SOURCE: Crosslands Energy Corp

March 10, 2010 07:30 ET

Crosslands Energy Corp. Negotiating to Acquire Oilfield Services Business

FORT WORTH, TX--(Marketwire - March 10, 2010) -  Crosslands Energy Corp. (PINKSHEETS: CRDY) today announced it has been negotiating to acquire a 20-year old Texas-based oilfield services company which also has some interests in oil and gas production. Its oilfield services include water and fluid hauling for oil and natural gas production companies in Texas. It plans to expand into the Haynesville shale area of Louisiana and the Marcellus shale area of Pennsylvania and New York, far and away the largest shale gas play in the US. Currently, the company generates approximately $1,000,000 in annual revenue. Its principals have over 40 years of combined experience in the business.

The company has a Master Services Agreement (MSA) with one of the largest independent oil and gas producers in the US. This MSA was very difficult to obtain and represents one of the company's greatest assets. Further, the MSA presents the company with excellent expansion opportunities in numerous markets where this customer operates.

This potential transaction represents the first step in the Company's plans to grow through synergistic acquisitions in the energy services industry. It most likely would be structured as an all stock transaction contingent upon providing a capital infusion for expansion.

About Crosslands Energy Corp.

Crosslands' products, incorporating its proprietary technology, are integral components of the emerging "Smart Grid" system being developed in the United States and abroad. An "electricity grid" is an aggregate of multiple networks and multiple power generation companies with multiple operators employing varying levels of communication and coordination, most of which are manually controlled. Smart grids increase the connectivity, automation and coordination between these suppliers, consumers and networks thus utilizing the utility more efficiently and reducing costs.

Crosslands' probes were designed to be compatible with both handheld and laptop computers for programming and reading electric meters. These series of probes, well-received by the utility industry, have established Crosslands as a leading, quality manufacturer of high technology devices. The Company also distributes related products used by utilities worldwide to collect and optimize the monitoring of their customers' power usage data.

This press release includes certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, statements regarding our current business plans, strategies and objectives that involve risks and uncertainties that could cause actual results to differ materially from anticipated results. The forward-looking statements are based on our current expectations and what we believe are reasonable assumptions; however, our actual performance, results and achievements could differ materially from those expressed in, or implied by, these forward-looking statements. Factors, within and beyond our control, that could cause or contribute to such differences include, among others, the following: we have a history of losses and an accumulated deficit, expect losses to continue for the foreseeable future and are subject to risks. We don't anticipate updating any such statements.

Contact Information

  • Contact:
    David Hayslip
    President and CEO
    (817) 377-0055
    Email Contact