Privately held Q Consolidated Oil Well Services LLC has acquired oilfield-service subsidiaries Consolidated Oil Well Services Inc. and CIS-Oklahoma Inc. from parent Infinity Energy Resources Inc., Denver, (Nasdaq: IFNY) for $52 million in cash.
Infinity will use the proceeds to pay approximately $51 million of senior secured debt. Infinity chief executive Stanton E. Ross
says, “The sale…represents another important step in our previously announced program to enhance shareholder value, and the repayment of our senior indebtedness will allow Infinity to more effectively proceed with the exploitation of our oil and gas resources in the Barnett Shale formation in Texas and in the Rocky Mountain area.”