Sixty Six Oilfield Announces Shareholder Update
NEW YORK, February 27, 2018 (Newswire.com) - Sixty Six Oilfield Services, Inc. (OTCPink: SSOF) announces today that it has identified acquisition targets for its new marketing media business. Chief Executive Officer Dave Ho said, “The Company plans to make its first marketing company acquisition within 60 to 90 days. As a result of our diligent effort, we have identified a specific target business that will help launch this new segment. We are confident that the new marketing business diversification will generate clear shareholder value.”
The news on the energy side of the business continues to look bright. In the Oil & Gas Journal, Moody’s predicted in 2018, “The oil and gas industry will continue its slow recovery as upstream companies increase production, helping the midstream and services businesses as well.” We are seeing that trend play out in expanded business opportunities. Executive Vice President Jim Frazier said, “Our oilfield business is expecting growth of 45% to 65% through normal increases in volume and marketing. The Company also projects two (2) potential oil rig sales that will generate estimated gross sales of $11M to $15M in the first half of this fiscal year which will increase our overall net gain when completed.”
Strong 2017 Year End Financial Results
The company announces final 2017 year-end net revenue of $1.110M on gross sales of $5.957M. Compared to 2016 with $695K of net revenue on gross sales of $3.920M. The Company announced year-over-year improvements of 38% in gross sales and 33% in net revenue. The Company increased its margins from 19% to 24%. Chief Executive Officer, Dave Ho said: “2017 was a great year for Sixty Six Oil Field Services. The Company showed strong growth as the global oil market strengthened through the course of the year. As the energy sector continues strong growth in 2018, we are well positioned to capitalize on the global trend and continue to be aggressive in the marketplace.”
For more information, contact:
info@sixtysixoilfield.com
About Sixty-Six Oilfield Services, Inc.
Sixty Six Oilfield Services, Inc. is located on Lexington Ave in Manhattan, NY and is a Nevada registered holding company. The company is actively pursuing a strategy of acquiring a diverse range of strategic marketing and technology businesses for its portfolio. The Company is continuing its oilfield services business and will maintain its offices in Oklahoma City.
SAFE HARBOR INFORMATION
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act) The Company is not eligible to rely on the safe harbor provided by Section 21E(c) of the Exchange Act because it is not subject to filing periodic reports under Sections 13 or 15(d) of the Exchange Act.
For more information, contact:
Sixty Six Oilfield Services, Inc.
450 Lexington Ave
4th floor
New York, NY 10017
(929) 383-0821
PR@sixtysixoilfield.com
Source: Sixty Six Oilfield