Diversified Resources, (DDRI) announced today the entry into a letter agreement to purchase all the outstanding shares of Greeley, Colorado based Ultra-Energy Solutions and Vinco Logistics, LLC.
Closing is expected to occur in the first quarter of 2016 and final terms will be dependent upon, amongst other details, negotiating final terms, completion of due diligence and audit requirements.
Greeley, Colorado based Ultra-Energy Services and Vinco Logistics, LLC together offer a full range of services to the Rocky Mountain energy and construction industries. These services include turnkey crane, road and drill site construction, materials handling and disposal, and trucking and dirt operations. Ultra and Vinco employ upwards of 90 highly qualified, safety focused professionals and operators.
Ultra and Vinco will operate as a wholly owned subsidiary of Diversified Resources and are not expected to experience any change in management, operations, policies or business practices.
According to Paul Laird, CEO of Diversified Resources, “We are extremely excited to have the opportunity to join the managements of Ultra and Vinco to build upon our company. The combination of two professional and profitable service companies with our core abilities in the development of oil and gas assets both in Colorado and New Mexico will bring us solidly to the next step of building shareholder value through increased cash flow and reserves.”
Eric Whitehead, CEO of Ultra states: “We are extremely pleased to be joining with Diversified Resources. We believe that with our contribution to the development of Diversified’s assets along with the continued growth of our core business our ownership in Diversified will appreciate significantly over time. Ultra and Vinco bring a lot of value and experience to the table and we are looking forward to building the company together.”
DIVERSIFIED RESOURCES INC.
Diversified Resources, Inc. is a Colorado based independent oil and gas exploration and production company with operations in the Colorado’s Denver-Julesberg and Raton Basins along with the San Juan Basin in New Mexico. The company’s near term focus is to identify and develop a balanced portfolio of low risk, high return drilling prospects that include both unconventional sites that target various oil shale horizons and low risk, conventional offsets to existing production.
ULTRA ENERGY SOLUTIONS AND VINCO LOGISTICS
Together, Ultra and Vinco are dedicated to becoming the “one call, last call” solution to a full range of oil field service needs. They offer Crane Service, Well Site Construction, Materials Handling and Disposal, Trucking Services, Equipment Operation, and Rigging to the energy industry in the Denver Julesburg Basin and the Rockies. They bring over 46 years of combined experience to the table and back up their claims with an impeccable record of safety of efficiency.