BVI, February 06, 2012 /24-7PressRelease/
-- Frac Rock International, Inc. today announced that it has completed its Series A Preferred Stock offering. The Company expects to utilize the proceeds of the offering for working capital and for general corporate purposes.
The Company's Chief Executive Officer, J. Christopher Boswell, stated "We are extremely pleased to have concluded this financing in such a timely manner. This financing, which was funded by some of the most knowledgeable energy investors in the industry, will allow the Company to continue building a world-class internationally focused well stimulation and pressure pumping operation. The Company's management team has over 100 years of combined experience in the international oilfield service business with a particular emphasis on hydraulic fracturing and we look forward to serving those expanding international markets."
Bjarte Bruheim, the Company's Executive Chairman added, "We expect to deploy some of the newest and most technologically advanced equipment and solutions available to the emerging international markets. Through a combination of geophysical solutions and modern hydraulic fracturing techniques, we believe our customers can enhance their economic returns from their respective land positions. We expect that specialized geophysical techniques will be utilized by our customers to better describe the target formation including the identification of "sweet spots" allowing for more optimal placement of fracturing stages. We look forward to discussing these opportunities with our customers."
The Company was represented in this transaction by Vinson & Elkins LLP while the Series A Preferred shareholders were represented by Mayer Brown LLP.
Frac Rock International, Inc., a British Virgin Islands company, is an oilfield service and technology company focused on providing the latest well stimulation and completion technologies to international unconventional markets currently being developed worldwide.