Enservco Corp. (NYSE MKT: ENSV), a provider of well-site services to the domestic onshore conventional and unconventional oil and gas industries, has acquired a package of oilfield service assets consisting of equipment and real estate centered near Tioga, N.D., for $3.7 million from a large, diversified North American energy company.
The assets, which Enservco believes were acquired at a price well below market value, are expected to add more than $6 million in annual revenue potential. The equipment portion of the acquisition, which closed on October 31, 2014, included 12 hot oil trucks, a frack water heating unit and miscellaneous equipment, tools and supplies. Closing on the real estate, which consists of a six-acre operating yard with a maintenance shop and office facility, is subject to an environmental Phase 1 review, title, and other conditions, and is expected to occur in December 2014. In the interim, Denver-based Enservco is using the property under a lease agreement with very minimal monthly rent.
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