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.”
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