Legend Oil and Gas Ltd. (OTC: LOGL) closed the acquisition of Maxxon Energy by purchasing Black Diamond Energy Holdings LLC and related companies, which comprise Maxxon, the company said April 7.
Maxxon, a last-mile oil trucking company working in the Bakken Shale, has Statoil ASA (NYSE: STO), Northern Tier Energy LP (Western Refining) (NYSE: NTI) and Bridger Trading Group among its customers.
Maxxon’s 2014 revenue was more than $10 million, Legend added.
Maxxon has no debt, and had about $6 million in total assets at year-end 2014. In the first quarter of 2015, Maxxon generated about $2.82 million in gross revenue.
Maxxon's truck fleet totals 28. It has leases on 11 and owns 17. The combined Maxxon-Legend management team expects Maxxon to have between 35 and 40 trucks owned and/or operated by June 30.
Andy Reckles, Legend’s chairman of the board and CEO, said that acquiring Maxxon puts Legend squarely into the midstream sector. The company will continue its E&P business in Kansas and Oklahoma, he added.
Legend Oil and Gas Ltd. is based in Alpharetta, Ga.
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