AUSTIN, Texas, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Victory Oilfield Tech, Inc. (OTCQB:VYEY) announced that it has acquired Oklahoma based oilfield service company Pro-Tech Hardbanding Services, Inc. Pro-Tech is on an active growth curve and is expected to generate $2 million of gross revenue this year, which, if achieved, will reflect an increase in revenue from last year. The Pro-Tech acquisition is just one part of Victory’s plan to acquire and grow strategic oilfield services companies in the major oil and gas basins of the United States. Pro-Tech is one of the leading Oklahoma suppliers of the Armacor® MStar amorphous metal hardbanding product line and is well known in the region for its commitment to high quality products and exceptional service. The acquisition allows Victory to more rapidly deliver value to its customers and grow market share for its unique amorphous metal coated product offerings. These products are being designed to reduce overall drag in wellbore curves and laterals to increase the speed of drilling and extend the reach of the rig to enhance well economics.
Kenny Hill, Victory’s Chief Executive Officer, commented, “Stewart Matheson founded Pro-Tech 30 years ago and created a leading provider of hardbanding services in Oklahoma while becoming a widely-respected authority in the industry. He is a steward, innovator, generous giver and cares deeply about the community he serves. We are very excited that Stewart has agreed to stay on as a strategic advisor as we work to expand the Pro-Tech customer base and product and service offerings. Pro-Tech customers can move forward with the knowledge that quality relationships and exceptional service will remain business as usual as we work together to expand Pro-Tech’s offerings beyond hard-banding. We believe that the Pro-Tech acquisition will help us accelerate our business plan and further our ongoing efforts to raise additional capital through our active private placement.”
Victory also expects to further collaborate with Liquidmetal Coatings® to develop other products and distribution channels that can leverage Pro-Tech’s infrastructure and relationships in the oilfield services industry.For example, Victory is actively testing amorphous metal products such as RFID enclosures for production tubing, and mid-pipe coating for the drill string. Drillers testing the mid-pipe coating products estimate a meaningful reduction in drill-string torque and a reduction in friction. The amorphous RFID enclosure also represents an opportunity for drillers to add a tag to tubing products of all kinds, with production tubing being the ideal candidate given the demanding challenges of this application. These additional products are expected to accelerate market share as delivering these technology advances to the oil and gas market represents the next step in the Company’s strategic business plan.
About Victory Oilfield Tech
Victory Oilfield Tech (OTCQB:VYEY), is a publicly held oilfield energy-tech products company focused on improving well performance and extending the lifespan of the industry’s most sophisticated and expensive equipment. America’s resurgence in oil and gas production is partially driven by new innovative technologies and processes. The Company exclusively licenses intellectual property related to amorphous metal alloys for use in the global oilfield services industry. Victory’s patented products utilize amorphous coatings designed to cost effectively reduce drill-string torque, friction, wear and corrosion, while not impacting the integrity of the base metal. Current products include solutions for drill-pipe, production tubing, and RFID enclosures, but will be expanded to meet the additional needs of exploration and production customers. Amorphous alloys are mechanically stronger, harder and more corrosion resistant than typical crystalline structure alloys found in the market today. This combination of characteristics creates opportunities for drillers to improve lateral drilling lengths, well completion time and total well costs.
