Recently I mentioned that the next big story in the Bakken will be workover rigs.
Yahoo!News is reporting:
PetroTech Oil & Gas today announced that they have entered into a joint venture with Rolling Hills Oil and Gas LLC of North Dakota to obtain financing for two 20,000 foot-completion and work over rigs.
The joint venture calls for Rolling Hills to arrange funding from one of their equipment lines, and PetroTech would, once purchased and manufactured per specs, will contract the two rigs with one of the major producers in North Dakota such as Halcon Resources, and Continental Resources.
The most surprising line in that story was the nexus of Halcon and Continental Resources."This is an opportunity for our company to participate in a venture to secure a huge revenue source over the next Three to Five years that will exceed anything we have done to date, with no expense on our part or any additional debt to our company." Said Eddie Schilb president of Petro Tech Oil and Gas, "These two rigs once put into production will bring in $40,000.00 per day at 24 days per month."