Key Energy is increasing its shale oil exposure through the acquisition of Edge Oilfield Services and Summit Oilfield Services. The Key Energy deal follows Edge's entry into the Eagle Ford Shale where the company has expanded its offering. The two acquisitions put Key Energy in a position to further capitalize on the shale oil boom across the country.
"Oilfield services provider Key Energy Services Inc said it would buy Edge Oilfield Services and Summit Oilfield Services for about $300 million to add to its products used for drilling in unconventional shales.""The deal comes as oil and gas companies look to tap North American shale fields -- underground rock formation rich in oil and gas -- that require techniques like hydraulic fracturing to crack the resources."
"Edge's entry into the lucrative Eagle Ford shale is underway. This will boost Key Energy's revenue as many companies have been striking deals to expand in the oil-rich region."
Read the full news release at Reuters.com