Rockdale Resources Corp. said Feb. 8 it has acquired Askarri Resources LLC, an oilfield services company, as part of a share exchange agreement.
As part of the deal, Rockdale will buy 100% of Askarri's outstanding common stock. In exchange, Houston-based Rockdale will issue one million shares of its restricted common stock.
The transaction has an aggregate value of $50,000 at current market value, according to the release.
Askarri, also based in Houston, has been dormant for the last few years, the release said. However, the company is said to have history with major oil companies, providing services to both onshore and offshore oil and gas producers.
By acquiring Askarii, the company plans to diversify its business model, in order to remain competitive.
The oilfield service business will allow greater access to the supply chain, allowing for enhanced cost controls, as well as the ability to generate additional revenue by offering other Operators logistic services and leasing out surplus heavy equipment, the release said.
Rockdale is a domestic oil E&P with current operations in Texas, Oklahoma and New Mexico.
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