VELMA, OKLAHOMA —
Resilient Energy Inc. (OTC: RENI) announced that it was nearing completion of due diligence related to a memorandum of understanding with an established oilfield-services operator. The company expected to begin the final phase of its review following completion of the remaining work.
Founded in 2007, the acquisition target provided field logistics and transportation services for fluids, gases, equipment, and saltwater destined for disposal. At the date of the release, the target reported a history of revenue and profitability, more than 50 workers, and relationships with major energy companies, including Fortune 500 customers.
The release described saltwater disposal as a market exceeding $5 billion. That estimate was presented as historical company commentary and is not current market guidance.
“We have carefully reevaluated previous directions and are moving forward with greater clarity and discipline. This opportunity reflects our focus on established operators with real customers, tangible assets, and the potential to contribute to long-term shareholder value.”
Jon Bianco, Chief Executive Officer
Advancing RENI’s growth strategy
Resilient Energy said the proposed acquisition supported its strategy of building a portfolio of cash-flow-producing energy infrastructure and service companies. Management also anticipated pursuing additional acquisitions that could add complementary capabilities and scale. The target’s workforce and contractors were described as supporting more than 100 local families.