roustabout services were the primary source of revenue through the summer of 2017. Pirate has 22 various trucks and had 13 three man roustabout crews running